Smart Meters Market : Explores New Growth Opportunities By 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.

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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.

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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.

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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.

Smart Meters Deployed Increasingly with Ever-rising Electricity Demand

San Francisco, California, February 27, 2018: The global smart meters market is predicted in a report by TMR Research to be impacted by the implementation of certain government policies. Bearing the title “Smart Meters Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” the report anticipates the continuously increasing demand for power in the form of electricity to also play a crucial role in market growth. The demand has compelled governments to pay close attention to the loss of power due to leakage or theft and also its transmission and production. As a result, you could see smart meters being promoted across the globe.

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The smart meters market is also expected to gain significantly from the rising focus on water and energy conservation. Furthermore, the demand for smart meters could be bolstered with the rising deployment of smart grids. Market growth is envisaged by seasoned analysts to be stoked by the swelling awareness about environment conservation. The market could gain a whole lot of attention in the coming years due to encouraging government policies in key countries. In 2016, the U.K.’s British Gas agreed to provide a day’s free daytime power each weekend to more than a two million smart meter consumers.

Smart meters could be extensively used for deployment in commercial, industrial as well as residential sectors. They could be engaged for not only keeping track of power consumption but also that of water and gas. The use of automatic meter reading (AMR), advanced metering infrastructure (AMI), and other sophisticated technologies in smart meters could also up their demand in the near future. One of the most effective usages of smart meters is envisioned to be the control of radioactive emission levels in the ecosystem. Smart meters provide information about water, gas, and power consumption in digital form in uniform time intervals for billing and monitoring purposes.

Global participants are projected to find lucrative growth opportunities in North America because of constant efforts taken by governments to deploy devices for preventing and monitoring gas, water, and power leakage. There are efforts also taken for improving gas, water, and power supply infrastructure. The growth of the regional market is forecast to attain strength on account of smart meters being rolled out at subsidized prices in Mexico and the U.S.

The developing Smart Meters Market in Asia Pacific could also contribute with the popular smart city concept and rising investments for upgrading and repairing aging infrastructure. The region is also suffering water and power scarcity, due to which there is a strong requirement of dependable systems. Moreover, the telling growth of the industrial sector is prophesied to set the tone for a valuable growth in the region.

New players are expected to face challenges to enter the international smart meters market high technical skills and capital investment required to distribute and manufacture products. Nevertheless, these entry barriers could be overcome with support gained from strategic partnerships and government regulations. Furthermore, there could be an adoption of powerful growth strategies such as mergers and acquisitions and product innovation by players to counter high competitive rivalry. Honeywell International Inc., Landis+Gyr, Holley Metering Ltd., Kamstrup A/S, and Itron Inc. are some of the important players of the market. The report offers a comprehensive account of the competitive landscape and how it would shape in the foreseeable future.