Advanced Metering Infrastructure Market Size, Share & Industry Analysis, By Device (Smart Electric Meters, Smart Water Meters, Smart Gas Meters ), By Solution (Meter Data Analytics , Meter Data Management, Advanced Metering Infrastructure Security, Meter Communication Infrastructure), By Service (System Integration, Meter Deployment, Program Management and Consulting , Meter Communication Infrastructure) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Advanced metering infrastructure (AMI) assists private and public utility companies to manage energy demands by identifying the peak time of load. Furthermore, advanced metering infrastructure also helps consumers manage their energy consumption as well as Time-Of-Use (TOU) rate. Advanced Metering Infrastructure provides electrical system operators with an IT-enabled interface. This infrastructure equips with several kinds of devices such as smart meter, meter communication infrastructure, data management.
Based on the device, the market is classified into smart electric motors, smart water meters, and smart gas meters. The smart electric meter segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as they provide greater insight into the usage of energy. Smart electric meters also enhanced control of the electrical grid.
Based on the solution, the global market is classified into meter data analytic, meter data management, advanced metering infrastructure security, and meter communication infrastructure. The meter data management segment accounted for the major share in the market. Meter Data Management maintains a large number of meter data repository such as customer billing, credit management, outage management, and meter asset management for a limited period.
Several governments and organizations across the globe are issuing regulatory mandates and legislative directives regarding the construction of smart grids as well as the deployment of smart meters. For instance, European Union countries have decided to replace 80% of traditional power meters with advanced metering infrastructure, by 2021. Furthermore, in Japan, the Tokyo Electric Power Company (TEPCO) plans to deploy 27 million electric smart meters and create an integrated energy management platform that connects to smart devices in homes and businesses. This factor is likely to drive the global advanced metering infrastructure market during the forecast period.
The key market restraint for the market is the high cost of installing advanced metering infrastructure. Also, inadequate financial incentives for utilities, and interoperability, and standard interface are affecting the growth of the market.
Key Market Driver -
Government Policies and Legislative Mandates for Smart Metering Devices across the Globe
Key Market Restraint -
High Maintenance Cost
Key Players Covered:
Some of the major companies in the advanced metering infrastructure market are Cisco Systems, Inc., IBM Corporation, General Electric, Schneider Electric SE, Itron, Inc., Aclara Technologies LLC, Elster Group GmbH, Sensus, Tieto Corporation, and Trilliant, Inc.
Regional Analysis:
The global advanced metering infrastructure market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, as most of the advanced metering infrastructure projects are funded by the American Recovery and Reinvestment Act (ARRA) 2009. The North America market is also increasing due to the growing population and rise in the number of water applications in the U.S. and Canada. Asia-Pacific is the fastest-growing region for the global advanced metering infrastructure market, owing to the rising adaptation of smart meters in developing nations such as India and Indonesia. For instance, in February 2020, the Indian government announced the installation of 10 lakh smart meters across India under the smart meter national program (SMNP).
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Segmentation
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Key Industry Developments
- On May 12, 2020, Landis+Gyr and Indianapolis Power & Light Company (IPL) have signed an agreement for a utility’s smart grid program. The contract includes the 350,000 advanced meters and network infrastructure to Power & Light Company (IPL).
- On April 09, 2019, Siemens developed a comprehensive concept for energy systems worldwide which brings technology into areas of regulation and social engagement.
- Ongoing
- 2023
- 2019-2022
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