Electricity meters are devices used to measure and monitor energy consumption in households as well as industrial spaces. These devices have evolved from legacy systems that were electromechanical in nature, to solid state meters that provide two-way communication capabilities along with accurately measuring and reporting energy demand. Governments and other legislative bodies are undertaking various initiatives to ensure smart meter rollouts over the next few years. This is primarily due to the large number of benefits offered by smart electricity meters. Besides accurately determining energy consumption, electricity meters also allow meter reading from remote locations, prepayment options, and fraud detection by implementing and storing time of day usage at periodic intervals.
Although smart electricity meters can be tampered with, it requires the modification of storage logs, which is a time intensive and complex activity. Depleting fossil fuel resources and increasing dependence on renewable sources of energy has prompted the need for installing smart meters that are capable of controlling energy used by electronic equipments. Electricity meters are equipped to handle and compensate for dwindling electricity supply, which helps improve customer service and is profitable to utility companies as well. However, lack of awareness among end users, and concerns about privacy are expected to restrain market growth over the forecast period.
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The value chain for electricity meters comprises of power generation firms as well as TSOs (Transmission System Operators) which are responsible for supplying electricity on high voltage grids and medium to low voltage grids respectively. In addition, smart energy service providers provide energy plans based on tariff and self diagnostics capabilities. The global electricity meters market has been segmented on the basis of application into residential meters, commercial meters, and industrial meters. In terms of geography, Asia Pacific is expected to lead the market in terms of demand as well as revenue due to various initiatives undertaken to install smart meters in this region. Key market participants include Itron, Landis+Gyr, Jiangsu Linyang Electronics Co., Ltd., Holley Metering Ltd., Sensus, and Elster among others.
Necessity of Electricity in Industrial and Household Spaces to Boost Electricity Meters Market
Electricity meters are appliances used in households and industrial spaces to calculate and control power consumption. These instruments have developed from legacy electromechanical systems to solid state meters that offers two-way communication capacities together with precise measurement of energy demand and its reporting. Growing popularity of these devices are likely to add to the growth of the global electricity meters market in the near future.
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Favorable Government Measures and Need to Reduce Peak Demand to Foster Growth
Smart energy metering systems are capable of reducing the peak demand for electricity. It can also enable end-users to accurately control and decrease energy consumption. Energy suppliers utilize these devices by aligning the benefits of reaction time reduction to overcome hardware failures and power outages. It also helps them to provide improved customer service due to remote reading comforts. Since renewable energy production changes with time, low energy production eventually results in unstable productivity of energy. However, by monitoring the energy usage of different electronic devices, the use of a metering device attempts to compensate for this deficit, as it is able to manage intermittent supplies. The installation of these devices, which is set to perform a crucial role in the development of the industry, is backed by many smart meter rollout schemes in various regions. It is facilitated in the form of favorable government measures in countries like the U.S. and U.K. These factors are likely to foster growth of the global electricity meters market in the near future.
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