Smart Meters Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Smart Meters Market: Overview
Smart meters are electronic devices that keep track of electric energy, gas, and water consumption in uniform time intervals and sends the information digitally to utility for monitoring and billing. They have been designed to better understand energy usage and ensure accurate energy bills. Besides this, they are also effective in controlling the levels of radioactive emissions in the eco-system. Smart meters are used for electricity, gas, and water and can be deployed across residential, industrial, and commercial sectors. These meters use technologies such as advanced metering infrastructure (AMI) and automatic meter reading (AMR).
Global Smart Meters Market: Key Trends
Government policies are playing a vital role in the growth of the global smart meters market. The ever-rising demand for energy in form of electricity is compelling governments worldwide to pay attention to not just its production and transmission but also keep a check on losses due to theft and leakage. This is promoting the installations of smart meters across the globe. In addition, the growing emphasis on energy and water conservation is augmenting the market. The global smart meters market is also supported by the increasing deployment of smart grid. Furthermore, the rising awareness regarding environment conservation is stoking the growth of the global market.
On the flip side, the lack of awareness among consumers is limiting the widespread adoption of smart meters. Moreover, the high cost of installation makes end users less willing to switch to these meters from traditional meters, thereby hampering the growth prospects of the market.
Global Smart Meters Market: Market Potential
The majority of key players in the global smart meters market are enjoying the encouraging policies by governments in several parts of the world to set up smart meters. For instance, with the digitization of the Energy Turnaround Act in July 2016 in Germany, the legislation established guidelines for initial smart meter rollout, which is set to begin in 2017. These guidelines lay the foundation for a new phase in Energiewende. Similarly, in the U.K. in July 2016, British Gas decided to offer free daytime electricity for one day per weekend to over 2 million customers who had smart meters deployed. Such initiatives encourage people around the world to deploy smart meters, thereby boosting the sales.
Global Smart Meters Market: Geographical Segmentation
The North America market for smart meters is a highly lucrative marketplace for global participants. Continuous efforts by governments to improve the infrastructure pertaining to electricity, water, and gas supply along with deployment of devices that monitor and prevent their leakage are escalating the growth of the region. Governments in several parts of the U.S., and Mexico are rolling out smart meters at subsidized prices, which in turn is encouraging the growth of the market in North America.
Asia Pacific, on the other hand, is an emerging market. The robust growth of the industrial sector and the pressing need for reliable systems to address growing electricity and water scarcity are driving the region. Besides this, the increasing investments in repairing and upgrading aging infrastructure and the booming concept of smart city are supplementing the growth of APAC.
Global Smart Meters Market: Competition Scenario
The high capital investment and technical acumen required for the manufacturing and distribution of smart meters is restricting new players from venturing into the global smart meters market. However, government regulations and strategic partnerships could help new players in overcoming high entry barriers. To deal with the high competitive rivalry, players are resorting to strategies such as product innovation and mergers and acquisitions. Some of the key companies operating in the global smart meters market are Itron Inc., Kamstrup A/S, Holley Metering Ltd., Landis+Gyr, Honeywell International Inc., and Toshiba Corporation.
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Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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