International. A new report analyzing the global smart electric meter market between 2017 and 2021 forecasts that the sector will generate $13.16 billion in revenue by 2021.
The report was published by global technology research firm Technavio and forecasts that the global smart electric meter market will grow by 9% between 2017 and 2021 due to the increase in the deployment of smart grids.
Thanikachalam Chandrasekaran, a lead Technavio analyst for energy research, said smart electric meters, SCADA systems, IT and other smart grid communication technologies integrate with smart grid systems to help utilities analyze and understand energy consumption patterns for their consumers.
By analyzing consumers' energy consumption patterns, energy providers can improve load forecasting, peak demand management, and customer services.
Increases in electricity demand are driving the growth of the global smart electric meter market as governments use the technology to reduce energy consumption and harness available energy to improve access to electricity for people who are not connected to the power grid.
"Regulatory authorities in various countries, such as China, Italy, India and the United States, have shown interest in installing smart electric meters over the years. This is expected to drive demand for smart meters during the forecast period," says Thanikachalam.
According to Technavio, the residential sector ranks second in the global smart electrical appliance market with 82% of global shares due to rising living standards and urbanization.
