Global Smart Electric Meter Market is expected to grow at a robust CAGR
Global Smart
Electric Meter Market is expected to grow owing to use of smart meters making
it a definitive case for adoption and increasing emphasis on renewable energy
sources globally throughout the forecast period.
According
to TechSci Research report, “Smart
Electric Meter Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2018-2028”, the Global Smart Electric Meter
Market is expected to
register robust growth during the forecast period. The
increasing development of communication network infrastructure worldwide has
become a key driver for the market. It enables companies to enhance
communication speed and efficiency, reduce production costs, and improve
overall productivity. Additionally, the adoption of smart electric meters
offers numerous benefits, including cost reduction in meter reading, prevention
of disconnections, and streamlining billing and re-connection processes for
both corporations and consumers. Furthermore, the global digitalization of
electrical systems and the growing demand for electricity in commercial and residential
sectors are further fueling market growth.
The
aging grid infrastructure in various regions presents an opportunity for grid
modernization initiatives, with smart meters serving as a pivotal component.
Utilities can strategically invest in smart meter deployments to bolster grid
reliability, minimize transmission and distribution losses, and enhance outage
management. This comprehensive modernization effort enables the development of
a resilient and agile energy grid, which is imperative for meeting the future
demands.
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Based
on phase, the Single
Phase segment is expected to dominate the market during the forecast period. Many
regulatory bodies and governments endorse the implementation of single-phase
smart meters as part of their initiatives for energy efficiency and
sustainability. In certain regions, utilities are mandated to install these
meters, while in others, financial incentives and regulatory frameworks promote
their adoption. Single-phase smart meters generate a wealth of data that can be
utilized for analytics. This enables utilities and consumers to gain valuable
insights into energy consumption patterns, facilitating improved
decision-making. Advanced analytics can also be leveraged for load forecasting,
grid optimization, and identification of energy-saving opportunities. The
market for single-phase smart meters is highly competitive, with various meter
manufacturers and technology providers striving to capture market share. This
competition often drives innovation and the development of cost-effective
solutions. In conclusion, the single-phase segment of the global smart electric
meter market is flourishing, primarily focusing on residential and small
commercial applications. With the continuous advancement of technology,
increasing consumer awareness, and ongoing regulatory support, the adoption of
single-phase smart meters is expected to continue its upward trajectory,
offering significant benefits in terms of energy efficiency and grid management
for both consumers and utilities.
Based
on end user, the Residential segment is projected to dominate the market
throughout the forecast period. sMany governments and regulatory bodies endorse
the implementation of smart meters in the residential sector as part of their
energy efficiency and sustainability initiatives. In certain regions, utilities
are obligated to install smart meters in residential properties, while others
provide financial incentives and regulatory frameworks to promote their
adoption. The market for residential smart electric meters is highly
competitive, with numerous manufacturers and technology providers vying for
market share. This competition drives innovation and fosters the development of
cost-effective solutions. Consumer education and engagement play a crucial role
in the successful adoption of smart meters in the residential sector. Utilities
and technology providers often conduct outreach and awareness campaigns to
educate homeowners about the benefits of smart meters and address any concerns
they may have. In conclusion, the residential segment of the global smart
electric meter market is experiencing significant growth due to the focus on
energy efficiency, integration with smart home devices, demand response
programs, and regulatory support. As technology continues to advance and
consumers become more knowledgeable about the benefits, the adoption of smart
electric meters in residential areas is expected to continue rising, offering
both cost savings and environmental advantages.
Key
market players in the Global Smart Electric Meter Market are:-
- Landis+gyr
Group AG
- Wasion
Group Holdings
- Elster
Group GMBH (Honeywell International Inc.)
- Jiangsu
Linyang Energy Co. Ltd
- Ningbo
Sanxing Electric Co. Ltd
- Kamstrup
A/S
- Hexing
Electric Company Ltd
- Itron
Inc.
- Holley
Technology Ltd
- Sensus
USA Inc. (Xylem Inc)
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“The Smart
Electric Meter Market in Asia Pacific is poised to be the dominant force in the
industry. Emerging economies in the Asia-Pacific region present a range of
challenges and opportunities. These markets offer substantial growth potential,
yet they also encounter infrastructure obstacles such as connectivity and power
supply reliability. By addressing these challenges, smart metering companies
can unlock new opportunities and contribute to the development of resilient
energy infrastructures.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Smart
Electric Meter Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Type (Automatic Metering Infrastructure (AMI) and
Automatic Meter Reading (AMR)), By Phase (Single Phase and Three Phase), By
Technology (Power Line Communication, Radio Frequency and Cellular), By End
User (Residential, Commercial and Industrial), By Region, By Competition
Forecast & Opportunities, 2018-2028,” has evaluated the future growth potential of Global
Smart Electric Meter Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Smart
Electric Meter Market.
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