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Smart Electric Meter Market 2020 by Historical Growth & Regional Forecast T0 2024 | Itron, Siemens, Landis+Gyr, Schneider Electric SE, Honeywell Elster, Osaki, Badger Meter, Inc., Aclara Technologies LLC, Neptune Technology Group, Inc., Sensus, Kamstrup,

03-23-2020 08:21 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Smart Electric Meter Market

Smart Electric Meter Market

U.S. smart electric meter market share is set to cross the billion-dollar mark by 2024. As per a EIA report in 2015, smart meter deployment across the residential sector in the U.S. stood at 40%. Also, the regional electric utilities registered an AMI (Advanced metering infrastructure) installations of over 70 million till 2016. UK on other hand is targets to deploy 50 million smart meters in 30 million households by 2020, with an aim to lower the domestic energy consumption by 5 to 15%.

The United Kingdom has been foremost among most regions, as far as the global shift toward a digital economy and energy efficiency is concerned. The regional government seems to have been extremely proactive in this regard, indeed, the Government of UK designed a policy framework for smart meters under the 'Smart Metering Implementation Program'. The program encompasses the introduction of a roll-out target to install 50 million smart meters in 30 million households by 2020 and aims to reduce household energy consumption by 5% to 15%. Indeed, this strategic move has been majorly credited for UK smart electric meter market gaining precedence over other regional counterparts.

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The launch of the 2020 policy framework seems to have extensively accelerated the adoption of smart electric meters in the United Kingdom. As per estimates, between July to September 2017 alone, more than one million of these devices had been installed in homes and businesses in the UK. Nearly 1.2 million smart & advanced meters were installed in Q3 2017, including at least 665,000 electricity meters. Quite evidently, the robust installation of these devices in accordance with the stringent framework enforced by the government bodies such as the Department for Business, Energy & Industrial Strategy and the Office of Gas and Electricity Markets will send the shares of UK smart electric meter market soaring over the next few years.

Shifting trends toward effective monitoring, utilization, and measurement of resources to limit the overall challenges of energy will fuel the smart electric meter market growth. Monitoring and Metering have been an essential tool for the efficient energy management and measurement. Further, these provide building operators & owners with the information to improve the building energy performance.

The year 2017 witnessed China accounting for more than 70% of smart electric meter market share across the Asia Pacific belt. Reports claim that the country's 12th and 13th five-year plan that includes development of smart cities has generated extensive demand for effective water and electricity monitoring, which in turn have positioned China into a favorable business ground for smart electric meter market players. Add to it, the Asian Development Bank's support in smart meter rollouts in line with the adoption of smart grid & sustainable technologies have phenomenally impacted the regional trends.

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Major players across the industry include Iskraemco, Circutor, Apator, Kamstrup, Aclara, Neptune, Sensus, Badger Meter, Honeywell International, Osaki, Schneider, Itron, Siemens, and Landis+Gyr.

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