Smart electricity meters market to witness strong prospects in the U.S., global installations to exceed 270 million units by 2024

The transformation imperative for electric utilities in a digitally disruptive world has tremendously boosted smart electricity meters market demand over the recent years. As penetration of IoT in power industry is bringing a consequential revolution in supply chain model, the necessity of maintaining electric grid efficiency, security, and reliability has become much more important. Implementation of these meters benefit myriad end use domains with energy security, carbon emission reduction, transparency, and billing accuracy. Corresponding to these benefits, a multitude of companies are taking initiatives to deploy these meters across varied regions, subsequently driving smart electricity meters industry share.

In this regard, Commonwealth Edison, which is claimed to be the largest electric utility in Illinois, made it to the headlines last year with the installation of smart electric meters in regions such as Mt. Morris, Oregon, Polo, Forreston. As per the reports, more than 4 million smart meters will be installed by end of this year in North Illinois. This is undoubtedly one of the most futuristic initiatives undertaken in smart electricity meter market yesteryear, one that is likely to improve the scenario of massive electricity theft in the U.S. According to United States Energy Information Administration, nearly one-half and 2 percent of electricity in the country is lost to theft.

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The country has also mandated various legislations to promote clean energy and curtail power costs, which by extension is complementing U.S. smart electricity meters industry. Say for instance, the ARRA (American Recovery and Reinvestment Act) and U.S. DoE (Department of Energy), in effect of their collaboration in the year 2009 had jointly invested around USD 30 billion with an aim to fund various smart grid networks and clean energy initiatives across the nation. The regional smart electricity meters market is also like to observe a sudden boost from the increasing state-level policies and incentives that have prompted local utility domains to adopt advanced metering technologies.

Speaking on the technological front, AMI-based systems on ground of its improvised features such as on-demand response, time-based prices, and timely notification, is observing a reining popularity in the marketplace. As per estimates, smart electric meter industry share from AMI would surpass an installation of 50 million units by 2024. Having recognized the immense potential of this tech prodigy data transmission and notifications, U.S. Department of Energy in the year 2014 invested over USD 2.6 billion in the Smart Grid Investment Grant program for AMI-based systems.

The competitive hierarchy of smart electricity meters market boasts of a portfolio of renowned biggies including Schneider Electric, Circutor, Landis+GYR, Itron, and Siemens. One of the major trends prevailing in the strategic landscape is the collaboration between international giants and local manufacturers, in a bid to strengthen their product positioning. For instance, in the year 2015, Aclara Technologies took over General Electric’s smart electric meter business in a bid to widen their product spectrum. With incessant product innovations by the market giants and a strong regulatory framework backing it, smart electricity meters industry is likely to chart a profitable roadmap over the years to come. In profitability terms, Global Market Insights, Inc. forecasts the overall business size to exceed a valuation of USD 11 billion by 2024.