Smart Meters Market to Perceive a Healthy Growth by 2023 Registering 8.7% CAGR during 2017-2023 | MRFR

MarketResearchFuture.com added New Report Named “Smart Meters Market 2019: Global Industry Analysis, Market Growth and Opportunity Assessment, outlook to 2023” to its Database.

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Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- The smart meters market has been witnessing significant growth in recent years. According to Market Research Future (MRFR), the global smart meters market would garner exponential accruals by 2023, registering over 8.7% CAGR throughout the forecast period (2017 to 2023).

A smart meter can read and display the consumption of electricity, gas, and water and also helps in controlling their usages. It can show accurate real-time data and advanced data analytics for the day-to-day utilization of electricity/gas/water.

Moreover, the smart meters can automatically send the collected data to the suppliers and users on their mobile application. Accessing wireless meters reading network and software on a handheld/ mobile unit, operators can get the meter reading, remotely.

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Such advantages of smart meters save a whole lot of time and energy of operators, spent on a personal visit required to get the meter reading. In addition to the consumption information, the collected data also provides details about valve and battery status.

Smart meters are fully automated and can switch-on and off the power supply on the command of a wireless software or handheld unit such as smartphone; therefore, eradicating chances of probable accidents in cases like gas/electricity leakages, etc. Smart meters are increasingly replacing the traditional meters owing to their advantages such as energy-efficient consumption control, etc.

Additional factors driving the growth of the global smart meters market include rising government initiatives and mandates to implement smart meters in households and commercial application. These government initiatives are also spreading awareness about the smart and efficient usages of these meters.

Some of the major players such as Landis+Gyr, Itron, and Sensus are playing a significant role in the development of impressive infrastructure required for the implementation of smart grids at the ground level. This, in turn, bellwethers the market landscape in the years to come.

Conversely, there are some glitches in these smart meters too, such as compatibility issues. Most of the smart gas meters are designed to be compatible with their suppliers. Meaning, these supposedly smart meters installed in households are not adaptable to the other or the rival supplier’s connections. Switching suppliers needs reverting the meter to an inactive mode just as the good old traditional meters. Also, terrorists can use these meters for the surveillance and to snoop on citizens.

Such issues, coupled with the high initial cost of smart meters, are obstructing the growth of the market. Nevertheless, advancements in technology are already underway, which would eliminate these issues introducing a new centralized communications network. 

Global Smart Meters Market - Segmentation

The report is segmented into four key market dynamics to widen the scope of understanding,

By Type                 : Smart Electricity, Gas, and Water Meters, among others.

By Technology    : Advanced Metering Infrastructure (AMI) and Automatic Meter Reading (AMR), among others.

By Application     : Commercial, Residential, and Industrial among others.

By Region              : Asia Pacific, North America, Europe, and Rest-of-the-World.

Global Smart Meters Market - Geographical Analysis

North America is likely to retain its dominance over the global smart meters market throughout the forecast period. Increasing upgrade activities of aging infrastructures and efforts to monitoring & control electricity wastages are substantiating the growth of the market in the region. Government policy mandates and fiscal incentives are key driving forces creating a massive demand for smart gas meters in the region.

Furthermore, increasing roll-outs for smart meters installations, especially in countries such as the US, Canada, and Mexico are providing an enormous impetus to the regional market growth. Besides, major manufacturers in the region are indeed impacting the value of the regional market, positively.

The smart meters market in the European region has emerged as another lucrative, globally. Due to the increasing market demand and stringent government regulations, the region would significantly contribute to the global market during the forecast period.

The Asia Pacific smart meters market is emerging as a profitable market globally. The market is projected to register a considerably high growth rate throughout the review period. Increasing investments led by the government initiatives and roll-outs are key growth propellers for the APAC market. China is the largest manufacturer of smart meters. Driven by the strict government regulations that have been pushing the mass deployment of smart meters in the country, China would keep its lead in the regional market.

Additional factors such as rapidly growing residential, commercial, and industrial sector and increasing investments in smart grid, smart city, and gas pipeline networks are influencing the growth in the regional market.

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Global Smart Meters Market - Competitive Analysis  

Highly competitive, the global smart meters market appears to diversified due to the presence of many well-established players. Key players adopt strategies such as innovation, mergers & acquisitions, and brand reinforcement to gain a competitive advantage in the market.

Major Players:

Players leading the global smart meters market include Landis+Gyr (Switzerland), Itron, Inc. (US), Siemens AG (Germany), Sensus (Xylem US), Aclara Technologies, LLC. (US), Kamstrup A/S (Denmark), Badger Meter, Inc. (US), Honeywell International, Inc. (US), Toshiba Corporation (Japan), Holley Metering, Ltd. (China), Wasion, and Group (China), among others.

Industry/ Innovation/ Related News:

July 05, 2019 ---- Landis+Gyr (Switzerland), a leading global smart meter company, announced the winning of a contract from German electric utility E. ON to deliver the Gridstream Connect solution for one million metering points in Sweden. Gridstream Connect is an IoT platform that will enable the introduction of extended applications and additional services in the future.

The company’s solution includes one million smart electricity meters with NB-IoT/M1 communication technology, as well as a head-end system on the grid stream connect platform. Landis+Gyr’s new technology will enable E.ON to increase transparency and control in the distribution grid and enhance customers’ experience through reliable and precise data.

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