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The global smart electric meter market size was valued at USD 16.39 Billion in 2018 and it is projected to reach USD 30.19 Billion by 2026, exhibiting a CAGR of 7.95% during the forecast period.
Electricity is a basic need in today’s world, the electric smart meter is the advancement brought in to maintain data regarding usage and avoiding any unaccounted consumption. Smart meter is equipped with functionalities to monitor electricity consumption by consumers and report it directly to the electricity company on monthly or daily basis depending on requirement.
The preciseness in terms of reading and eliminating manual involvement to note readings and produce electricity bills is the major advantage of smart electric meter. The other major differences between the traditional meter and smart meter is the representation of the units consumed.
The electricity consumption noted by smart meter is sent to consumer and also the electrical company which maintains transparency in the process of bill generation. The increasing adoption of renewable sources of energy such as solar and wind is also driving the adoption of smart meter with new grids being set up.
Smart meter notify the consumer about the major electricity consuming equipment and also increase the awareness to avoid wastage of energy. These meter are mainly available in two types which include advanced metering infrastructure and auto meter reading. In smart meter, electricity consumption is shown on a digital meter in which noting a reading is easy as compared to the traditional meter.
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Asia Pacific in recent years has witnessed maximum growth in population which has seen immense growth in sectors such as residential, commercial and industrial. The increased rural electrification witnessed has seen new grids being set up to satisfy the electricity demand. The shift from the traditional to smart electricity meter is rising mainly to maintain the transparency between consumers and electric companies in terms of usage. The cost savings and energy wastage awareness brought in have driven the market growth.
“Cost Savings And Operational Advantages Will Augment The Market Growth”
The increasing demand for electricity, owing to an increased number of customers with rural electrification has increased the electricity prices per unit in various countries. Certain advantages provided by electric smart meter to the electric companies are elimination of manual monthly readings, instant monitoring of the system, lowering of electricity cost based on demand, providing real-time data to avoid power outages and others. Along with the advantages provided to the electric companies the electric smart meter also has certain advantages for customers which include detailed feedback regarding energy use, adjusting the usage to control the monthly bills, and reduces the number of blackouts and system failures.
“Increased Awareness Regarding Energy Usage Brought In By Smart Electric Meter”
After the smart electric meter are being installed, they provide the data regarding energy consumption which can help customers to identify the major energy-consuming devices. This has encouraged customers to buy efficient devices that consume lesser power, thereby providing optimum performance. Smart meter also brings in the behavioral changes which decrease the energy emissions. This has led to many suppliers to favor the installation of the smart meter with exclusive tariff plans for household usage.
“Advanced Metering Infrastructure Will Dominate The Market Owing To Its Increasing Adoption”
Based on type, the market is segmented into advanced metering infrastructure and auto meter reading. Owing to the advantages provided by the advanced metering infrastructure, the adoption of these meter has been on a rise in recent years. The two-way communication between the customer and the electric company is the major difference between the advanced metering infrastructure and auto meter reading smart meter.
From 2016, the major smart meter roll-outs planned are mainly of the advanced metering infrastructure which has added to the growth of advanced metering infrastructure. The growth in the adoption of renewable energy has also added to the adoption of smart electric meter. The need to keep transparency between the electric company and customers regarding the electricity usage with precise readings is the major advantage of smart electric meter. Auto meter reading smart meter still have a higher percentage in terms of installations in each region but they are being replaced by advanced metering infrastructure. This will lead to rise in share of advanced metering infrastructure during the given forecast period.
“Residential Usage Being The Major Application Of The Smart Electric Meter This Segment Will Dominate The Market”
Based on application, the global smart electricity meter market is segmented into residential, commercial, industrial and others. The residential segment has dominated the market over the past years, the growth is attributable to the increasing demand for smart electric meter from customers owing to their transparency. In addition to this, applicable tariffs as per the usage of electricity is another reason for their rising demand across residential sector. The other advantage of smart electric meter is reduced energy losses.
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The industrial, commercial, and others segment are expected to exhibit steady growth in the global smart electric meter market. But with the increasing adoption of these meter in residential sector, it will dominate the market during the given forecast period.
Geographically, the global smart electricity meter market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. These regions are further categorized into countries.
Asia Pacific currently holds the largest market share in the global smart electric meter market owing to the increasing adoption of smart meter to minimize the unaccounted electricity losses and to bring in tariff plans according to the usage of the customers. China has the maximum deployment of smart meter in Asia Pacific region and globally.
The elimination of manual meter reading and direct communication between the electric company and end-user has also led to increasing adoption of smart electric meter in recent years. South Korea, Japan, India, and Australia are the other major countries in the region that have major smart meter rollouts planned in the coming years which will see Asia Pacific dominate the market in the given forecast period.
Europe has also witnessed good growth in the installation of smart electric meter. The major factor driving the market in the region has been the increased adoption of renewable sources of energy. With the increasing adoption of renewable sources of energy, new grids are being set up. Smart meter being new technology with certain important advantages over traditional meter, these are preferred mostly for new installations.
Asia Pacific Smart Electric Meter Market Size, 2018
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The presence of major manufacturers of smart meter in the region has also driven the growth of the market. Italy is the major country in the region that has maximum penetration of smart meter followed by Sweden, France, Germany, the UK, Spain, Demark. The other countries present in the region are also switching towards smart meter. Spurred by this factor, the market is expected to grow at a healthy rate in Europe in the forthcoming years.
North America will also witness moderate growth in the smart electric meter market. The major factor driving the growth in the region is the replacement of the existing electric meter along with the rollouts of new smart meter planned in huge numbers. In the past years, North America has seen the major rise in the deployment of smart meter. The U.S has been the dominant country in the region followed by Canada.
The Middle East & Africa and Latin America have seen the penetration of smart electric meter. Brazil, Mexico are major countries in Latin America are likely to have major smart meter rollouts planned in the coming years. Similarly, South Africa and GCC countries will hold a healthy share in the smart electricity meter market over the given forecast period.
“Market Players Like Landis+Gyr, Siemens, ABB, Itron Are Among The Leading Companies In Providing Smart Electric Meter To Various End-Users.”
The global smart electric meter market is highly fragmented with the presence of numerous competitive players. Landis+Gyr, Kamstrup, Siemens, ABB, and GE form a major portion of the market for delivering electric smart meter solutions across the globe.
Increased energy demand across the globe with a need to reduce the energy consumption practices, which lead to wastage of energy and also the need to keep the transparency between the producer and end-user of energy has led to increasing in demand for smart electric meter. Electricity being the basic need the preciseness to be kept in terms of units consumed and applicable tariffs based on usage will lead to increased adoption of smart meter over the given forecast period.
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Along with this, the report provides an elaborative analysis of the global smart electric meter market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.
Value (USD Billion)
Fortune Business Insights says that the global smart electric meter market was valued at USD 16.38 Billion in 2018.
The global smart electric meter market is projected to reach USD 30.19 Billion in 2026.
Growing at a CAGR of 7.95% the global smart electric meter market will exhibit steady growth in the forecast period.
The Asia Pacific was valued at 9.13 Billion in the global smart electric meter market in 2018.
Advanced Metering Infrastructure is expected to dominate the smart electric meter market during the given forecast period.
Cost savings brought in along with operational advantages will drive the growth of the global smart electric meter market. High capital investment and shorter life span as compared to traditional meter can hamper the growth of the global smart electric meter market.
Landis+Gyr, Alcara, ABB, and GE are among the top players in the global smart electric meter market.
The precise reading provided by the smart electric meter regarding the energy consumption and awareness regarding energy wastage help in cost savings for the consumer and electrical company.