Emergence of Global Smart Electricity Meter Market size with 7.73% CAGR is forecast between 2019 and 2025
The year 2018 marked a prosperous year for the Smart Electricity Meter Market marking a market value of $11,417.4 million and is set to growth through 2025 with 7.73% CAGR.
Increasing power consumption from renewable sources and distributed energy storage, reduction in power theft are among factors driving the smart electricity meter market. In addition, anti-tampering capabilities of the smart meters will help in preventing the power theft.
Further, growing government subsidies for electric vehicles and charging infrastructures play a key role in the growth of the smart electricity meter market value.
PLC technologies and wireless automatic meter reading system WAMRS are largely penetrating the smart electricity meter market growth with increased deployment of smart grids to support IP communications and optimize operations of hybrid electricity supply chain.
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Further, smart electricity meter market is showcasing potential growth driven by simplification of AMI & AMR structures, reduced system complexity and wider adoption of RF based smart grids.
However, high cost of installation, growing issues related to data management and meter replacement, and lack of technical knowledge are amid crucial challenges faced by smart electricity meter market.
Demand for integration of renewable energy drives the market growth
Smart electricity meter market growth is largely driven by strong demand for integration of renewable energy along with need for efficient management systems to regulate power consumption.
Integration of renewable power with the smart meters will reduce the carbon emission and provide adequate and reliable power transmission. Further, with increasing government incentives there is a growing demand for the integration of smart meter network.
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In addition, presence of end-to-end solutions to efficiently manage the distribution is forcing firms and utilities to adapt smart meter technologies. The growing adoption of smart energy systems especially in the developing regions is helping to track the demand and supply for the smart electricity meter.
Key phase types of single-phase and three-phase smart meters is enticing the market value
Increased awareness among the customers to reduce energy utilizations is set to increase the usage of single-phase and three-phase smart meters over the forecast period.
Increased awareness among the consumers along with growth in advanced meter infrastructure (AMI) drives penetration of single phase smart meters across residential, commercial, and other facilities.
Whereas, global investments for smart city projects along with emergence of electro filling stations drive the demand for three phase smart meters in years to come. Further, adoption of IOT and GSM to remotely operate with high precision have projected the use of three phase smart meters across commercial and industrial sectors.
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Growth of key end user drives the market size to reach through 2025
Smart electricity meter market is set to reach market growth with large consumption form residential, commercial, and industrial sectors with advantages to better manage their energy usage.
Accordingly, integration of supportable energy network favoured by government enterprises including FIT's and incentive schemes to withstand their adoption specifically across residential establishments will boost smart electricity meter market growth.
In addition, increasing deployment of smart meters for monitoring and controlling the energy consumption in order to comply with energy-efficiency standards mainly across green buildings will encourage the smart meter penetration in commercial application.
Furthermore, key companies in the industrial arena are aiming to convert traditional energy infrastructure into interconnected smart grids using wireless IoT technologies and hence marks potential market opportunities. For instance, in 2018, Itron, Inc. acquired Silver Spring Networks, Inc. to strengthen the Itron's ability to provide broader set of solutions in the industrial IoT and smart city markets.
Smart Electricity Meter market is set to emerge across developing regions
Increasing demand for advanced energy data monitoring systems and growing demand for energy security systems are major factors driving the growth of the smart electricity meter market regionally.
Smart Electricity Meter market is set to emerge across Asia Pacific driven by collaborations and initiatives between governments and key market players to replace electric meters with smart meters in both domestic and residential sectors. For instance, Indian government focuses on completing the majority of smart meter installation by 2022, which is one of the major market growth factor in the Asia-Pacific region.
China accounted for a major share of smart meters in terms of both the production and sales volume majorly due to the presence of sizeable smart energy manufacturers.
Further, regulation authorities across developed countries are showing interest towards installation of smart meters. North America has the highest market growth in smart grid network projects which captures over 78.5% of households across US and Canada.
In addition, ongoing industrial and IOT development triggers the smart electricity meter market growth across Europe. For instance, in July 2019, E.DSO (European Distribution System Operators' Association) and ENCS (European Network for Cyber Security) launched cyber-security baseline requirements for data concentrators and smart meters.
Strategic alliances, investments and expansion of product portfolio is observed by key market players
The key players operating in the market are entering into strategic alliances and agreements to develop smart electricity meter market. For instance, August 2019, CyanConnode signed memorandum of understanding (MoU) agreement with Hexing Electrical to collaborate and deliver smart metering solutions. In addition, in the year 2018, Honeywell entered into an agreement with EQUATE to advance in innovative technologies and assist operations in petrochemical plants in Kuwait.
Further, intense investments are observed by market OEMs to expand their product portfolio based on latest technology and digitization. On similar lines in 2018, the Honeywell International Inc. launched the Alpha® 4 meter, next generation of its electricity metering technology, at DistribuTECH.
Key Companies operating in smart electricity meter market include Itron Inc, Landis+Gyr (Toshiba Corporation), Jiangsu Linyang, Wasion Holdings Limited, Aclara Technologies (Hubbell Incorporated), Schneider Electric SE, Siemens, Honeywell International Inc., Genus Power Infrastructure Ltd., and Iskraemeco.
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