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Booming urbanization and ambitious smart city projects are fueling the global market of smart electric meter. Smart metering systems, or intelligent electric meters, are revolutionizing the way water, gas, and electricity consumption is tracked. These systems are experiencing demand worldwide as they promote transparency by delivering the utilities’ consumption data to customers as well as utility companies. Widespread and rapid deployment of smart meters could be witnessed over the next few years as the adoption of renewable energy sources, such as solar and wind, increases.
Projections based on a research analysis by Fortune Business Insights™, show that the global market of smart electric meter is anticipated to be valued at USD 36 billion by 2028, registering 8.1% CAGR over the 2021-2028 period. Advances in cloud computing and analytics combined with advancing smart city infrastructure will be pivotal factors driving the market.
The market experienced a downward growth trend amid the COVID-19 pandemic. Lower-than-anticipated demand was observed due to decline in electrical infrastructure development projects. Major revamp projects were also put on hold across many regions, further impacting the demand. However, the pandemic has accelerated the shift toward advanced, contactless remote metering systems. Recovery of the energy & power sector will certainly boost investments in smart electric meters in the near future.
Fortune Business Insights™ Presents the Top 10 Smart Electric Meter Companies Globally
Sensus, a prominent player among the smart electric meter companies, is a leading provider of smart devices and advanced applications. The firm specializes in intelligent, connected communication technologies that help customers make timely decisions and optimize water, gas, and electricity consumption.
In January 2021, Xylem Sensus brand collaborated with the Columbus Department of Public Utilities to develop a smart utility network. Further technological advancement could help enable accurate measurement of power of more than 1.2 million homes across the U.S. state of Ohio. The technology can detect power leaks and blackouts.
Landis + Gyr is among the world’s prominent suppliers of integrated energy management solutions. The company has introduced various technologies in the market that help address the changing requirements of both the consumers as well as utilities.
In July 2021, Landis + Gyr inked a grid modernization contract with State Grid. As per terms of the deal, the companies will deploy the Landis + Gyr Revelo meter designed by State Grid. National Grid aims to deploy nearly 1.7 million intelligent meters in its New York service area.
Itron Inc. is a notable name in the global smart electric meter industry. Based in the U.S., the company is known for its energy and waste management products and services.
In March 2021, Itron Inc. introduced a new smart residential meter for households and utilities in Germany. The recently launched Itron eHZB intelligent meter would support Germany’s low-carbon energy norms with reliable and affordable power supply.
Sojitz Co., Ltd. is involved in a broad range of businesses globally. These include buying, selling, exporting, and importing goods. Apart from these, Sojitz Co., Ltd. manufacturers and sells a wide range of products and offers numerous services in Japan and elsewhere.
In November 2020, Sojitz Co., Ltd. signed a contract with Japan’s Ministry of Economy, Trade, and Industry (METI) to expand energy infrastructure in the country to deploy smart, distributed infrastructure in the ASEAN region.
Exelon is the largest electricity parent company in the U.S. in terms of revenue, and the largest regulated power company in the country. With more than 10 million customers worldwide, it is an established player in the market.
In August 2021, Exelon unveiled the 2050 Net-Zero Emission Target. According to this project, the company aims to boost investments in smart grid technology and grid modernization. As part of this plan, Exelon has deployed more than 8.8 million smart power meters and 1.3 million smart gas meters.
NES is a global leader in the development of intelligent meters powered by advanced quality sensors for modern power grid applications. The firm has an industry-leading energy application platform.
Recently in 2021, NES announced a strategic partnership with Prointer ITSS. The two companies plan to use NES’s advanced technology and Prointer’s ITSS delivery experience to introduce the latest AMI to the Balkans.
ALLETE is one of the biggest names in the global energy & power space. ALLETE Clean Energy, Inc., Regulated Operations, and U.S. Water Services & Corporate are among the different divisions of the company. ALLETE offers reliable and affordable energy services in the Upper Midwest. Along with its subsidiaries, the company services more than 160,000 customers worldwide.
In 2021. ALLETE successfully completed the upgrade of its smart meter data management and customer participation platform.
Honeywell International operates across four business areas, Aerospace, High-Performance Materials and Technology, Construction Technology, and Safety & Productivity Solutions.
In 2020, Honeywell integrated the Verizon LTE Management Connectivity platform into smart meters and other edge devices to design next-generation smart grids. This collaboration helped the company to offer wireless network solutions to its customers.
Based in Glasgow, Scotland, Scottish Power is a vertically-integrated power company. It is a subsidiary of Iberdrola, the Spanish public services company.
Scottish Power announced plans to deploy more than 450,000 smart meters for its customers across Northern England last year. This project forms a part of the company’s plans of a nationwide deployment in the U.K.
Headquartered in Munich, Germany, Siemens is a multinational corporation. A leading player in the industry, it is one of the most significant industrial manufacturing companies in Europe.
In 2021, Siemens and Tata Power Delhi Distribution Company installed more than 200,000 smart meters in India. This project one of the largest ones and is aimed to reduce power theft, helping the nation’s power distribution companies enhance efficiency.
What Key Challenges Lie Ahead for the Smart Electric Meter Industry?
Despite rapid advances in smart electric meter technology as well as its accelerated deployment across many countries, high deployment cost remains a pivotal challenge to its widespread adoption across several low and middle-income countries. However, the respective federal bodies are expected to increase their investments in this technology, which could lead to the mass rollout of smart electric type of meters in the forthcoming years.