Smart Electricity Meter Market Expecting Worldwide Growth by 2025Posted by Vakhas on October 15th, 2019 The global smart electricity meters market is anticipated to reach USD 49.9 billion by 2025, according to a new report by Grand View Research, Inc. The rising demand of energy security has been prevailing in the energy sector from a long time. Renewable energy generation has sufficed this demand to a greater extent, but the energy provided by such systems is intermittent, and thus energy conservation and efficient utilization of energy are the key aspects of energy security. Smart meters deliver instantaneous data which can be analyzed, and the consumption can be controlled stabilizing the energy demands. The increasing regulatory initiatives to install the smart meters in various regions around the globe is likely to spur the market demand over the forecast period. Smart meters are a fundamental component of a smart grid network. The smart grids are used to monitor and control the transmission system, which is an enhancement over the conventional electrical network. Initialization of smart grids in various regions is expected to fuel the demand for smart meters over the forecast period. The commercial segment is largely profited by these smart systems as they assist in increasing the energy efficiency by providing real-time pricing and consumption data display which is directly related to the spending of the segment. However, factors, such as electricity theft are likely to restrain the market growth. Smart Electricity Metering mandates have been established for the European Union with rollout plans set by the Commission for Energy Regulation, among other legislative bodies. To request a sample copy or view summary of this report, click the link below:
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