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Smart Meters Market Opportunities, Trends, Competitive Analysis, Market Demand and Growth Factors
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In terms of types, the smart meters market is segmented as smart electric meter, smart water meter and smart gas meter. The smart electric meter segment dominated the global smart meters industry; however, the smart gas meter segment is expected to grow with the fastest rate during the forecast period. In terms of end users, the smart meters market is segmented as residential, commercial and industrial. Among all the end users of smart meters, the residential sector was the largest user of smart meters.
The administrations in a few nations are supporting the establishment of smart meters, which is driving the development of smart meters market. As a piece of more extensive clean vitality activities, the administrations of different nations have taken off legislations, which mandate the adoption of smart meters. In 2013, the U.K. government ordered the utilities for the deployment of roughly 50 million smart gas and electric meters in business focuses and residences by 2020.
The Asia-Pacific market for smart meters is expected to reach $3.658 billion by 2020. The Asia-Pacific smart meters market is expected to grow with the highest rate in the coming years, due to supportive government initiative towards the implementation of smart meters across several developing countries of the region. As part of a five-year nationwide plan to upgrade grid infrastructure in Asia-Pacific, the utilities in China continue to install large numbers of smart meters in the country. Pilot projects are taking place in India, which will support the deployment of smart meters on a large scale in the coming years. China led the Asia-Pacific smart meters market with 83.3% share in 2014, in volume terms. The smart meters industry in Japan is expected to witness highest CAGR in Asia-Pacific during the forecast period. Brazil is expected to be the fastest growing country for smart meters market.
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Some of the key players operating in the smart meters market are Itron Inc, Iskraemeco d.d, Landis+Gyr Ag, Osaka Electric Co. Ltd, Elster Group GmbH, Siemens AG, General Electric Company, ICSA(India) Limited, Schneider Electric Sa, and Holley Metering Ltd.
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