Global Smart Electricity Meters Market to Reach $15.2 Billion by 2026
The global market for Smart Electricity Meters estimated at US$10.5 Billion in the year 2020, is projected to reach a revised size of US$15.2 Billion by 2026, growing at a CAGR of 6.7% over the analysis period.
For utilities aiming to modernize their grid operations with advanced solutions, smart electricity meters have emerged as an effective tool that can flawlessly address their various energy T&D needs in a simple and flexible manner.
Single-Phase, one of the segments analyzed in the report, is projected to record 6.2% CAGR and reach US$11.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Three-Phase segment is readjusted to a revised 7.9% CAGR for the next 7-year period.
In the coming years, the growth of smart electricity meters market will be driven by the increasing need for products and services that enable energy conservation; government initiatives to install smart electric meters in order to address issues of energy requirement; the ability of smart electric meters to prevent energy losses due to theft and fraud, and to reduce the costs involved in manual data collection; increasing investments in smart grid establishments; the growing trend of integration of renewable sources to existing power generation grids; rising T&D upgrade initiatives especially in developed economies; increasing investments into construction of commercial establishments such as educational institutions and banking institutions in both developing and developed economies; and emerging growth opportunities in Europe with the ongoing rollouts of smart electricity meter rollouts in countries such as Germany, the UK, France, and Spain.
Three-Phase Smart Meters to Reach $4.1 Billion by 2026
Global market for Three-Phase Smart Meters is estimated at US$2.7 Billion in 2020, and is projected to reach US$4.1 Billion by 2026 reflecting a compounded annual growth rate of 7.9% over the analysis period.
China constitutes the largest regional market for Three-Phase segment, accounting for 36.0% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 9.1% over the analysis period, to reach US$1.8 Billion by the close of the analysis period.