Global Electricity Meters Market: Drivers
Rising proliferation of smart meter is expected to drive growth of the global electricity meters market during the forecast period
Smart meters have witnessed high penetration worldwide in the recent past due to rising regulatory initiatives to install smart meters. Currently, smart meters are under deployment, which depends upon the location under consideration. Furthermore, in the European Union, installation of smart meters has become mandatory with rollout plans set by the Commission for Energy Regulation among other legislative bodies. Smart meters offer numerous advantages including fraud detection, secure supply, prepayment functionality, energy saving, energy offers based on tariffs, self-diagnostics, and awareness of peak consumption. Hence, these factors are expected to drive growth of the global electricity meters market during the forecast period.
Rapid industrialization worldwide is expected to propel the global electricity meters market growth over the forecast period
Electricity meters are used on a vast scale for commercial and industrial purposes. There is a constant demand for meters with high flexibility and high level of robustness, owing to high power requirements. Industries witnessed the use of smart meters before they penetrated into the residential sector due to features such as remote programmability which are essential for evaluating energy consumption. Moreover, high growth of urbanization with rising demand for consumer electronics is expected to boost the global electricity meters market growth over the forecast period.
Global Electricity Meters Market: Opportunities
Rising initiatives for smart grid projects can provide business opportunities
Many countries have started investing rigorously in smart grid projects with the replacement of conventional electrical networks. Smart grids act as an automated monitoring and controlling system and is an enhancement over traditional electrical network. Dynamic pricing and consumption data are the core functionalities provided by smart meters, which are envisioned on a larger scale in the form of the grid. A number of pilots have been undertaken as a prelude to a full-scale grid establishment, with Europe and North America witnessing highly favorable regulatory conditions.
Growing emphasis on renewable energy sources can provide lucrative growth opportunities
Since smart grid helps to save energy, many countries have started investing in smart grids. Many renewable energy projects are being adopted, in order to enhance efficiency and implement effective transmission of electricity. Major companies in the market can capitalize on these opportunities by providing novel solutions and gain a competitive edge in the market.
Global Electricity Meters Market: Restraints
Challenges associated with energy theft are expected to restrain growth of the global electricity meters market during the forecast period
Energy theft remains a major challenge in the industry. This is typically prevalent in high population density and low-income level areas. According to the National Agency for Electric Energy, electricity worth around US$ 4 billion is stolen each year. Tampering varies from brute force methods such as jamming the mechanism to sophisticated techniques such as saturating the in-built magnetic components. This includes bypassing the meter, slowing down the meter, and inverting the meter. Hence, these factors are expected to restrain growth of the global electricity meters market over the forecast period.
Various concerns among end users are expected to hinder the global electricity meters market growth over the forecast period
Although electricity meters are universal, there still remains security and monetary concerns among consumers regarding these devices. It is expected that subsequent reductions in payment are expected to compensate for initial investment. However, end users are still reluctant to switch to this technology without being aware of the advantages. Furthermore, the cost of pilot projects and deployments has to be created by regulatory bodies and utilities, owing to the nascent stage of the smart meter market. Utilities, energy providers, and regulatory bodies need to alleviate user concerns in order to experience successful smart meter rollouts. Therefore, these factors are expected to restrain hinder of the global electricity meters market during the forecast period.
Electricity Meters Market Report Snapshots
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients