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Smart Metering Systems Market 2020 by Future Challenges, Growth Outlook and Forecast To 2024 | Itron, Siemens, Landis+Gyr, Schneider Electric SE, Circutor SA, Iskraemeco, Honeywell Elster, Osaki, Badger Meter, Inc., Neptune Technology Group, Inc., Sensus,
Smart Metering Systems Market
AMI smart metering systems market is anticipated to witness gain over 10% by 2024. Growing adoption of automation systems across energy sector to ensure load management, customer service improvement and energy conservation will enhance the product penetration. The product enables the end users to provide real time information regarding the energy utilization and execute consumption decision.
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Say for instance, by the end of 2020, UK government aims to install smart meters in almost 50 million homes. Currently there are almost 10 million smart meters installed in this belt. Grounding on the present installation number, it is arguably precise to mention that U.K. is one of the major recipients of smart metering systems market growth. Add to it, the nation has also made its way to the front page few months back, with the news of saving almost 300,000 homes from potential mishaps such as gas leaks and fires last year, after installing smart meters.
Since smart meters track energy consumption in real time, it not only allows dynamic pricing range based on season and peak time, but also better monitors the electric grid health. That is to say, it restores services much faster during power outages and effectively communicate to users via highly advanced alerts. If reports are to be relied on, these devices helped to detect faulty appliances such as CO or other harmful gas leakage, defective wiring etc. in almost 270,000 homes in UK in the year 2017.
Incidentally, the record has triggered a considerably massive product penetration across the entire belt, which by extension has contributed to the regional smart metering systems market share. With increasing consumer awareness regarding the benefits of deploying these systems in tandem with governmental measures addressing the same, UK smart metering systems industry is forecast to witness a y-o-y growth of 8% over 2018-2024.
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U.S. has evolved to be another pivotal region for smart metering systems market progression. According to a report by U.S. Energy Information Administration, in 2016 U.S. electric utilities installed nearly 70.8 million AMI based smart meters. Reportedly, 88% of these AMI installations were deployed across residential sectors. The ongoing regulatory measures with regards to optimization of energy consumption have generated an appreciable demand for advanced meters. The CPUC has given an official sanction to investor-owned utilities for replacement of conventional meters with smart meters. In effect of this legislation, U.S.'s primary electricity supply channel, Southern California Edison, has received a green signal to install approximately 5.3 million smart meters in the country. Aided by the backdrop of such stringent regulatory regimes pertaining to energy conservation, U.S. smart metering systems market is slated to be pegged at USD 3 billion by 2024.
The competitive hierarchy of smart metering systems market is inclusive of quite a few prominent big shots that have been adopting strategies like facility expansions and acquisitions to consolidate their space in this business and explore the plethora of opportunities that this vertical offer. Long-term contract agreements between product suppliers and manufacturers is also rather commonplace, in order to meet the ever-rising demand for these products. Merely a few days ago, a smart metering technology company, intelliHUB acquired the digital smart meter subsidiary of Origin Energy Australia Origin for USD 267 million. The acquisition comes on the heels of the fact that the rate of smart meter installations across South Australia, Tasmania, Queensland, and New South Wales (NSW) has been growing commendably, providing novel opportunities for APAC smart metering systems market firms.
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