Smart Commercial Electricity Meter Market Overview
Smart commercial electricity meter is defined as an electronic device which is used to records the consumption of electric energy. Smart electricity meters involve real time sensors, power outage notification and power quality monitoring. These smart commercial electricity meters send meter readings to the energy supplier for more accurate bills. Smart electricity meter provide quick and accurate measurement of electricity use.
Market Size and Forecast
Global smart commercial electricity meter market is anticipated to flourish at a CAGR of 8.5% over the forecast period. Further, smart commercial electricity meter market is driven by various factors such as growing awareness among the consumers regarding saving electricity and rising adoption of innovative technology by commercial sector to curb electricity expenses are envisioned to flourish the growth of smart commercial electricity meter market.
In terms of regional platform, Asia-Pacific region accounted for the largest market share followed by Europe. Asia-Pacific region is anticipated to continue its dominance over the forecast period. This region is most lucrative market across the globe owing to emerging economies such as India and China. In addition to this, China accounted the largest market of smart commercial electricity meter. The growth of china is attributed to various factors such as rapid urbanization and increasing energy saving measures.
Europe region holds the second largest market share of smart commercial electricity meter across the globe. Further, evolution of consumer electronic industry and increasing demand for high-end commercial products are anticipated to foster the demand for smart commercial electricity meter in this region. Moreover, Europe region is expected to witness favorable growth on the account of stringent regulatory conditions and standardized policies.
North America region is projected to witness a tremendous growth over the forecast period owing to technological advancement. U.S. and Canada are the dominating countries of smart commercial electricity meter market in North America region. Moreover, rapid development of electricity network and spiked penetration of internet of things into electricity meter devices are envisioned to foster the growth of smart commercial electricity meter market.
Our in-depth analysis has segmented global smart commercial electricity meter market into the following segments:
Global smart commercial electricity meter market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Growing demand for accurate billing and rising awareness regarding energy conservation is believed to be the dynamic factor behind the rapid growth of smart commercial electricity meter market across the globe. Further, swift development of electricity network along with rising investment in smart grid are envisioned to flourish the growth of smart commercial electricity meter market by the end of 2024.
Moreover, rising energy prices and increasing instances of electricity theft are also boosting the demand for adoption of smart electricity meter. Additionally, favorable governmental initiatives for the adoption of intelligent systems to limit electricity consumption are expected to positively impact the growth of smart electricity meter market. Furthermore, growing GDP figures and rapid urbanization are also predicted to fuel the growth of smart commercial electricity meter market.
However, high cost associated with the installation of smart electricity meter is expected to hinder the growth of smart commercial electricity meter market by the end of 2024.
Scope and Context
Overview of the Parent Market
The global smart commercial electricity meter market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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