Industry Insights
Smart meters market is expected to witness the growth over the
forecast period due to its advantages over traditional meters in terms
of fulfilment of favourable regulatory conditions. Initiative from
government, electricity utility companies and other regulatory bodies
are expected to increase the usage of smart meters, increasing the
growth of the market in coming years. Rules set by these legislative
bodies in order to, ensure secure energy theft, electricity supply,
monitor & control power consumption in household, industrial and
commercial locations.
Furthermore, increasing activities in countries such as distribution
networks, up gradation of meters, generating capabilities and
transmission systems are aiding the growth of smart meters globally.
High level of energy efficiency conducted by smart meters is expected to
impact the industry over the forecast period.
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Growing demand and installation of advanced metering and smart
grids infrastructure are impactful on global market trends providing
high growth of smart meters market. Consumption of smart meters is
increasing due to low operating cost as well as energy saving
capabilities of smart meters. Rise in penetration of machine-to-machine
technology in home as well as industrial smart meter uses is anticipated
to positively impact the smart meters market growth over the forecast
period.
Reduced carbon emissions, effective government policies for smart
grid and enhanced operational efficiency are the key drivers of smart
meters market. However, lack of consumer awareness for smart meters,
cost bearing dilemma, consumer resistance and lack of interoperability
are expected to restraint the market. Smart grid operators turning to
smart electric meters and emerging economies provide key opportunities
to enhance the market growth in coming years.
Product Insights
Gas meters, electricity meters and water meters are the major
products under smart meters category. In addition to that, the smart
meters offer two-way communication medium between utility and meters,
monitoring of power quality, enhanced accuracy, real-time data feeds and
automated outage detection features. Gas meters have usage application
highest in residential, commercial and industrial segments. Water meters
and electricity meters also find applications in residential,
commercial and industrial segments. These products are expected to
witness growth in respective industries over the forecastperiod.
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Application Insights
Smart meters find applications in sectors such as commercial,
industrial and residential. Residential sector dominates the market.
Growing population in Asia Pacific countries has increased the demand
for residential structure followed by rise in demand of smart meters in
coming years. Smart meters record usages and provide data in home
display as well as on web page. According to feedback on usages and
costs, user can save energy as well as cost associated with it which in
turns the rise in demand for the smart meters.
Load-variable tariffs as well as time-of-use tariffs offer easy
energy consumption management in residential sector. Smart metering also
provides the facilitation of home energy management systems (HEMS),
which is expected to grow the demand of smart meters globally.
Residential sector accounted for the largest growing sector and expected
to continue with the growth. High power consumption by commercial and
industrial sectors, accounted for the largest revenue growth. In these
sectors, smart meters are required which are robust, flexible and
reliable due to heavy usage. Rise in urbanization has increased the
number of industries and production places which is expected to drive
the market growth over forecast period.
Regional Insights
Since evolution of smart meters, North America has witnessed the
growth and is expected to continue the growth in coming years. Until
now, impact of regulations related to smart meters had more impact in
North America and Europe, however its impact is anticipated in Asia
Pacific which is expected to increase the growth of the market. Latin
America, Africa and Middle East countries are also expected to witness
the significant growth of the market due to electricity demand owing to
rising economic conditions in near future.
Competitive Insights
Horstmann controls Ltd., Shenzhen kaifa technology Co. Ltd., Sentec
Ltd., Sensus USA Inc., Secure meters Ltd., Sagemcom SAS, Neptune
technology group Inc., Landis+GYR Ltd., Kamstruo A/S, Jiangxi sanchuan
water meter Co. Ltd., Itron Inc., Iskraemeco, ICSA India Ltd, Holley
Metering Ltd., The hager group, GE energy, Esco technologies Inc.,
Elster group SE, Edmi Ltd., Echelon Corp., Hydrometer GMBH, Circutor SA,
Badger meter Inc. and AIDON SUOMI are the key players in smart meters
market.
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