Press release
Smart electricity meter market is expected to grow at a CAGR of 0.64 % over the forecast period 2018 – 2023|Key Players – SENSUS USA INC, NANJING XINLIAN ELECTRONICS CO. LTD, SHENZHEN HEMEI GROUP CO. LTD, among others.
Asia-Pacific to have the Highest ShareChina is leading the market at the moment, with the rollout at its peak, due to strict mandates by the government. In other countries, such as India, the study projects a substantial growth in the demand for smart electricity meters. However, in the absence of a national mandate by the government, the incorporation of smart metering is expected to be slow and patchy. But the region is expected to enjoy the highest market share over the forecast period, owing to the vast population base in these two countries.
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Smart grids play a crucial role in smart city deployment and are the primary consumers of smart electricity meters. In addition, governments around the world are allocating budgets to turn existing cities smart and also to establish new smart city projects, in order to improve the overall economy. Also the increasing residential construction activities and government mandates like EU 20-20-20 policy, which aims to convert 80% of the installed meter base to smart ones, is expected to drive the smart electricity meter market.
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Market Segments:
Smart electricity meter market is segmented by:
1. End User: Commercial, Residential, Industrial
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
• November 2017: Landis+GYR expanded its distributor sensor product portfolio by launching a cellular communication option for its existing S610 Line Sensor, which detects and locates faults, thereby improving grid reliability.
• October 2017: Kamstrup invested in narrow-band Internet of Things (NB-IoT) for fueling innovations in electricity meters. The company announced that pilot tests are planned for spring 2018, and a commercial solution will be available in the next 12-18 months.
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