Global Smart Energy Meter Market is expected to grow at a CAGR of 8.1 percent from 2015-2019, says a new report from research firm TechNavio.
Smart energy meters, supervisory control, data acquisition systems and IT networks will hold a considerable market share in the Smart Grid Market. All of these technologies will help promote smart energy meter market through projected period, says Faisal Ghaus, vice president of TechNavio.
Also read: Smart Energy to make up 24% of smart city market: Frost
Installation of smart energy meters has helped decrease manual billing errors, which are commonly found in normal electric meters. Smart energy meters are automated, which leaves no room for manual errors, the report said.
The growing smart energy meter adoption in China, Italy, India and the U.S are propelling the growth of the market. Additionally, there has been an upsurge in the installation of smart meters worldwide.
Governments in Asia and Western European countries have initiated pilot test programs to install smart energy meters, the report said.
Rajani Baburajan