Pune, India, Aug. 29, 2018 (GLOBE NEWSWIRE) -- The global smart meters market is anticipated to reach USD 29,583.1 million by 2023 from USD 15,728.6 Mn in 2016, as per a new report by Market Research Future (MRFR). The increasing demand for energy-efficient methods to manage energy consumption is likely to spur smart meters market to grow at a healthy CAGR of 9.55% during the forecast period of 2017 to 2023. Need for technological solutions to manage energy consumption effectively is expected to drive market growth.
Market Scope
The demand for uninterrupted electricity amid growing industrialization and urbanization is touted to fuel market demand. Installation of smart grid projects and investments by private companies to distribute electricity at cost-effective prices are other factors which can influence the market. Support by various regulatory bodies and initiatives by nations can bolster its growth over the forecast period.
The spike in energy consumption noted by the growing population and the need for smart monitoring to is expected to induce the demand for smart technologies such as smart meters. Smart meters are electronic devices which can record the consumption of electricity and transfer the information to utility providers for faster and accurate billing. The installation of grids to store energy and the inclination of nations towards renewable energy sources to reduce carbon emissions can bode well for smart meters in the coming years.
Key Players and Competition Analysis
Notable players in the smart meters market include Badger Meter, Inc., Schneider Electric, Landis+Gyr, DIEHL Metering, Zenner, EDMI, Kamstrup A/S, Aclara Technologies LLC, Xylem, Inc., Itron Inc., Honeywell International Inc., Apator Group, and Siemens AG. Among these, Itron, Landis+Gyr, and Honeywell have a major share in the market. Players in the market can retain their position through extensive collaborations, mergers and acquisitions, and expansions.
Companies such as Honeywell are spinning off their utility divisions to capitalize on the upcoming trends of energy-efficiency and infrastructure investment.
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Industry News
States globally have recognized the hurdles faced by state-owned companies and private companies and introduced incentives to improve system inefficiencies. The use of third-party providers and service contracts to overcome operational and capital expenditures and earn higher margins is certain to interest various firms. The Smart Grid Policy Act of 2010 enforced in Maine, U.S., has led them to implement an agreed-upon rate incentive proposal which enables utility providers to promote smart grids over traditional transmission and distribution utilities.
Segmentation Analysis
The Smart Meters Market is segmented by type, technology, and application. Types of smart meters include water, gas, and electric meters. Electric meters have led the market in 2016. It accounted for 55.6% share in the same year. There has been an investment of over USD 10 billion in 2018 and the segment can experience maximum growth as a result. It is predicted to grow at a 9.56% CAGR during the forecast period.
Technologies fueling the market include advanced metering infrastructure (AMI) and automatic meter reading (AMR). The AMI segment is touted to grow at a swift pace thanks to electricity providers adopting the utility business model. Policies by various states in the U.S. to incentivize improvements in system efficiency and recover adequate costs. This segment can experience a 9.77% CAGR during the review period.
Major market applications include water meters, commercial, and residential. The residential segment can balloon at a 9.81% CAGR during the forecast period owing to rapid urbanization and demand for electricity in urban and rural households.
Browse the market data and information spread across 117 pages with 61 data tables and 71 figures of the report “Smart Meters Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/smart-meters-market-4569
Regional Analysis
Region-wise, the smart meters market report covers North America, Latin America, Asia Pacific (APAC), the Middle East & Africa (MEA), and Europe.
The APAC smart meters market can experience a sharp spike in demand owing to various smart meter projects in India, China, Thailand, and others. Changes in lifestyles of consumers in the suburbs and the burgeoning populace has led to investments by private players. The region can exhibit a 9.81% CAGR during the forecast period thanks to China and India.
North America can expand at a notable 9.46% CAGR during the review period owing to consumers adhering to sustainable technologies and mandates outlined by governments can bolster regional demand in the forthcoming years.
Europe has the potential to contribute to global smart meters market coffers owing to initiatives by various governments in the region to adopt green technologies. This is buttressed by the U.K. government’s plan to invest nearly USD 14 billion to install 53 million smart meters in homes and businesses can bode well for the market in the coming years.
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