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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