There is high demand for electricity witnesses in the last few years especially after the advent of digitalization and rising adoption of smart gadgets. The advent of smart technology and the Internet of Things into various sectors such as food and beverage, healthcare, aerospace and defense, banking, and others have propelled the need to improve the energy and power sector as well as energy is the most reliable source on earth today. The increasing advent of latest innovations into the energy and power sector is considered a prime factor boosting the global electricity meters or smart meters market. An electricity meter is a mechanical device used for measuring the rate of electricity consumed by a building. These meters had to be read manually in earlier times but now they can be automated and cut down on physical visits to the meters altogether. Smart meters also records other information such as voltage levels, power and current factor, as well as real-time energy and offer regular reports at short intervals all through the day. A two-way communication is enabled between the supplier and the meter which can either be through fixed wire connections such as PLC (power line carrier) or wireless such as Wi-Fi, wireless mesh networks, and others.
The growing investments in the smart grids and the rise in the rate of integrating renewable sources of power generation into the existing grids, in established nations, are projected to add a boost to the growth of the electricity meters (smart meters) market. The rapidly increasing popularity of e-commerce industry and high adoption of online shopping applications is projected to aid in favor of the global electricity meters market as more engaging applications will demand more electricity for power. Although smart electricity meters are capable of recording meter readings by themselves and can monitor energy usage with ease, there are certain drawbacks that may pose challenge to the overall growth of this market. There are possibilities of a weak signal when it comes to connecting the smart meter with the cable or wireless technology. Any disturbance, exterior or interior may result in accuracy in the display installed in the home apparatus may mark as a disadvantage and create major challenges in the electricity meters or smart meters. Nevertheless, manufacturers operating in this market are engaging in research and development of innovative smart meters that can highlight the faulty appliances installed in the home appliances. Such initiatives will help this market witness notable growth in the coming years.
Collaborative Efforts by Players will Help Improve Brand Presence
Some of the players of the global electricity meters market include Holley Metering, Honeywell International Inc., Schneider Electric, Echelon, Siemens AG, Aclara Technologies (Hubbel Incorporated), Jiangsu Linyang, Itron Inc., Landis +Gyr or Toshiba Corporation, and others. Some other key innovations that improved the overall compound annual growth rate of the smart meters market include:
- Gridstream Connect was launched by Landis +Gyr (Toshiba Corporation) in January 2018 for use in smart cities, by consumers’ personal use, and for utilities. The Gridsteam was invented as a new product development strategy to enhance the overall portfolio of the now called Toshiba Corporation.
- Iskraemeco entered into a contract with the Bahrain Electricity and Water Distribution (EWA) (Bahrain) in February 2018. As per this contract Iskraemeco will supply 50,000 smart meters for use in both residential as well as commercial establishments to Bahrain EWA. With the help of this contract, Iskraemeco will improve its brand presence and enter into competition with other players of the global electricity meters market.
- A smart metering solution along with 250000 electricity meters, a data management system, and a remote reading system was promised to be delivered to ESB Networks, the Irish energy company. The contract of delivering the aforementioned equipment was made in January 2019 and involved two companies in collaboration, namely Siemens AG, and Kamstrup.
Such initiatives are likely to aid in favor of the global market for electricity or smart meters in the coming years. Regionally, North America holds a significant position in the market and generate notable shares whereas Asia Pacific is projected to witness exponential growth in the years to come on account of the increasing demand for energy, rising and rapid adoption of smart grid technologies across developing nations such as Japan, China, and India. Additionally, the government of emerging nations mentioned above are also providing support to the smart electricity meter installation and promoting the use of smart technologies for the benefit of the nation altogether. Such inspiration is also promoting the growth of the electricity meters in Asia Pacific region.