Press release
Smart Electricity Meters Market to increase rapidly by 2024
Smart electricity meters market is raising significantly due to growing role of ‘Cloud’ services in smart metering operations. Smart electricity meters provide significant advantages in various applications such as industrial, commercial and residential among others. The factor driving the growth of the market is the rising demand for efficient data monitoring systems. In addition, renewable energy integration to smart grid infrastructure is the other factor contributing towards the market growth.
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The rising numbers of smart cities are anticipated to boost the demand for smart electricity meters, which further add to the overall revenue. Smart electricity meter has several advantages such as responding and identifying to power outages, launching innovative service models, preventing energy thefts, remotely deactivating and activating subscription, implementing innovative tariff schemes, facilitating secured communication and hacking identification among others.
Smart electricity meters are used in various sectors such as automobile, oil & gas, mining, water treatment, chemical & petrochemical, pulp & paper, food & beverage and power generation among others. In addition, consumption of smart electricity meters gains momentum in industrial & commercial sectors is set to bolster the global smart electricity meters market. Industrial growth in developing nations of Asia Pacific is one of the major factors driving the market for smart electricity meter. Increase in penetration of advanced metering infrastructure (AMI) is boosting the demand for smart electricity market, globally.
Based on phase, the smart electricity meters market is segmented into three phase and single phase. Among different phase types, three phase have received extensive acceptance in the last few years due to rapid commercialization and industrialization. The three-phase is anticipated to rise at the highest rate. In addition, single phase is the second largest market in phase category in the smart electricity meters market in terms of revenue.
Based on the various end use types, the smart electricity meters market is segmented into industrial, commercial and residential. In 2015, the residential segment expected to be the leading market. There are several major factors driving the market for smart electric meters in the residential sector such as a surge in demand for smart end-users which includes energy proficient lighting, nanotechnologies, home control network and electric heat pump among others. Urbanized economies in Europe and North America are spending huge amounts to swap the old meters with the new smart electric meters. They are also taking initiatives to save energy by alerting and notifying the consumers about their usage of electricity. The smart electricity meters is used in various industry such as automobile, oil & gas, mining, water treatment, chemical and petrochemical, pulp and paper, food & beverage, power generation, general machineries, semiconductors and among others.
Under communication technology types, the market is segmented into power line communication, radio frequency and cellular. Power line communication is anticipated to grow at the maximum growth rate during the estimate period.
Based on the regions, the smart electricity meters market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Asia Pacific grips the major market share trailed by North America. China is the major contributors to the smart electricity meters market in Asia Pacific. Smart electricity meters is high in Asia Pacific is due to huge appetite for electricity and rapid industrialization. However, the market for smart electricity meters has seen the growth in product innovation from companies like Environmental Manufacturing, Inc. (Emi), Heitman Laboratories, Inc., Kws Manufacturing Company Ltd., Kmb Systems and S.R.O. among others nearly one hundred others company. In addition, Asia Pacific is also a lucrative market for air conditioners, washing machines, digital camera and automobiles which in turn, are fueling the growth of Smart electricity meters market. China held the biggest share of the Asia Pacific market in 2014. Smart Electricity Meters are attached with various electronic devices to automate several functions.
Some of the important players in the smart electric meter market includes are Siemens AG (Germany), Itron (U.S.), Schneider Electric SE (France), Wasion Group (China), Aclara Technologies LLC (U.S.). These top players are trying to penetrate rising economies and are adopting different methods to boost their market share. Some of the others players are Aclara Technologies LLC, Atmel Corporation, Genus Power Infrastructure Ltd., Honeywell International Inc, Holley Metering, Genus Power Infrastructure Ltd., Jiangsu Linyang Electronics Co., Ltd., Networked Energy Services (NES) Corporation and Toshiba Corporation among others.
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