Global Smart Electric Meter Market to surpass $11 billion by 2024: Global Market Insights Inc. The report “Smart Electric Meter Market Size By Application (Residential, Commercial, Utility), By Technology (AMR, AMI), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, UK, Sweden, Portugal, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa, Lebanon, Egypt, Mexico, Brazil, Uruguay, Argentina), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” by Global Market Insights, Inc says that global smart electric meter market size is set to exceed USD 11 billion by 2024. Commercial smart electric meter market shipments could exceed 30 million units by 2024. Growing demand for accurate billing coupled with efforts towards energy conservation will augment the global smart electric meter market growth. Rapid development of electricity network along with growing investment in smart grid will further complement the business landscape.
Increasing energy prices and growing instances of electricity theft will further boost product demand. According to a 2013 IMF report, global electricity theft was over USD 100 million. Rising concerns towards accuracy in billing among end users may positively influence the industry size. The American Recovery and Reinvestment Act (ARRA) mandating strict regulations towards accurate billing along with increasing electricity demand will stimulate the U.S. smart electric meter market size. The U.S. Department of Energy and ARRA jointly invested USD 30 billion in 2009, to give an impetus to a wide range of sustainable energy projects and upgrade existing smart grid networks in the region. Stringent regulations towards adoption of intelligent systems to precisely track electricity consumption will augment the smart electric meter market share. European Union Directive 2009/72/EC mandates member countries to undertake initiatives which will increase consumer awareness towards the benefits of adopting these products. Directive 2014/724/EU provides guidance to regulators on safeguarding and protecting consumers’ consumption data.
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