Market Overview
Smart Meter or next generation utility meters plot a good example of transformative potential for machine-to-machine technology as it emancipate the consumers by bestow the feedback on energy usage and helping them to monitor, manage and reduce the energy consumption. Telefonica is the communication service provider for UK smart meter implementation programme, this initiative is expected to deliver a net benefit of USD 7.9 billion through installing over 53 million smart meters across the UK by 2020 and reducing energy consumption along with management and deployment of energy across the country.
Goldstein Research analyst forecast the Smart Meter Market size is set to reach USD 19.1billion by 2024, at a CAGR of 8.25% over the forecast years.
Covered In This Global Smart Meter Market Report
The report covers the present ground scenario and the future growth prospects of the Smart Meter Market for 2016-2024 along with the adoption rate of smart grid among all the regions and investments for the installations of smart meter. We calculated the market size and revenue share on the basis of revenue generated from major players and sales of smart meter from major players across the globe.
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Global Smart Meter Market Segmentation
By Type
Smart Electricity Meters
Smart Water Meters
Smart Gas Meters
By Technology
Automatic Meter Reading AMR
Advanced Metering Infrastructure AMI
By End User
Industrial
Commercial
Residential
Based on Geography
North America U.S. & Canada Smart Meter Market
Latin America Brazil, Mexico, Argentina & Rest of Latin America Smart Meter Market
Europe The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE Smart Meter Market
Asia-Pacific China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia Smart Meter Market
Middle East & Africa GCC, South Africa, North Africa, RoMEA Smart Meter Market
On the basis of type, smart electricity meters hold the market share of 40% of global smart meter market in 2016 while smart gas meter is estimated to attain the highest CAGR of 8.5% over the forecast years owing to rising adoption of smart grid setups.
Smart Meter Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global Smart Meter market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Our global Smart Meter Market report comprises of the following companies as the key players in the Smart Meter Market: Itron, Inc., Kamstrup A/S, Sensus, GE Digital Energy, Holley Metering, Ltd., Honeywell International, Elster, Landis + Gyr, Echelon, Schieder Electric and Toshiba Corporation.
Other high-flying vendors in the market are: Xemtec, Secure Together, Kamstrup, Sagemcom and Iskraemeco.
According to our global market study on the basis of extensive primary and secondary research: “One trend in market is the convergence of smart metering and distribution automation has long been under way. For instance, North American utilities have successfully integrated AMI data with other operational technologies such as outage and distribution management systems and of the 11 largest smart metering projects, seven use meter data for outage management, six for theft detection and four for asset management – and almost all the rest are in the process of doing the same or planning to.”
According to the report, major driving factor for expansion of smart meter market is metering data is more integrated and has growing application as utilities in emerging economies are exploring the use of smart meters for applications ranging from grid reliability to theft detection.
Further, the report states that the major challenge is weak policy support and low penetration rates, for example in Europe, small distribution utilities represent a slither of the overall market and one notable exception is Germany, which has 48 million electricity customers and almost 900 distribution operators. However, Germany is a laggard on smart metering and is not anticipated to widespread investment until the mid-2020s.
Based on geography, APAC dominate the smart meter market with almost 35% market share as China is gearing towards sustainable energy management with substantial reserves for smart grid implementation in its 13th Five Year Plan 2016-2020 . Europe is expected to hold the futuristic opportunities owing to the installments of 182 million smart meters over 2016–20, amounting to USD 37.8 billion of investment. Likewise in Japan, 55 million meters, costing USD 16.6 billion, will be installed from 2016 through 2020.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Key questions answered in this Smart Meter Market report
What is the total market size by 2024 and what would be the expected growth rate of the market?
What is the revenue of Smart Meters in 2015-16 and what would be the expected demand over the forecast period?
What are the key market trends?
What are the factors which are driving this market?
What are the major barriers to market growth?
Who are the key vendors in this market space?
What are the market opportunities for the existing and entry level players?
What are the recent developments and business strategy of the key players?
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