Smart Electric Meter Market : Sovereign Companies - Itron, Kamstrup, Aclara Technologies, Siemens, Honeywell Elster, Osaki Electric, Sensus, Circutor SA, Iskraemeco Group, Apator, Landis+Gyr AG

How would digitalization of electrical systems foster smart electric meter market size by 2026?

The smart electric meter market is expected to observe phenomenal growth through the forthcoming years owing to large-scale industrialization and shifting consumers focus towards the adoption of advanced technologies. In addition, the rapid growth of grid infrastructure coupled with surging investments towards digitalization has further complemented the market landscape.

With high electricity demand from commercial and industrial sector, key market players are increasingly focusing towards consolidating their position in the expanding market. Citing an instance, in August 2020, Aclara, a world-leading supplier of smart infrastructure solutions to utilities, reportedly announced the first ever wholly compliant and certified polyphase smart meters series SMETS2 for the UK market. The new meter series comes in three different variants. In fact, the complete range of Aclara electricity meters, enables optimized installation, easier maintenance, and testing along with firmware updates.

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How would single-phase systems influence the demand for smart electric meter?

Single phase systems are likely to gain tremendous growth due to their viability across utility-aided power networks and high capacity industrial enterprises. Furthermore, high urbanization rate and favourable regulatory guidelines for upgradation of small-scale industries, mainly in developing nations, will augment the product demand.

Which application segment is anticipated to showcase a momentous growth over the forecast timeframe?

In terms of application, the commercial segment is anticipated to showcase healthy growth over the forecast time period. The anticipated segment expansion is ascribed to increasing adoption of smart and energy efficient monitoring & control devices to get accurate billing across the service sector, including government buildings, private offices, and data centres. In addition, the utility sector is also likely to witness high product adoption owing to implementation of favourable government incentives and regulations that look to lower instances of power outages.

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What distinguished factors would leading to a higher adoption of smart metering systems in coming years?

Rapid development of residential establishments owing to increasing per capita income and growing population will propel the adoption of smart metering systems in coming years. Additionally, rise in public and private investments in renewable technologies to reduce carbon footprint will complement the market growth. Moreover, rapid expansion of IoT enabled smart grid networks would offer huge opportunity to smart electric meters market.

How would the MEA smart electric meters market fare over the forecast timeframe?

The smart electric meter market in Middle East & Africa is slated to witness substantial growth owing to the booming real estate sector and rapid development across service sector. Favourable government initiative and mandates in order to decrease activities such as theft, non-electricity revenue, and power outages will propel the product demand across the region.

Additionally, with new real estate projects planned in the region, the demand for smart electric metering systems is slated to rise at a momentous pace over the coming years. Citing an instance, in September 2020, with the ongoing smart transformation project and tech development by Sharjah electricity and water authority, approximately 1800 new smart meters have reportedly been installed in Sharjah. The new meters could detect any form of tampering, further making sure that the residents across the region are getting error-free bills each month. In terms of production cost, these smart meters are less expensive in comparison to conventional mechanical meters with a life span of nearly 15-20 years.

Some of the key industry players operating in the smart electric meter market include Larsen & Toubro Limited, Kamstrup, General Electric, Apator, and Itron among others.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com

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