Global Smart Electricity Meters
Market to Reach $15.2 Billion by 2026
Smart electricity meters are electronic
measurement devices specifically designed for use in electrical energy
measuring applications.
A smart electricity meter automatically
captures the energy consumption patterns of a utility customer and communicates
the information for accurate and reliable billing, while considerably
decreasing the need for manual meter reads. Use of smart electricity meters was
initially focused on the commercial and industrial end-user markets due
persistent need for granular-level billing data and accurate rates for
customers in these markets.
Gradually, the use of smart
electricity meters expanded from few large customers of the utility to encompass
all the customer classes including residential, commercial and industrial
customers. The increasing billing needs and decrease in the prices of smart
meters and related technology enabled the use expansion of smart electricity
meters.