Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Smart Meters Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Smart Meters Market. The research also emphasizes on the impact of restraints,
drivers, and macro indicators on the regional and global Smart
Meters Market over the short as
well as long period of time. A detailed presentation of forecast, trends, and
dollar values of global Smart Meters Market is offered. In accordance with the report, the global
Smart Meters Market is projected to
expand by healthy CAGR over the period
of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
Smart
meters are digital devices that keeps track of data with regard to electricity
consumption, power factors, current and voltage levels. A typical smart meter
records energy consumption data on real-time basis at short-intervals in
twenty-four hours and has regularity in reporting. Smart meter permits
bilateral communication between the central system and the meter. Networking in
smart meters can be secured either through wired connections that are fixed or
through wireless networks.
Market Drivers
The initial
impetus for the smart meter market was provided to monitor the robust usage of
electricity. Such tracking of electricity usage would bring a stop to the
unnecessary usage of electricity. These devices give information regarding the
household electrical equipment that is significantly draining energy. This
helps the consumers to purchase and make use of energy efficient devices. Smart
meter eliminates the possibility discrepancy in reading the energy consumption
manually and also reduces the involvement of human force. Smart meters
communicate the energy consumption and other data to both the consumer and the
electricity supplying company. This keeps the clarity and trust in between the
company and the consumers. Falling number of power outages and hardware faults
can be associated with the presence of smart meters. Consumer convenience is
the major factor driving the growth of this market.
With
growing development of many underdeveloped regions and electrification in those
regions, the follow-up of the electricity providing company is needed. Smart
meters help the companies to keep track of energy usage in some of the remote
places without the use of human capital. The provisioning of immediate
monitoring system by smart meters is immensely helping the companies.
The
development of power grids has fueled the need for smart meters to some extent
and powered the growth of the smart meter market.
Also,
the supportive policies undertaken by the government to promote the usability
and availability of smart meters is charging the growth of this market.
Market Restraints
The
current scenario of trade war is threatening the growth prospects of the smart
meters market. The tariff rates levied on Chinese imports by the U.S.
government is straining market growth in this region. The retaliatory tariffs put on the energy and
metal sector by the Chinese government is posing severe threats to this market.
The
tremendous cost of installing smart meters faced by the end users from the
residential, industrial and commercial sector is straining the growth of the
smart meters market.
Opportunities
The
rising consciousness among consumers with the availability of devices for
monitoring the nook and cranny of electricity usage that leads to the reduction
of cost of electricity consumption and ability to curtail it in times of need
is a great opportunity for this market.
The
growth of the networking infrastructure and communication and technological
advancement which includes the recent developments like wireless technologies, smart
phones, 4G and 5G facilities and radio frequencies is likely to have positive
effects on the smart meters market in the near future.
The
constant support of the government of different nations around the globe is
assumed to sustain the growth of the smart meter market.
The
depleting fossil fuels and non-renewable sources of energy coupled with the
dependence on air and water to develop renewable resources of power is directly
leading to the mindful consumption of electricity and use of smart meters to
keep track of them. This in turn is likely to be a lucrative advantage for the
smart meters market.
Trends
At
present, North America dominates the market for smart meters. But the
Asia-Pacific region is projected to be the fastest growing region with a CAGR
of around 9.1% in the forecast period. This is because Asia-Pacific is the
nexus of emerging economies. The growth of residential and industrial sector is
likely to make use of unregistered volumes of electricity and presently it is
making use of unaccounted volumes of electricity. China dominates in the
employment of smart meters both in the Asia-Pacific region and on a global
basis. Europe is also expected is showcase growth owing to the surging set up
of power grids and indulgence in the use of renewable resources.
Segment Covered:
This market
intelligence report on the global Smart Meters Market encompasses market segments based on product type, technology
type, communication type, and country.
By
Product Type the global Smart Meters Market has been divided into:
q Smart
Electric Meters
q Smart
Gas Meters
q Smart
Water Meters
By Technology Type the global Smart
Meters Market has been divided into:
q Auto
Meter Reading (AMR)
q Advanced
Metering Infrastructure (AMI)
By Communication
Type the global Smart Meters Market has been divided into:
q Cellular
q PLC
q RF
By country/region,
the global Smart Meters Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Landis+Gyr
q Itron
q Wasion
Group
q Schneider
Electric
q Siemens
q Sensus
q Badger
Meter
q Secure
Meter Limited
q Honeywell
q EDMI
Limited
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Smart Meters Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Landis+Gyr
In January 2020,
Revelo electric meter incorporated with an advanced technology of grid sensing
was introduced to market by Landis+Gyr.
Itron
In January 2020,
a 4G LTE smart metering product was launched by Itron. The product covers a
broad territory, low latency, and lengthy lifestyle of network facilitated by
the use of 4G LTE technology.
Wasion Group
In March 2019,
Wasion Group entered into a contract with Guizhou Power Grid Corporation. In
accordance to the contract, Wasion Group was supposed to deliver a variety of
products including smart meters and smart power solutions.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Smart Meters
Market, size of the market (US$ Mn), and Compound
Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking
into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Smart Meters Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Smart Meters caters to the needs of various stakeholders pertaining to this
industry, namely suppliers, manufacturers, investors, and distributors for Smart
Meters Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Smart Meters Market
v
Identification
of key factors driving investment opportunities in the Smart Meters
Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants