Advanced Metering Infrastructure Market 2024 - Size, Key Manufacturers, Demand Analysis, Share And Overview By 2033

The Business Research Company recently released a comprehensive report on the Global Advanced Metering Infrastructure Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The advanced metering infrastructure market size has grown rapidly in recent years. It will grow from $16.37 billion in 2023 to $19.07 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to rapid urbanization, increasing energy demand, regulatory mandates for energy efficiency, use in emissions reduction, enhanced operational efficiency for utility companies.

The advanced metering infrastructure market size is expected to see rapid growth in the next few years. It will grow to $35.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to rising demand for smart electric meters, increasing demand for power, changing regulations by governments, reduction of energy losses, real-time energy usage insights for consumers. Major trends in the forecast period include deployment of end-to-end advanced metering infrastructure solutions, shift towards renewable energy sources, transition from AMR (Automated meter reading) to AMI (advanced metering infrastructure) to streamline operations, integration of smart grid technologies, adoption of prepayment solutions.

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Market Drivers and Trends:

Increasing demand for power in urbanizing nations is expected to propel the growth of the advanced metering infrastructure market going forward. The demand for power in urbanizing nations refers to the increasing need for energy resources in countries that are experiencing rapid urbanization as more people move from rural areas to cities. The demand for power in urbanizing nations is driven by factors such as urbanization, industrialization, infrastructure development, and government initiatives. Advanced metering infrastructure plays a crucial role in managing the increasing demand for power in urbanizing nations by promoting energy efficiency, reducing peak demand, and enhancing the overall reliability and sustainability of the electricity grid. AMI enables electric utility providers to acquire precise information on energy usage, automate meter readings, and collect more data by providing insights into energy consumption trends. For instance, in January 2024, according to Exxon Mobil Corporation, a US-based oil and gas corporation, transportation-related energy demand is expected to grow by more than 30% from 2021 to 2050. Furthermore, in 2022, according to a report by the International Energy Agency (IEA), a France-based intergovernmental organization, world energy investment is set to rise over 8% in 2022 against 2021 to reach a total of $2.4 trillion. Therefore, the increasing demand for power in urbanizing nations is driving the growth of the advanced metering infrastructure market.

Major companies operating in the advanced metering infrastructure market are developing innovative products leveraging advanced features, such as secure data encryption and remote management capabilities, to gain a competitive edge in the market. Secure data encryption and remote management capabilities are essential features of advanced metering infrastructure systems, providing protection against cyber threats, ensuring regulatory compliance, and enabling efficient remote operations and maintenance. For instance, in May 2023, Honeywell International Inc., a US-based conglomerate corporation, launched its Next Generation Cellular Module (NXCM), enabling Advanced Metering Infrastructure (AMI), a ground-breaking technology that converts traditional gas and water meters into smart meters without requiring extra infrastructure. It allows meters to be wirelessly connected through existing public cellular networks, enhancing monitoring, safety, and analytics capabilities for utility providers and their customers. The module is designed to modernize meter networks while minimizing costs, creating a smarter network without replacing the existing network. The NXCM is a flexible and scalable solution for utility providers of all sizes, with secure data transmission using advanced authentication techniques and AES-128 encryption to ensure utilities meet metering and data management regulatory standards.

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Major Key Players of the Market:

Hitachi Energy Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation plc, Alstom SA, Delta Electronics Inc., Renesas Electronics Corporation, Wabtec Corporation, Diehl Stiftung & Co. KG, Sagemcom SAS, Tietoevry Corporation, Itron Inc., Landis+Gyr AG, Holley Technology Ltd., CRRC Corporation Limited, Aclara Technologies LLC, Kamstrup A/S, Genus Power Infrastructures Ltd., ZENNER International GmbH & Co. KG, Sensus

Advanced Metering Infrastructure Market 2024 Key Insights:

• The advanced metering infrastructure market size is expected to see rapid growth in the next few years. It will grow to $35.43 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Role Of Advanced Metering Infrastructure In Meeting Rising Power Demand In Urbanizing Nations
• Next Generation Cellular Module (NXCM) Revolutionizing Advanced Metering Infrastructure (AMI)
• Asia-Pacific was the largest region in the advanced metering infrastructure market in 2023

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