What is Smart Meters Market?
Rapid Increasing Energy consumption will help to boost the global smart meter market. Smart Meters are devices which used for accurately monitoring gas and electricity meter usage and send usage information. The technology used in the smart meter is automatic meter reading (AMR) and advanced metering infrastructure (AMI). Increasing emissions, increasing demand for electricity, cost of electricity, financing constraints for new generation assets development and aging infrastructure. These will act as the key driver for smart meter market in all over the world.
The market study is being classified by Type (Electric Meters, Gas Meters and Water Meters), by Application (Residential application, Commercial application and Industrial application) and major geographies with country level break-up. According to AMA, the Global Smart Meters market is expected to see growth rate of 9.74%
Landis+Gyr Inc (Switzerland), Aclara Technologies LLC (Hubbell Incorporated) (United States), Elster Group SE (Honeywell) (United States), Jiangsu Linyang Energy Co. Ltd (China), Itron Inc (United States), Holley Metering Limited (China), Sensus USA Inc (United States), Schneider (France), Siemens (Germany) and General Electric Ltd (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Iskraemeco (Slovenia), Ningbo Sanxing Electric Co. Ltd (China), Hexing Electric Company Ltd (China) and Wasion Group Holdings (Hong Kong).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Smart Meters market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Meters market by Type, Application and Region.
On the basis of geography, the market of Smart Meters has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- High Adoption Due To Favorable Government Policies Along With Fiscal Incentives
- Enhanced Cost Savings Owing To the Use of Smart Meters Make a Definitive Case for Adoption
Market Trend
- Growing Emphasis on Renewable Energy Sources Globally
- Improved Investment in Smart Grid Projects in Key Regions Such As Europe and North America
Restraints
- High Installation Price of Smart Meters
Opportunities
- Huge Demand for Smart Building As Well As Electric Vehicle
- Rising Demand for Smart Grids and Energy Efficiency in Developing Countries
Challenges
- Growing Concern about Cybersecurity & Data Privacy
- Creating Awareness among Consumers Along With Bringing Interoperability
- Inappropriate Installation of Smart Meters
Market Leaders and some development strategies
On 1st April 2019, Landis+Gyr has announced that they reached an agreement to support Ameren Missouri’s Smart Meter Project, in that deployment of 1.4 million advanced meters and a utility IoT network. Ameren Missouri will deploy Landis+Gyr’s Gridstream® Connect solution, including 1.27 million advanced electricity meters and 130,000 gas meters. The contract also includes an extension of Landis+Gyr’s meter data management system (MDMS) and Command Center head-end system network.
On 28th January 2019, Aclara, a leading supplier of smart infrastructure solutions (SIS) to electric, gas and water utilities has announced significant enhancements to its fifth-generation kV2cTM commercial and industrial (C&I) meter, making it easier for utilities to optimize existing grid infrastructures.
Key Target Audience
Government Research Organizations, Private Research Organizations, Government Regulatory Bodies and Others