The global smart energy meter market is expected to grow at a CAGR of 8.1 percent from 2015-2019, according to a new report from research firm TechNavio.

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 latest report from TechNavio emphasizes the rapid development and installation of smart grids, which has fostered the growth of several related technologies, including smart energy meters.

“Various smart grid applications like smart energy meters, supervisory control, data acquisition systems and IT networks hold a considerable market share in the Smart Grid Market, which is witnessing rapid growth and will help promote the Global Smart Energy Meter Market through the projected period,” says Faisal Ghaus, Vice President of TechNavio.

“Regulatory authorities in China, Italy, India and US have exhibited interest in the installation of smart energy meters, which is also expected to significantly propel growth of this 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