The analysts forecast the global smart electric meter market to grow at a CAGR of 8.83% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global smart electric meter market for 2017-2021. To calculate the market size, the report considers the new installations of smart electric meter market. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is rising patent filings. The smart electricity meter market is witnessing increased expenditure by vendors on their R&D activities, leading to product innovations and safety. In addition, the vendors in the market are working to reduce the cost of upgrades as well as maintenance. Changing technology, growing demand, and changes in consumer preferences are forcing vendors to deliver the meters with high efficiency to survive the commoditization in the market.
According to the report, one of the major drivers for this market is loopholes in traditional analog electric meters. The traditional analog meter readings have errors and require more than one reading to track the energy used. The analyst estimates the error rate of these traditional meters to be around 3%, which can be avoided by installing smart electric meters. As smart meters do not require manual calculations, this reduces human intervention and chances of errors.
Further, the report states that one of the major factors hindering the growth of this market is high cost of the product. The installation cost of smart electric meters is comparatively higher than that of traditional meters. The return on investment for these meters is realized within a span of five to eight years.