AMI Electric Meter Market Size

AMI Electric Meter Market Size

AMI Electric Meter Market size was valued at USD 17.4 billion and is expected to witness over 7.6% CAGR from 2023 to 2032. Smart electric metres are used to monitor and log end-user electricity consumption. These metres record data about how much electricity is used and then send it back to the electric utility. Globally rising energy demand has created a need for efficient energy consumption monitoring in order to lower electricity bills, which will in turn drive the development of smart metering systems over the anticipated time period.

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Shifting focus toward the enhancement of the energy mix to fulfil the growing energy demand has resulted in the adoption of various sustainable systems including smart meters. Respective governments across the globe are adopting the fundamental restructuring of energy supply systems that will lead to integration challenges including flow inaccuracy, overutilization, and load mismatch. The deployment of smart meters can limit the underlined issues by establishing a secure communication network. These systems bridge the communication gap between consumers and utilities which in turn will help in exchanging the real-time consumption information.