DUBLIN--(BUSINESS WIRE)--The "Global Smart Meters Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The smart meter market witnessed a shipment of approximately 131.23 million units of smart meters globally in 2019 and is estimated to reach to 188.12 million units by 2025, registering a CAGR of 6.6% for the forecast period. Smart grids are being implemented around the world, with the aim of improving the efficiency of power networks. Smart electricity meters, which are an integral part of smart grids, are thus being adopted around the world. Countries around the world are adopting emission control regulations, in order to tackle the environmental effects caused by pollution.
- Smart meters are increasingly being adopted globally, for various deployments, such as electricity, gas, and water, due to its two-way communication feature, which enables real-time tracking of utility usage, by both utility supplier and consumer, also encourage to start/reading/cutoff of supply remotely by the supplier.
- Further, digitization is accelerating and modernizing energy efficiency measures, due to which the deployment of smart grids is increasing globally, as they are capable of dynamically optimizing supply and foster supply of large amounts of electricity from renewable energy sources such as solar power.
- Moreover, increasing government support and investments are expected to boost smart meters adoption and deployment in the country. For instance, in February 2020, India's state-owned Energy Efficiency Services Limited (EESL), completed the installation of approximately 10 lakh smart meters across India under the Government of India's Smart Meter National Programme. EESL set the target to install 25 crore smart meters over the next few years. Also, the need to establish a manufacturing base of smart electricity meters in the country to ensure an adequate supply of an adequate number of meters to be installed all over the country, by ruling out monopoly, is expected to act as a major driver.
- However, the recent trade war scenario is expected to pose some significant hurdles to the growth of smart meter infrastructure. Severe tariffs imposed by the US government on Chinese imports have significantly stalled the manufacturing activity in several industries. Also, retaliatory tariffs imposed by the Chinese government, targeting metal, and energy sectors are expected to slow down the growth of the smart meters market.
Smart Electricity Meters Segment is Expected to Witness the Highest Growth
- Smart electric meter plays a significant role in the industrial, residential, manufacturing, and commercial sectors, as this meter measures the energy consumed by the consumers. The electric power industry continues to transition toward cleaner energy by modernizing the energy grids to smart meters. It will enable electric companies to enhance the energy grid's resilience and operations and help more gain more visibility into the system operations and thereby avoid outages.
- The market witnessed the formation of a strategic alliance by major vendors in the market with the communication technology providers to strengthen its offering and position is also expected to drive the smart electric meter. For instance, in 2019, Genesis partners with Chirpy Chirpyplus, Australasia's newest online community for over 55's to provide its New Zealand customer with access to energy.
- With the rising energy prices and environmental concerns, regarding power generation and distribution, industries are seeking new time-efficient and cost-effective measures to manage power generation and distribution, all over the world.
- For instance, Japan is investing heavily in the deployment of smart electric meters to keep the energy prices at affordable levels. Moreover, it is focusing on improving the safety issues relating to energy supply, exposed by the environmental catastrophe and massive blackouts brought about by the Fukushima Daiichi disaster in 2011.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Impact of COVID -19 on The Market
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Industry Value Chain Analysis
4.5 Market Drivers
4.6 Market Restraints
5 MARKET SEGMENTATION
5.1 Smart Gas Meters
5.2 Smart Water Meters
5.3 Smart Electricity Meters
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AEM SA
6.1.2 Aichi Tokei Denki
6.1.3 Apator SA
6.1.4 Arad Group
6.1.5 Azbil Kimmon Co. Ltd
6.1.6 Badger Meter Inc.
6.1.7 Diehl Stiftung & Co. KG
6.1.8 Elster Group GmbH (Honeywell International Inc.)
6.1.9 General Electric Company
6.1.10 Hexing Electric Company Ltd
6.1.11 Holley Technology Ltd
6.1.12 Itron Inc.
6.1.13 Jiangsu Linyang Energy Co. Ltd
6.1.14 Kamstrup AS
6.1.15 Landis+ GYR Group AG
6.1.16 Mueller Systems LLC
6.1.17 Nanjing Xinlian Electronics Co. Ltd
6.1.18 Neptune Technology Group Inc.
6.1.19 Ningbo Sanxing Electric Co. Ltd
6.1.20 Pietro Fiorentini
6.1.21 Sagemcom SAS
6.1.22 Sensus USA Inc. (Xylem Inc.)
6.1.23 Shenzhen Hemei Group Co. Ltd
6.1.24 Wasion Group Holdings
6.1.25 Yazaki Corporation
6.1.26 Zenner International GmbH & Co. KG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/nr7u7p
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.