Smart Metering Systems Market – Current Business Trends & Growth Opportunities
Global Smart metering system market has been growing rapidly in recent years, driven by the rising demand to seek more reliable, secure, and efficient ways to manage energy generation and its distribution. The intervention of the governments to adapt reliable power systems is the principal driver augmenting Smart metering system industry share. Endorsing the adoption of smart meters is effectively bringing value in billing and consumption.
As per a report by Global Market Insights Inc., Smart metering system Market is forecast to exceed 750 million units and is estimated to surpass USD 38 billion by 2024.
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The rising demand for accountability and transparency in resource allocation has led to wide applications of smart meters in residential, commercial, and utility sectors. The demand for accurate energy usage from the service providers has driven the residential applications, which was worth USD 5 billion in 2015. Smart metering system industry share in commercial applications is foreseen to surpass USD 14 billion by 2024.
There are two main types of smart meters: Automatic Meter Reading (AMR) and Automatic Meter Infrastructure (AMI). Smart metering system industry from AMR technology is set to record a CAGR of over 6% over the period of 2016-2024, primarily driven by its high adoption rate in North America. AMI market is set to surpass 130 million units by 2024, and is forecast to experience an average growth due to its high purchase and installation cost.
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On the product front, Smart metering system industry is bifurcated as water, electricity, and gas.
- Smart electric meters are witnessing heavy demand, owing to its low price and energy efficiency.
- Smart metering system market share, from smart gas meters is anticipated to register a CAGR of 10% over the period of 2016-2024.
- Smart water meters are expected to surpass 250 million units by 2024, subject to stringent regulations introduced in controlling non-revenue water. (Water that has been produced and is “lost” before it reaches the customer)
In terms of regional spilt, UK smart metering system market is projected to grow at a CAGR of 16% over the period 2016-2024. The increasing impact of government policies, which particularly mandates energy consumption and fiscal incentives to roll out installation of smart meter will drive the regional Smart metering system market growth. U.S. smart metering system industry share worth USD 5 billion in 2015, is anticipated to spectate a rapid surge over the forecast timeframe. In addition to this, China government has aimed to install over 380 million smart systems by 2020, whilst Mexico Comision Federal de Electricidad (CFE) has arranged a contract to roll out 96,000 advanced meters in the region.
The major Smart metering system industry participants include Landis+GYR, Circutor, Icsa, Siemens AG, Osaki Electric, Itron, Schneider Electric, and Iskraemeco.
Browse key industry insights spread across 205 pages with 433 market data tables & 11 figures & charts from this 2017 report Smart Metering Systems Market in detail along with the table of contents, please click on the link below:
Smart metering systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Million Units) and revenue in USD Billion from 2013 to 2024, for the following segments:
Global Smart Metering Systems Market, By Application
Global Smart Metering Systems Market, By Product
- Smart electricity meters
- Smart water meters
- Smart gas meters
Global Smart Metering Systems Market, By Technology
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America
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