Share this article Share this article ResearchAndMarkets.com's offering. Energy Wastage is Taking its Toll on the Environment. Smart Meters Being the Need of the Hour Will Reach $16.4 Billion by 2027 The global market for Smart Electricity Meters is expected to reach US$ 16.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.7% over the analysis period 2020 through 2027. Smart electricity meters are poised to witness robust adoption given their role in energy conservation & reducing wastages. Among the many benefits of smart meters are monitoring of electric system in real time & provision of responsive data for balancing electric loads; reduction of waste by forecasting energy demand more efficiently. A smart meter is an electronic device capable of monitoring usage of utility services, and share the data with utility providers. Using two way communication, smart meter makes records data at the usage point and transmits the information gathered back to the utility companies.