Smart Electric Meter Market to cross $10bn by 2024 Smart Electric Meter Market

Global Smart Electric Meter Market to cross $10bn by 2024: Global Market Insights Inc. Robust implementation of government mandates and fiscal incentives toward the adoption of sustainable technology will drive the smart electric meter market size. Several countries have enacted distinct legislation mandating the adoption of AMI meters as a part of their comprehensive energy conservation initiatives. In March 2011, the Government of UK framed a rollout strategy and designed a policy framework for smart meters. The Smart Metering Implementation Programme is expected to achieve the installation of over 50 million smart meters by 2020. U.S. smart electric meter market is anticipated to exceed USD 1 Billion by 2024. Significant encouragement by regulators and policymakers toward the adoption of smart technologies will stimulate the business growth. As per the Residential Energy Consumption Survey conducted by the EIA in 2015, residential smart meter adoption across the U.S. stood around 40%. Furthermore, it has been analyzed that electric utilities across the country had installed over 70 million AMI meters till 2016. AMI smart electric meter market will grow on account of continuous expansion and increasing share of renewables across centralized and decentralized grid infrastructure. Rapid technological advancements coupled with growing concern toward energy conservation will strengthen the business outlook. Smart meters integrated with automated data management systems have drastically eased the assessment of consumption patterns by the user. Smart Electric Meter Market 1 | Page