Metering as a Services Market - Growing Competitive Atmosphere
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Energy meter is the most important component of the system. Energy meters record the consumption or usage and feed this data via IoT enabled solutions or through other communication networks such as wide area network (WAN) to the central system. A smart metering system requires advanced meter infrastructure (AMI). AMI makes smart metering different from the traditional automatic meter reading (AMR). Governments, water & sewage utilities, electricity manufacturers & distributors, and original equipment manufacturers (OEMs) are gradually discovering the application of metering. Metering helps in lowering operating costs, eliminating leaks and inefficiencies, and improving water conservation.
Metering provides accurate records and information for defined time periods. Metering utilities help to dynamically monitor and price resource consumption, are useful for load forecasting, offer faster power restoration, improved billing accuracy, and meet CO2 reduction demands. Metering services allows users to accurately measure energy consumption. Smart metering is anticipated to reduce domestic energy consumption across the world. Metering services are penetrating the end-use markets due to such advantages. A growing competitive atmosphere is anticipated to lead to remarkable growth of the metering as a service market globally.
Utility, transportation and public safety industry transformation, is driving the global metering as a services market. However, lack of complete information security assurance and misuse of collected data are factors obstructing the market growth in international and domestic markets. Further, security and reliability concerns such as cyber-attacks are expected to slow down the adoption of metering services, thus reducing the CAGR growth of the market globally. However, aging infrastructure across industries is expected to create lucrative opportunity for the market during the forecast period 2018 - 2026.
The metering services as a market can be classified in terms of application, services, connectivity, and end-use industry. The application segment can be further classified as retail metering services, settlement verification and audits, meter system maintenance and repairs, meter data management, design, procurement, assembly, site-installation and commissioning, and others. Based on services, the market can be categorized into professional and managed services. By connectivity, the market can be segmented as IoT and wide area network (WAN). Moreover, based on industry, the global metering services market can be classified into utilities, transport, and public safety.
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The global metering as a service market based on geography is divided into five regions which include North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA). The demographic analysis across these geographic regions is anticipated to show North America as the largest market share contributing geography. Moreover, Europe is expected to witness marginal growth with a significant compound annual growth rate (CAGR) over the forecast period. Asia Pacific and Middle East & Africa are expected to show steady growth in near future; however, the regions are anticipated to witness remarkable CAGR during 2022 – 2026. The market analysis across major countries of the above mentioned regions include the U.S., Canada, U.K., Germany, France, Italy, GCC countries, South Africa, and Brazil.
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