The “Smart Electricity Meters – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Energy Wastage is Taking its Toll on the Environment. Smart Meters Being the Need of the Hour Will Reach $16.4 Billion by 2027
The global market for Smart Electricity Meters is expected to reach US$ 16.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.7% over the analysis period 2020 through 2027.
Smart electricity meters are poised to witness robust adoption given their role in energy conservation & reducing wastages.
Among the many benefits of smart meters are monitoring of electric system in real time & provision of responsive data for balancing electric loads; reduction of waste by forecasting energy demand more efficiently. A smart meter is an electronic device capable of monitoring usage of utility services, and share the data with utility providers. Using two way communication, smart meter makes records data at the usage point and transmits the information gathered back to the utility companies.
The advanced metering infrastructure holds several merits over conventional metering and supports bi-directional communication. Smart meters are increasingly replacing traditional electric meters, mainly in developed countries, and enabling power system to undergo notable transformation in terms of efficiency and reliability.
These devices provide utilities with the opportunity to exploit data to ensure efficient use of energy, reduce wastage, and minimize human intervention. Smart metering devices in homes deliver accurate readings and eliminate incorrect billing or irregularities. By monitoring gas, water or electricity consumption, these devices allow users to reduce consumption and save on utility bills.
Smart meters represent a revolutionary technology for utility companies that allow them to ensure efficient transmission and distribution while monitoring energy usage and efficiency. These meters integrate three primary components that include an electricity meter, processing unit and communication module.
While the electricity meter measures power consumption and translates the readings into usable data, the processing unit processes and stores the data. In addition, the processing unit controls the electricity meter and the communication module. The communication module, usually found integrated into the smart meters or installed in external slots, facilitates the communication of meter data with the utility and the customer. Among the three components, the meter part is highly regulated one and in most cases needs to conform to a set of standards placed by regulatory authorities. The technology has gained extensive adoption among utilities and is receiving support from various countries.
Governments are investing in smart metering infrastructure to gravitate towards smart grids and accommodate renewable energy. Smart meters technology is poised to experience large-scale installations in North America, Europe and Asia-Pacific, with the latter holding a key role in driving global adoption of smart meters. The increasing adoption of smart meters is attributed to their various benefits such as energy usage monitoring, energy saving, reduction in energy wastage, tab on power thefts and reduction in carbon emissions.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
- Smart Meters: Laying the Foundation of Energy Efficiency and Reliable Utility Networks
- An Introduction to Smart Electricity Meters
- Smart Electricity Meters: Reliable, User-Friendly, Cost Effective, and Energy Efficient Technology
- AMI Technology Poised to Grow at a High Rate
- Residential Sector Dominates Smart Electricity Meters Market
- Asian Economies Spearhead Growth
- Key Challenges Confronting the Smart Electricity Meters Market
2. FOCUS ON SELECT PLAYERS (Total 84 Featured):
- ABB Ltd
- Aclara Technologies LLC
- Apator SA.
- Circutor SA
- EDMI Limited
- Honeywell International
- EMH metering GmbH & Co. KG
- Holley Technology LTD
- Iskraemeco d.d.
- Itron, Inc.
- Jabil, Inc.
- Jiangsu Linyang
- OSAKI ELECTRIC CO., LTD.
- Schneider Electric, Inc.
- Secure Meters Ltd
- Sensus, a Xylem Brand
- Wasion Group
- ZPA Smart Energy a.s.
3. MARKET TRENDS & DRIVERS
- Environmental Concerns, Reduction in Energy Wastage, and Need for Energy Efficiency Drive Adoption of Smart Metering Technology
- Myriad Benefits of Smart Electricity Meters to Drive Global Adoption
- Benefits of Smart Electricity Meters to Utilities
- Benefits to Customers
- Digitization Trend in Utilities Spurs Adoption of Smart Meters
- Spiraling Demand for Electricity and Inefficient Infrastructure Drives Power Utilities to Deploy Smart Meters
- Growing Deployments of Smart Grids: A Strong Business Case for Smart Electricity Meters
- Renewable Energy Integration: A Promising Application of Smart Electricity Meters
- Rising Prominence of Internet of Things (IoT) in Utilities to Benefit Penetration
- Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Electricity Meters
- Smart Electricity Meters Emerge as Vital Components for Efficient Energy Use & Consumption Control in Smart Cities
- Increasing Investments in Smart Home Technology Solutions to Fuel Demand for Smart Meters
- Integration of Electric Vehicles and Smart Meters Enable Shift towards Sustainable Economy
- Rising Prominence of Smart Electricity Meters in Advanced Outage Management
- Smart Electricity Meters Gain Prominence in Distribution Automation
- Government Policies Critical for Smart Electricity Meters Adoption
- Cloud Computing Transforms Smart Metering Market
- Big Data Analytics to Provide Actionable Insights from Smart Meters-Generated Data
- AI Presents Immense Opportunities to Tap Smart Meter Data
- Blockchain to Mitigate Data Safety and Privacy Concerns for Smart Meters
- Increasing Integration of Cellular Technology in Smart Electricity Meters
- Population Growth and Demographics Drive Need for Smart Utility Infrastructure, Supporting Demand for Smart Meters
- Key Issues & Challenges Hampering Widespread Adoption of Smart Meters
4. GLOBAL MARKET PERSPECTIVE
III. GEOGRAPHIC MARKET ANALYSIS
- Total Companies Profiled: 170
For more information about this report visit https://www.researchandmarkets.com/r/rsfgpl
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900