Electricity Meters Market Share, Growth By Top Company, Region, Applications, Drivers, Trends,Forecast To 2021-2031
Electricity meters are appliances used in households and industrial spaces to calculate and control power consumption. These instruments are being developed from legacy electromechanical systems to solid state meters that offers two-way communication capacities together with precise measurement of energy demand and its reporting. The growing popularity of these devices are likely to add to the growth of the global electricity meters (smart meters) market in the near future.
Different measures to facilitate smart meter implementations over the next few years are being pursued by governments and other legislative bodies. This is partly due to the massive number of advantages that smart electricity meters offer. These increased initiatives are likely to work in the favor of the electricity meters (smart meters) market in the years to come.
Electricity meters also allow meter reading from remote places, pre-payment opportunities, and fraud prevention. It also offers accurate calculation of energy usage, by implementing and storing daily use time at regular intervals. While it is possible to manipulate smart electricity meters, it involves changing storage logs, which is a time-consuming and complex operation. Nevertheless, the benefits of these meters are expected to foster development of the electricity meters (smart meters) market in the upcoming decade.
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Work-from-Home Trend to Boost Smart Meter Sales Post Coronavirus Pandemic
The coronavirus outbreak has altered the way the global society functions. Poor market sentiments are affecting the growth of the electricity meters (smart meters) market. Nevertheless, manufacturers are capitalizing on work-from-home trends of stay-at-home parents, IT professionals, and other individuals to bolster sales of smart meters. Robust CAGR of the electricity meters (smart meters) market indicates that manufacturers are expected to tap into digital marketing platforms through social media, eCommerce, and mobile shopping apps to bolster the sales of smart electricity meters.
Since an increasing number of people are spending more time indoors, smart meters will help individuals to gain accurate information on electricity consumption.
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Service Providers Should Invest in Advertising and Marketing to Increase Sales
Depleting fossil fuel resources and increasing dependence on renewable sources of energy have prompted the need of installing smart meters that are capable of controlling energy used by electronic equipment. Electricity meters are equipped to handle and compensate for dwindling electricity supply, which helps improve customer service and is profitable for utility companies as well. However, lack of awareness among end users and concerns about privacy are expected to restrain market growth over the forecast period. Hence, participants in the electricity meters (smart meters) market should invest in advertising and marketing to bolster products sales. In addition, smart energy service providers should offer energy plans based on tariff and self-diagnostics capabilities.
Renewable Energy Industry Acts as Driver for Market Growth
Smart energy metering systems are capable of reducing the peak demand for electricity. It can also enable end users to accurately control and decrease energy consumption. Energy suppliers utilize these devices by aligning the benefits of reaction time reduction to overcome hardware failures and power outages. These devices also help operators to provide improved customer service due to remote reading comforts.
Since renewable energy production changes with time, low energy production eventually results in unstable productivity of energy. However, by monitoring the energy usage of different electronic devices, the use of a metering device attempts to compensate for this deficit, as it is able to manage intermittent supplies. The installation of these devices, which is set to perform a crucial role in the development of the renewable energy industry, is backed by many smart meter rollout schemes in various regions. It is facilitated in the form of favorable government measures in countries such as the U.S. and the U.K. These factors are likely to foster the growth of the electricity meters (smart meters) market during the upcoming years.
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