Global Smart Meter Market is segmented by type (Electric, Water, and Gas), by application (Commercial, Residential, and Industrial), by technology (Automatic Meter Reading (AMR) and Advanced Metering Infrastructure) and by region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) is forecasted to reach US$ 26.3 Bn by 2026 at a CAGR of 9.74 %.
The driving factors for smart meters market are rising emissions, financing constraints for new generation assets development, domestic energy resource constraints, growing demand for electricity, cost of electricity, and aging infrastructure. There are significant challenges smart meter market is facing such as high meter pricing, lack of supportive incentives, poor meter standards, regulatory shortcomings, resource challenges, and other barriers remain.
Automatic Meter Reading (AMR) segment dominated the smart meters in 2017.
AMR is a metering technology that collects consumption data from the meters and transfers it to a central database for billing and other purposes by one-way communication only. North America and Europe are the regions that have grab much of AMR technology. Automatic Meter Reading is less costly when compared to the Advanced Metering Infrastructure (AMI) and, hence, has a high market size.
Residential segment accounted for the largest market size, in terms of value, in 2017.
Escalating residential construction activities and government mandates drives the residential segment market. Installations of these devices in the residential sector helps in reducing CO2 emissions as the consumer’s shift towards peak time savings of energy would increase. European Union 20-20-20 policy aims to convert 80% of the installed meter base to smart one, ensures potential opportunity for the growth of smart meters market.
Asia Pacific is foreseen to have a high potential in a smart meter market.
China is focused on developing new infrastructure to provide reliable and cheap electricity to support economic growth. China will continue to dominate the market. Japan, attributed to their weather resiliency challenges, are focused on creating a more responsive and robust modern day grid, capable of moderating critical system failures. Japan, and South Korea are driving the deployment of renewable energy technologies such as solar, wind, biomass, and other disruptive technologies, which contribute to smart technology utilization for better grid integration.
This report includes a study of marketing and development strategies, along with the Product Type portfolios of leading companies. It includes the profiles of leading manufacturers such as Elster Group SE, Landis+GYR, Itron Inc., Siemens AG, Schneider Electric SA, Sensus, Holley Metering Limited, Honeywell international Inc., Badger Meter Inc., Circutor SA, Icsa (India) Limited, Neptune Technology Group Inc., Landis+Gyr Inc, Aclara Technologies LLC, Wasion Group Holdings, Elster Group SE, Jiangsu Linyang Energy Co. Ltd, Ningbo Sanxing Electric Co. Ltd, Kamstrup A/S, Hexing Electric Company Ltd, Itron Inc, Holley Metering Limited, Sensus USA Inc, Shenzhen Hemei Group Co. Ltd, General Electric Ltd, Diehl Stiftung & Co. KG, Hangzhou Beta Gas Meters Co. Ltd, Pietro Fiorentini, Sagemcom SAS and Apator S.A are key players involved in the global smart meter market.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global smart meter market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global smart meter market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global smart meter market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Smart Meter Market”.
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