The Core of Smart Energy is Smart Metering – A Smart Meters Market Outlook

Published On: December 2022

Smart electricity metering systems are utilized to reduce peak electricity demand. These systems also make it simple for end users to monitor their power usage and make necessary adjustments. Energy providers use these devices by coordinating their advantages of faster response times to fix hardware issues, power outages, and better customer service delivery due to the convenience of remote reading. Low power generation ultimately leads to unsteady energy productivity since renewable energy production varies over time. However, since the metering device can handle inconsistent supply, employing it aids in making up for this loss by regulating the energy usage of various electrical gadgets.

According to the smart meters market outlook, the smart meters market is projected to reach USD 31,181.3 million by 2027, registering a CAGR of 8.15% over the forecast period (2021 - 2027).

Smart energy meters are used frequently worldwide for various applications, including electricity, gas, and water, because of their two-way communication capability. This feature promotes suppliers to start, read, or stop supply remotely and enables utility suppliers and consumers to monitor utility usage in real-time.

Growth and Dimensions in Various Countries

The power demand has increased due to expanding urbanization, smart meter adoption, and lifestyle improvements. Power consumption has increased due to the economy's rapid growth and population rise. Developing nations like China and India frequently see faster development rates with little to no competition. As a result, the electricity industry in these nations has additional opportunities. Based on the smart meters market analysis, many governments are preparing to install smart energy meters and sensors that take readings every fifteen minutes in every home in developing cities.

There are numerous varieties of smart energy meters on the market. These are smart gas, smart water, and smart electricity meters. The global market for smart electric meters is expanding due to the increasing demand for smart electricity meters. For the expansion and development of the global smart electric meter market, the key market participants are implementing distinctive strategies.

Another factor fueling the rise of the global smart meters market is increased government efforts for market growth. Both emerging and developed nations have embraced smart meters extensively for use in commercial, residential, and industrial settings. In the next four years, 148 million smart meters are anticipated to be put out throughout the world, according to the smart meters market analysis.

On the other hand, concerns like rising maintenance and installation costs provide a significant obstacle to the expansion of the global market for smart meters. However, the expanding market for smart meters worldwide is being afforded profitable opportunities by the rising demand for energy and power.

Covid-19 and its Gradual Outcome

The COVID-19 pandemic changed how the world economy is structured. The market for smart meters in the residential and commercial sectors suffered from the sudden fall in infrastructure development and installation projects.

But a gradual recovery started following the end of the pandemic, according to the smart meters market analysis. Increasing financial incentives for grid digitalization and supportive government policies helped expand the smart meters market beyond COVID-19.

The market successfully adjusted to the rise in demand, which helped open up opportunities for new technologies to be introduced into a favorable market. The top producers must ensure that their goods satisfy both consumer expectations and legal and security standards to succeed.

Although smart meters are becoming more widely used, factors like regulatory restrictions, security worries, the complexity of smart meters, and growing health concerns about the wireless transmissions utilized in smart meters are anticipated to hinder the market growth. Due to the high costs, many low-income households, notably in Asia and Africa, oppose implementing smart meters. This affects overall market growth as well.

Because of their increased functionality and applicability, such as fraud detection, secure supply, awareness of peak consumption, prepayment functionality, self-analysis, energy saving, and energy provision based on expenditure, smart electricity meters are anticipated to make up the majority of newly installed or replaced electricity meters. Future demand for smart electricity meters is expected to be fueled by the growing emphasis on their comprehensive services.

Utilizing smart power meters helps offset losses by limiting the amount of energy used by various electronic gadgets. The use of gasoline has expanded globally due to the rising population and technological improvements. The need for regulated sustainable energy sources and declining fossil fuel production is also expected to contribute heavily to the smart meters market growth.