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Albany, New York, Oct. 09, 2019 (GLOBE NEWSWIRE) -- The demand within the global electricity meter market is expected to stagnate over the years to come. This owes to the ineffectiveness of traditional electricity meters. However, the energy sector is climbing the ladder of innovation and efficiency, and this could be an important driver of market demand. Furthermore, the indispensable need for electricity meters across all types and sizes of buildings has aided market growth. Vendors have made incessant efforts to develop high-end smart meters that can fulfil the requirements of the end-users. Moreover, availability of technical manpower to conceptualise improved meter architecture has also assisted the market players.
Government organizations and authorities issue trademarks to give a seal of quality, safety, and credibility to electricity meters. Several governments across the world have distinct departments to deal with issues related to infrastructural safety, electric metering, and energy consumption. This is an important consideration for vendors planning to set up their production and sales channels in new and unexplored regions. The electricity board of a region plays a vital role in driving the adoption of electricity meters. It is projected that the the global electricity meter market would thrive on the ability of vendors to innovate.
Regional authorities for electricity control and management are looking for energy-efficienct technologies to improve the supply dynamics of utilities. This factor has put tremendous pressure on the market vendors to heed to their business responsibility. These vendors are required to cater to the compelling demand for improved electricity meters and other similar devices.
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Transparency Market Research (TMR) published a report that predicts the global electricity meter market to expand at a negative CAGR of -6%. The total value of the electricity meter market is expected to slump down due to the obsolete nature of traditional meters. The market vendors are expected to overhaul their production, operation, and marketing strategies in order to regain the regions of their business.
Need for Smart Metering Technologies
Several cities boast of their unparalleled ecosystem of smart technologies and systems. Hence, it is safe to say that the world is moving toward the concept of smart cities. Smart buildings play an important role in the development of a smart city. This factor, coupled with the growing investments in digital technologies, could give a thrust to market growth. However, for this growth to be possible, the manufacturers are required to shift from manufacturing traditional meters to smart meters. Smart meters are amongst the most vital components of smart buildings and smart cities. Furthermore, the replacement of traditional grids with smart grids could also be a strong driver of demand for smart meters.
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Regional Adoption of Smart Meters
Several countries have already become self-sufficient in energy management and optimization. These countries have replaced all obsolete technologies used by utilities with smarter and more efficient systems. Hence, the smart meter segment of the electricity meter market is slated to attract increased revenues in the years to follow.
Scandinavian countries such as Norway and Denmark have been the torchbearers of innovation in the energy sector. The countries have achieved optimization of smart technologies, and have extensively installed smart meters. The market vendors are expected to capitalise on the market gap prevailing in other countries planning to overhaul their introductory.
Some of the key players in the global electricity meter market are Eaton, GE Energy Company, Honeywell International Inc., Itron Inc., and Legrand, Siemens.
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The review is based on TMR’s report titled, “Electricity Meter Market (Technology: Electromechanicals and Electronics; Type: Flat-rate Meters, Interval Meters, Smart Meters, and Solar Meters; and End-use Industry: Commercial, Industrial, and Domestic) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027”.
The global electricity meter market is segmented as:
By End-use Industry
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