The smart meter market is expected to reach US$15.29 billion by 2025, with a composite annual growth rate 9.5% during the forecast period. As a results of various driving factors, the smart meter market is expected to grow at a significant growth rate.
An electric meter is a device used to monitor power consumption. Due to various loopholes in the traditional electric meter and lack of proper measuring drivers, the traditional measurement method is replaced by a smart meter. These meters facilitate proper communication with consumers and eliminate manual intervention in the meter reading process. Smart meters also help generate correct and accurate bills record based on actual data and energy consumption. These smart meters also allow individuals to choose the appropriate power plan based on their consumption records.
Effectively monitoring energy consumption and increasing the use of smart grids are key factors that help the growth of the smart meter market. The rapid growth of population and industrialization has led to a large-scale increase in energy demand, which has further increased the power supply. Traditional electricity meters have led to errors in the calculation of electricity bills and power loss during transmission. Improved transmission efficiency and better infrastructure are expected to support the growth of the smart meter market. These meters also help to generate bills correctly, and also help communicate with customers to eliminate manual interference for meter data reading. The increase in the use of smart grids is also expected to further promote the growth of the smart meter market, because it can be easily combined with smart grids to obtain the best results. Increasing demand for better infrastructure and greater use of renewable energy are expected to create opportunities for the smart meter market. However, the high initial cost involved in installing smart meters is expected to inhibit the growth of the smart meter market during the forecast period.
The smart meter market report is broken down by technology, stage, end user, and regional and country levels. According to technology, the smart meter market is divided into AMI and AMR. On the basis of phase, the meter is divided into single-phase and three-phase. According to the end user, the smart meter market is divided into residential, commercial and industrial public utilities.
Holley Technology Ltd. engaged in research and development, manufacturing, and sales of measurement meters contains electricity meter, gas meter, water meter, power grid accessories, etc. Also we provide system solution for different customers. Smart meters are hot sale products in our company.
If you are interested in smart meters, please feel free to contact us.
Post time: Nov-09-2021