Smart Electricity Meter Market By Region – Global Opportunities & Forecast, 2020-2027
Global Smart Electricity Meter Market
As per the research report by GMI Research, the Smart
Electricity Meter Market will expand at a significant rate over the
forecast period. This is because of the potential to smart electricity meter to
conveniently administer the energy usage and decrease it.
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Smart Electricity Meter Market Dynamics
The robust demand for electricity guided by the accelerating
population rate and huge surge in the prices of electricity per unit are the
prime forces supplementing the growth of the global
smart electricity meter market. Further, the rigorous norms
enforced by the government to decrease carbon discharge and the growing
consciousness among individuals regarding the beneficial features of smart
electricity meter will positively influence the market size. Due to the growing
cases of irregular power generation, the consumers are seeking for smart
electricity meters to manage the overall energy usage by several devices.
Countries such as the United States and UK have introduced several schemes
towards smart meter rollout to encourage the insertion of these instruments.
Additionally, the exacerbating incidences of power theft are persuading the
end-users to lodge for smart meters, which serve an accurate solution for
counterfeit activities. Besides this, other forces such as the evolving need
for effective data supervision systems and the strategic government norms to
encourage the acquisition of smart meters will fuel the market size. However,
the mounting agitation towards cybersecurity and data security will restrain
the smart electricity meter market share.
Phase Segment Drivers
As per the phase, the global smart electricity market can be
sub-divided into single and three phases. The three phase segment is anticipated
to witness a faster CAGR during the forecast period. As per the smart electricity meter market
report, the augmenting deployment of three-phase smart meters in various
industrial and commercial sectors is complementing the market size. The
three-phase meters are highly cost efficient over other single-phase meters and
offer a higher power compactness.
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