Europe Smart Electric Meter Market to Witness Mounting Growth in Approaching Time and Forecast by 2027
According to a recent study from market research firm Graphical Research, the Europe smart electric meter market size is poised to expand at substantial CAGR during the forecast period. smart electric meter market in Europe will witness a notable surge in the coming years as the demand for continuous electricity supply is growing. People are becoming increasingly aware of their rising energy consumption, prompting them to install smart electric meters that will keep a close track of their daily power usage. An important feature of these meters includes recording important data, such as voltage levels, consumer energy consumption, current & power factors, among others.
Europe is seeing an exponential rise in industrialization and the average disposable income of the regional population is steadily increasing. The regional governments are investing their resources to digitize the existing power systems and are encouraging companies to use renewable and efficient energy sources. These factors will propel the installation of smart electric meters across the region.
Europe smart electric meter market share from residential applications will witness a robust CAGR through 2027. The rise in urbanization has led to people demanding high-end residential facilities, having a positive impact on residential construction. The need to have urban facilities with a strong and innovative energy infrastructure will foster the production of smart electric meters in the region.
Automatic Meter Reading or AMR smart electric meters will be highly demanded by end-users across Europe as they offer real-time information, incur low installation costs, and facilitate ease in data transfer. The need to have advanced electric meter reading systems is growing and regional authorities are pouring in their investments to build large-scale public infrastructure, thereby boosting the use of smart electric meters.
Germany will hold a significant share of Europe smart electric market through 2027 as the electricity distribution networks are being expanded on a large scale. Smart energy grid networks are being manufactured and installed across several sectors to increase the efficiency of electricity supply and consumption. The construction sector in the country is attracting large investments from public and private sector companies to increase the number of building projects.
Remote areas, such as villages are witnessing a rise in electrification activities as several power generation companies are setting up their plants in these regions. Many off-grid areas are being integrated into the main electric grid infrastructure. In 2020, E.ON installed nearly 20,000 smart meters in Germany. These meters will give customers a detailed and graphic breakdown of their average power consumption and the cost efficiency achieved in the country.
Europe smart electric meter market share from three-phase systems will grow at an appreciable rate up to 2027. The awareness of renewable energy sources among consumers has led to increased adoption of sustainable energy systems in the regional sectors. These include healthcare, education, and hospitality & logistics.
IoT-based electric network infrastructure is gaining traction among clients as it helps in the efficient generation and supply of electricity, enhancing the production of smart electric meters in the region.
Europe market forecast is anticipated to show signs of progress in the coming years as well-renowned smart electric meter companies in the region, including Siemens, Schneider Electric SE, Itron, Honeywell Elster, Aclara Technologies LLC, and Badger Meter, Inc., among others are developing technologies for a wide range of sectors such as construction, healthcare, hospitality, education, and many others. They are developing single-phase and three-phase meters according to their client’s needs and technologies, such as AMI and AMR are being extensively implemented in their production. These meters will find high application across residential, commercial, and utility sectors in Europe.