"We Envision Growth Strategies Most Suited
to Your Business"
The global smart electric meter market size is anticipated to reach USD 30.19 Billion by 2026 by exhibiting a healthy CAGR of 7.95% during the forecast period. Fortune Business Insights in a new study, titled “Smart Electric Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026” states that the market was valued at USD 16.39 Billion in the year 2018. The need to eliminate manual intervention regarding meter readings has given rise to the introduction of smart electric meter.
These advanced meter help to consume electricity by selecting tailor-made tariff plans based on energy consumption. Businesses around the world are increasingly investing in smart grids to effectively monitor energy consumption, thereby avoiding any unaccounted consumption.
Highest Demand from Residential Sector, Accounting to 86.48% Share
As per application, the residential sector is expected to dominate the global market owing to its rising demand from customers. As per the report, the residential sector covered 86.48% share in the global smart electricity meter market in 2018 and is expected to hold the highest share by 2026.
Installing a smart electric meter can help users to identify the devices which consume maximum electricity. In addition to this, people across the world are becoming aware of the importance with regard to the reduction in energy losses. Owing to this, the demand for smart electric meter in residential sector is increasing at a promising rate. Other sectors such as commercial, industrial, and other segments are likely to expand at a steady rate in the foreseeable future.
The industrial sector is also expected to propel in the forecast period. Increasing concerns over environment and energy prices, industries are planning to seek cost-effective and time-efficient processes to effectively manage power generation and distribution. This further leads to the rising demand for smart electricity meter in industrial segment.
Demand for Advanced Metering Infrastructure to Increase as it Gathers Energy Usage Data in Real-time
The adoption of advanced metering infrastructure is increasing as compared to auto meter reading as the former offers numerous advantages. One of the primary advantages of this segment is that they offer two-way communication between consumers and electric companies with regard to the amount of electricity used.
Advanced metering infrastructure has the ability to collect and transfer energy usage in real-time. Moreover, it is considered as the backbone of smart grids. In addition to this, this infrastructure can perform meter reading remotely and offer error-free energy usage data. Some of the main smart meter roll-outs planned primarily consist of advanced metering infrastructure. This, in turn, has added to the growth of the segment.
Rising Adoption of Renewable Energy to Boost the Market in Europe
The market in Asia Pacific is expected to cover the major share in the global market on account of the rising adoption of smart meter. Among countries, China is considered to be the biggest contributor at a regional and global level. Other countries such as Australia, Japan, and India are expected to hold a significant contribution to the market. As per the report, the market in this region was valued at USD 9.13 Billion in 2018 and is expected to lead the global market by 2026.
The market in Europe is expected to register moderate growth on account of the increasing installations of smart electric meter. The rising adoption of renewable energy has encouraged manufacturers to develop smart electric meter with advanced technological advancements. The presence of leading manufacturers is another factor responsible for driving the market in this region. The market in North America is expected to rise at a considerable rate owing to the increasing replacement of traditional meter with smart electric meter.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/smart-electric-meter-market-100749
As a Part of Smart Meter Project, Ameren Missouri to Deploy 1.4 Million Advanced Meter
The report profiles some of the leading players operating in the global market. These include Aclara, GE, Honeywell, Itron, Inc., Landis+Gyr, Kamstrup, Siemens, ABB, ZPA Smart Energy, Xylem Inc., Secure Meter Limited, Jabil, Xemex, Holley Technology Ltd, EDMI Limited, and EMH Metering GmbH & Co KG. The global market is fragmented with the presence of leading players such as Siemens, Landis+Gyr, ABB, Kamstrup, and GE.
Companies are putting huge efforts to strengthen their share in the market by adopting strategies such as new product launches, partnerships, collaborations, and other business strategies. For instance, Ameren Missouri plans to deploy 1.4 million advanced meter to another company called Landis+Gyr. This contract aims to monitor operational activities and maintenance of metering data.
The global smart electric meter market can be segmented into the following categories:
Value (USD Billion)