Global Smart Meter Battery Market Overview:
A smart meter is a piece of technology that keeps track of data like electricity usage, voltage, current, and power factor. Smart meters transmit data to electricity suppliers for system monitoring and customer billing as well as to consumers for a better understanding of use patterns. And the technology that is used to power these smart meters is called smart meter batteries. Smart metering technologies can cut energy use by up to 15%, promoting both energy efficiency and environmental preservation. Electricity, gas, water, and heat meters are powered by batteries, which need to last 10 to 20 years. Stability in hot and cold temperatures, longevity expectations set by utilities, voltage delay, safety issues, and high prices are some challenges to the smart meter battery market. Asia Pacific region is estimated to dominate the market due to the existence of plentiful manufacturers, and grid digitalization in developing countries.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | -2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- Demand Inclination for Modern Power Grid Infrastructure,
- Growing Usage of Solar-Based Renewable Energy Systems in Grid,
- Technological Advancement in Smart Electric Meters,
- Favorable Governmental Regulations and Financial Inducements to Digitalize Grids
Roadblocks
- Higher Initial Expenditure Requirement for Utility Providers to Transition to Smart Metres from Traditional Metres
Opportunities
- Growing Government Investments for Encouraging Consumer Acceptance of Electric and Hybrid Vehicles and Promoting Smart Meters.
- Digitalization of Grid Networks
- A Surge in Smart City Development
Challenges
- Requirement of Skilled Professionals to Replace Battery, Maximizing Battery Life
Competitive Landscape:
The Smart Meter Battery market is a fragmented market due to the presence of numerous players. The players are focusing on investments to increase their production capacity and also focusing on the development of batteries to improve their life cycle and mitigate other factors. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Some of the key players profiled in the report are Duracell (United States), Hitachi Maxell (Japan), EVE Energy Co., Ltd. (China), SAFT (France), GP Batteries (Singapore), Panasonic (Japan), Vitzrocell (South Korea), Ultralife (United States), HCB Battery Co., Ltd (China), FDK (Japan), Energizer (United States), Tadiran (Israel), Varta (Germany) and EnerSys Ltd (United States). Analyst at AMA Research see Asia Pacific Manufacturers to retain maximum share of Global Smart Meter Battery market by 2027. Considering Market by Self-Discharge, the sub-segment i.e. Moderate will boost the Smart Meter Battery market. Considering Market by Operating Cycle, the sub-segment i.e. High (20-40 years) will boost the Smart Meter Battery market. Considering Market by Battery, the sub-segment i.e. Lithium Battery will boost the Smart Meter Battery market. Considering Market by Voltage, the sub-segment i.e. 2-3V will boost the Smart Meter Battery market. Considering Market by End User, the sub-segment i.e. Industrial will boost the Smart Meter Battery market.
Latest Market Insights:
In July 2021, EVE Energy Co., Ltd acquired a 28.1% share in Jinkulun Lithium Industry Co. Additionally, EVE established a joint venture with Jinkulun in which EVE owned 80% and Jinkulun owned 20%. and In March 2021, Hitachi Maxell acquired GlobalLogic Inc., a privately held digital engineering services company based in Silicon Valley for USD 9.6 billion. Hitachi announced the deal to bolster Lumada's digital offering, which includes industries like rail, electricity, and healthcare.
In July 2021, The Jingmen High-tech Zone Management Committee and EVE Power, a division of EVE, intend to enter into a contract for the construction of 3GWh cylindrical LFP cell production lines, 0.7GWh cylindrical NCM cell production lines, 3GWh prismatic LFP cell production lines, 4GWh prismatic NCM cell production lines, 1.5 GWh prismatic NCM cell production lines, and the process testing institute. The projects have invested a total of around 370 million USD in fixed assets. With this investment, both parties will be able to fully utilize their individual strengths and advantages, increase the production of energy storage batteries, improve the industrial structure of EVE, and enhance the company's advancement in the lithium-ion power battery industry.
A variety of batteries from the automotive, defense and other industries are examined to get certification for UN 38.3 (transport of dangerous commodities). For the transfer of products across UN borders by land, sea, and air, UN requirements apply. Several batteries or modules must be tested by UN 38.3, and the tests must be carried out in a certain order. For the customer, to receive UN 38.3 clearance under this self-certifying regulation, the final test report from HORIBA MIRA is the required official document. The UN 38.3 transport test sequence is:, Altitude, Thermal test, Vibration, Mechanical shock, External short circuit, Impact test, Overcharge test and Forced discharge
What Can be Explored with the Smart Meter Battery Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Smart Meter Battery Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Smart Meter Battery
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Meter Battery market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Meter Battery market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Residential, Commercial, Industrial, Manufacturers, Electronic retailers, Power Distributors, Power generator center, Electricity, water, and gas suppliers and Utilities.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.