Global smart meters market stood
at $ 8.6 billion in 2018 and is projected to grow at a CAGR of over 7% to reach
$ 1.2 billion by 2024, backed by increasing upgrades of transmission &
distribution infrastructure and rising investments in smart grid projects.
Smart meter is an electronic device that records the consumption of electric
energy and communicates the information to electricity suppliers for monitoring
and billing. Smart meters typically record energy hourly or more frequently,
and report at least daily. Growing pressure on conserving natural resources and
government regulations on the use of water, electricity and gas coupled with
the advancements in metering technologies are expected to positively influence
global smart meters market during the forecast period.
In terms of application,
global smart meters market has been categorized into residential, commercial
and industrial segments. Among the applications, the residential category
accounted for a significant portion of global smart meters market in 2018 and
the trend is likely to continue in coming years, owing to increasing
residential construction activities and government mandates such as the
European Union 20-20-20 policy, which aims to convert 80% of the installed
meter base to smart one.
Regionally, Asia-Pacific
smart meters market captured a significant portion of the global smart meters
market in 2018. The market for smart meters is booming in the region, majorly due
to huge demand of smart meters in countries like China, India and Japan. The
country is focusing on upgrading and replacing outdated infrastructure,
enabling grid reliability, and installing smarter power networks. The factor
responsible for this demand in Asia-Pacific is conducive government
initiatives, including proper allocation of funds and making smart meters
mandatory in many countries.
The intensity of
rivalry in the smart meters market is moderate. Most of the major vendors in
the industry is actively focusing on research & development to enhance
quality of existing and upcoming digital meters. They are also focusing on
product launch and partnerships to enhance product features and expand their
consumer base across the globe. Key players in global smart meters market are
Landis+Gyr, Itron, Hubbel Incorporated, Honeywell International Inc., Xylem
Inc., among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the
Study:
- To analyze and forecast
global smart meters market size.
- To forecast global smart
meters market based on type, technology, application and regional
distribution.
- To identify drivers and
challenges for global smart meters market.
- To examine competitive developments
such as expansions, new product launches, mergers & acquisitions, etc.,
in global smart meters market.
- To conduct the pricing
analysis for global smart meters market.
- To identify and analyze the
profile of leading players operating in global smart meters market.
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Some of the leading players in
global smart meters market are Landis+Gyr, Itron, Hubbel Incorporated,
Honeywell International Inc., Xylem Inc., Badger Meter Inc., Osaki Electric Co.
Ltd., Diehl Metering and Wasion Group Holdings.
TechSci Research
performed both primary as well as exhaustive secondary research for this study.
Initially, TechSci Research sourced a list of smart meter manufacturers across
the globe. Subsequently, TechSci Research conducted primary research surveys
with the identified companies. While interviewing, the respondents were also
enquired about their competitors. Through this technique, TechSci Research
could include the suppliers which could not be identified due to the
limitations of secondary research. TechSci Research analyzed the product
offerings, distribution channels and presence of all major smart meter manufacturers
across the globe.
TechSci Research calculated global smart
meters market size using a bottom-up approach, where data for various end user
industries and its application across various product types were recorded and
forecast for the future years. TechSci Research sourced these values from the
industry experts and company representatives and externally validated through
analyzing historical data of these product types and applications for getting
an appropriate, overall market size. Various secondary sources such as company
website, news articles, press releases, company annual reports, investor
presentations and financial reports were also used by TechSci Research.
Key Target
Audience:
- Smart meter manufacturers,suppliers,
distributors and other stakeholders
- Smart meter end user
industries
- Organizations, forums and
alliances related to smart meters market
- Government bodies such as regulating
authorities and policy makers
- Market research and
consulting firms
The study is useful in providing answers
to several critical questions that are important for industry stakeholders such
as solution providers and partners, end users, etc., besides allowing them in
strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, global smart meters market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Market, by
Type
- Smart
Energy Meters
- Smart
Water Meters
- Smart
Gas Meters
- Market,
by Application
- Industrial
- Commercial
- Residential
- Market,
by Technology
- Automatic
Meter Reading (AMR)
- Advanced
Metering Infrastructure (AMI)
- Market, by Region:
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- North America
- United States
- Mexico
- Canada
- Europe
- Germany
- France
- United Kingdom
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Iran
Competitive
Landscape
Company Profiles: Detailed analysis of the
major companies present in global smart meters market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin
analysis in case of direct and indirect sales channel.
In
case you don’t find what you are looking for, please get in touch with our
custom research team at sales@techsciresearch.com