Dublin, April 12, 2021 (GLOBE NEWSWIRE) -- The "Smart Electricity Meters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Energy Wastage is Taking its Toll on the Environment. Smart Meters Being the Need of the Hour Will Reach $16.4 Billion by 2027

The global market for Smart Electricity Meters is expected to reach US$ 16.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.7% over the analysis period 2020 through 2027.

Global carbon emissions are rising each year. The energy industry accounts for a sizable share of CO2 emissions highlighting the carbon intensity of electricity generation. Coal remains the worst polluting generating over 1,200 of CO2 per kWh. Over 60% of energy produced is wasted in transmission & consumption. Smart electricity meters are poised to witness robust adoption given their role in energy conservation & reducing wastages.

Among the many benefits of smart meters are monitoring of electric system in real time & provision of responsive data for balancing electric loads; reduction of waste by forecasting energy demand more efficiently. A smart meter is an electronic device capable of monitoring usage of utility services, and share the data with utility providers. Using two way communication, smart meter makes records data at the usage point and transmits the information gathered back to the utility companies.

The advanced metering infrastructure holds several merits over conventional metering and supports bi-directional communication. Smart meters are increasingly replacing traditional electric meters, mainly in developed countries, and enabling power system to undergo notable transformation in terms of efficiency and reliability.

These devices provide utilities with the opportunity to exploit data to ensure efficient use of energy, reduce wastage, and minimize human intervention. Smart metering devices in homes deliver accurate readings and eliminate incorrect billing or irregularities. By monitoring gas, water or electricity consumption, these devices allow users to reduce consumption and save on utility bills.

Smart meters represent a revolutionary technology for utility companies that allow them to ensure efficient transmission and distribution while monitoring energy usage and efficiency. These meters integrate three primary components that include an electricity meter, processing unit and communication module.

While the electricity meter measures power consumption and translates the readings into usable data, the processing unit processes and stores the data. In addition, the processing unit controls the electricity meter and the communication module. The communication module, usually found integrated into the smart meters or installed in external slots, facilitates the communication of meter data with the utility and the customer. Among the three components, the meter part is highly regulated one and in most cases needs to conform to a set of standards placed by regulatory authorities. The technology has gained extensive adoption among utilities and is receiving support from various countries.

Governments are investing in smart metering infrastructure to gravitate towards smart grids and accommodate renewable energy. Smart meters technology is poised to experience large-scale installations in North America, Europe and Asia-Pacific, with the latter holding a key role in driving global adoption of smart meters. The increasing adoption of smart meters is attributed to their various benefits such as energy usage monitoring, energy saving, reduction in energy wastage, tab on power thefts and reduction in carbon emissions.

Smart meters are increasingly replacing conventional meters and leading to notable transition towards digital technologies. These devices allow two-way communication to transmit data to utility companies for billing, monitoring and other purposes to ensure seamless supply of electricity, water or gas to consumers.

Smart metering allows companies to deal with electricity theft, which results in heavy losses of around $90 billion annually. The technology has witnessed an impressive investment of around US$ 62 billion for associated infrastructure. These endeavors are anticipated to further drive adoption of smart meters in both developed and developing regions.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS (Total 84 Featured):

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. GEOGRAPHIC MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/cf6124