Albany, NY, Dec. 3, 2014 (GLOBE NEWSWIRE) -- According to the report "Electricity Meters (Smart Meters) Market For Residential, Commercial and Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," published by Transparency Market Research (TMR), a U.S.-based market intelligence organization the demand for smart electricity meters, estimated at 25 million units in 2011 will grow by six times and reach over 148 million units by the end of 2018. The market of electricity meters will demonstrate a compound annual growth rate of 18.7% during the forecast period of 2012 to 2018. The electricity meters (smart meters) market valued at US$4 billion in 2011 and will reach US$19.8 billion in 2018 with a CAGR of 16.5% during the forecast period.
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Electricity meters offer a lot of benefits over the traditional meters such as data storage, automatic data transmission, and importantly detailed tracking of electricity use. Due to their advantages, smart electricity meters are used in various sectors such as residential, commercial, and industrial. Electricity meters application for residential purposes contributed to the largest market share in 2011. Residential application of electricity meters amounted for over 81% of the global smart meter units, however contributed to only 26.3% of the overall revenue, in 2011. According to a TMR's analyst, this trend in electricity meters market will be observed in the coming years as well, while the demand for commercial smart meters will reach a value of 15.8 million units by 2018.
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Since, electricity meters help to monitor energy use efficiently and reduce the dependence on depleting fossil fuel, government and other legislative bodies are promoting the installation of smart electricity meters around the world. North America was leading the smart electricity meters market in 2011, in terms of highest demand and consumption, which was followed by the Asia-Pacific region. However, Asia Pacific is forecasted to be the fastest growing electricity meters market in the coming years and will display a growth of CAGR 20.5% from 2012 to 2018. Multiple initiatives undertaken in the Asia-Pacific region will lead the electricity meters market in terms of demand and revenue in the coming years.
Even though, North America and Asia Pacific are leading the market currently, Europe is also showing increasing demand for smart electricity meters. According to reports, Italy has undertaken one of the largest rollouts of around 35 million meters installation, while France is planning to have 95 per cent coverage of smart electricity meters rolled out by the end of 2016.
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Regulatory conditions supporting the increasing smart electricity meter rollouts worldwide, along with initiatives from government, regulatory bodies, and electricity utility companies are driving the growth of the electricity meters market. The impact of regulations was earlier witnessed in European and North American regions. It is anticipated that this trend will shift increasingly towards Asia-Pacific region and also to other regions such as Middle East, Africa, and Latin America due to improving economic conditions.
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Increase in the demand and installation of smart grids and improved metering infrastructure is also contributing to the growth of the smart electricity meters market. The key players in the global smart electricity meters market include Landis+Gyr, Jiangsu Linyang Electronics Co., Ltd., Holley Metering Ltd., and General Electric.
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Source:Transparency Market Research