The Global electric meter market the size is expected to reach $16.98 billion by 2030, according to a new study by Polaris Market Research.

During the projected period, primary components such as rise of smart meters and rapid urbanization are expected to drive the growth of the global industry. Smart meters have been widely adopted in recent years due to the increase in regulatory projects to install a smart meter. Smart meters are currently being rolled out, depending on the location in question.

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Additionally, the installation of smart meters is becoming mandatory in the European Union, with commercial launch plans set by the Energy Regulatory Commission, among many other legislative bodies. Smart meters offer many benefits, including fraud detection, protected supply, prepayment functionality, savings, tariff-based energy deals, self-diagnosis, and peak usage detection. Due to many factors, the global electricity meter market is expected to grow over the forecast period.

In addition, smart electricity meters offer many benefits to electricity companies, including real-time databases to prevent power outages, instant and accurate monitoring capabilities, and reduced electricity costs based on market demand. Customers can benefit from these smart meters by receiving continuous updates on their electricity usage, limiting blackouts or system outages, and allowing automatic adjustment of grid integration to control high bills.

Electricity meters are widely used in commercial and industrial applications. Due to high power requirements, there is increasing pressure for increased meter flexibility and reliability. Since features like remote programmability are needed to assess energy consumption, industries saw the use of smart meter before entering the residential sector.

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Based on type, the smart meter segment accounted for the major market share. Smart meters are electronic devices that accurately monitor the consumption of electricity, gas and water. These smart meters can transmit usage data through wireless communication systems, radio frequency electromagnetic (RF) radiation, and wireless connectivity, enabling utility organizations to successfully manage energy usage.

Market players such as Aclara Technologies, ABB, Delixi Group Co. Ltd., General Electric Inc., Schneider, Holley Technology LTD., Elster Group GmbH, Siemens, Honeywell, Iskraemeco, Itron Inc., Jiangsu Linyang, Landis+Gyr, Schneider Electric, Inc. and Wasion are key players operating in the global market.

In August 2021, Siemens Limited and Tata Power Delhi Distribution Limited (Tata Power-DDL) announced a major implementation of Smart Metering Innovation for over 200,000 smart meters in North Delhi. The installation and acquisition of Siemens’ state-of-the-art EnergyIP meter database management system enables the timely and appropriate collection of electricity meter data, increasing consumer network awareness and reducing carbon emissions. The AMI program is one of Tata Power-key DDL’s strategic network structural adjustment initiatives.

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Polaris market research has segmented the Electricity Meter market report on the basis of Type, Application and Region:

Electricity Meters, Outlook Type (Revenue – USD Billion, 2018 – 2030)

  • single phase
  • Three phases
  • Analog meter
  • smart meter

Electricity Meters, Application Outlook (Revenue – USD Billion, 2018 – 2030)

  • Residential
  • Commercial
  • Industrial
  • Others

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