Market Size of Electric Meters

The global smart electric meter market size was US$ 12 billion in 2018 and is expected to reach around US$ 20 billion by 2025. 

Market drivers, opportunities and challenges for smart electric meters

The global smart meter market is mainly driven by favourable government policies related to the reduction of carbon emission along with incentive programs. The emission-related laws are being introduced around the world to tackle the pollution impact.

The introduction of large-scale smart grid initiatives and utilities focusing on increasing distribution performance are the factors that boost the market growth. Smart electricity meters are therefore implemented all over the world as an integral component of intelligent grids in order to improve the performance of power grids. The use of smart meters has increased due to the primary concern of increasing energy consumption.

Smart meters pave the way for distribution and smart grid, allowing two-way real-time communication between consumers and DISCOMs via GPRS technology. This has resulted in a number of on-going projects, which use smart meters to control and use gas water and electricity resources effectively.

Furthermore, in the residential sector installations of those appliances help reduce global CO2 emissions, as the consumer’s inclination to save energy during peak hours increases. The increased demand for smart meters was driven by increasing residential construction activity and government mandates like EU policy 20-20-20, which aims to achieve 80% smart meters ration in the region.

However, the high costs for the installation of smart meters endured by end-users hinder the development of smart meters. Consumer awareness and interoperability are major market challenges that key market players need to overcome to gain a market position.