Press release
Smart Electric Meter Market - Global Industry Analysis and Forecast | 2024
A new report has been published by Market Study Report on the global Smart Electric Meter market. As per the report, the Smart Electric Meter Market to Go Beyond 30 million units Installation by 2024. The report, titled ‘Smart Electric Meter Market Size By Application, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024’.Smart Electric Meter Market size is set to exceed USD 11 billion by 2024; according to a new research report. Commercial smart electric meter market shipments could exceed 30 million units by 2024.
Growing demand for accurate billing coupled with efforts towards energy conservation will augment the global smart electric meter market growth. Rapid development of electricity network along with growing investment in smart grid will further complement the business landscape.
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Increasing energy prices and growing instances of electricity theft will further boost product demand. According to a 2013 IMF report, global electricity theft was over USD 100 million. Rising concerns towards accuracy in billing among end users may positively influence the industry size.
The American Recovery and Reinvestment Act (ARRA) mandating strict regulations towards accurate billing along with increasing electricity demand will stimulate the U.S. smart electric meter market size. The U.S. Department of Energy and ARRA jointly invested USD 30 billion in 2009, to give an impetus to a wide range of sustainable energy projects and upgrade existing smart grid networks in the region.
Stringent regulations towards adoption of intelligent systems to precisely track electricity consumption will augment the smart electric meter market share. European Union Directive 2009/72/EC mandates member countries to undertake initiatives which will increase consumer awareness towards the benefits of adopting these products. Directive 2014/724/EU provides guidance to regulators on safeguarding and protecting consumers' consumption data.
In 2016, UK contributed to over 20% of the Europe smart electric meter market share in terms of unit shipments. Department for Business, Energy & Industrial Strategy along with the Office of Gas and Electricity Markets (OFGEM) have directed utility providers to install these products in every household by 2020, with a view to conserve electricity.
Smart electric meter market size from Automatic Meter Reading (AMR) technology is anticipated to exceed USD 4 billion by 2024. Conventional AMR devices were programmed to collect meter readings and match with the utility provider's consumption data. Additional data parameters can be set in these products to control their functionality remotely, owing to technological advancement. These products give warning in case of meter tampering, low battery and leak detection.
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Automated Metering Infrastructure (AMI) systems will grow owing to increasing adoption of the advanced technology in developed nations including the U.S., UK, Sweden, Norway and Japan. These products provide enhanced features like notifications for demand response actions and time based pricing.
Japan smart electric meter market is predicted to witness a paradigm shift owing to adoption of AMI products. In August 2015, Tokyo Electric Power Company (TEPCO) launched an initiative to install over 2.7 million intelligent systems across the country and offer 24-hour customer support service through a Smart Meter Operation Centre.
Notable players in the smart electric meter market include Siemens, Itron, Schneider Electric, Landis+GYR, Icsa, Circutor, Holley Metering, Iskraemeco, Osaki Electric, Honeywell International, Sensus Sentec, Elster Group, Badger Meter and Neptune Technology.
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Middle East & Africa Smart Electric Meter market share is set to expand over 7% by 2024. Growing investments towards rebuilding of war affected countries including Syria along with extension of transmission and distribution network will fuel the industry size. According to Siemens, the region is set to increase its current electricity generation capacity by 66% over the next 15 years.
Notable players across the Smart Electric Meter market include Polycab, Prysmian, CMI, Havells, Nexans, LS Cable & System, Furukawa Electric, Southwire, General Cable, and Sumitomo Electric Industries.
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