ELECTRICITY METERS MARKET ANALYSIS

Electricity Meters MarketSize and Trends

The global electricity meters market is estimated to be valued at US$ 25,001.2 million in 2021 and is expected to exhibit a CAGR of 18.7 % over the forecast period (2021-2028).

Figure 1. Global Electricity Meter Market Value (US$ Mn), by Region, 2020

APAC  held dominant position in the global electricity meter market in 2020, accounting for 49.8% share in terms of Value, followed by EMEA, North America, respectively.

Market Trends:

Inorganic strategies among market players can provide major business opportunities

Key companies in the market are focused on inorganic strategies, in order to gain a competitive edge in the market. For instance, in March 2012, Holley Metering Ltd. entered into a joint venture with Echelon Corporation, with an aim to develop smart meter products for China. In December 2012, Itron received a contract worth USD 150 million to provide smart meters to utilities in Johannesburg. Moreover, in May 2013, Toshiba was selected as the preferred supplier by the Tokyo Electric Power Company (TEPCO) for smart meter communication systems.

Research and development activities is another major trend

Major market players are focused on research and development activities, in order to innovate novel products and gain a competitive edge in the market. For instance, in May 2013, Itron launched an upgraded smart meter version in the Brazilian market.