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Smart metering system market in AMR technology to grow at 6% CAGR from of 2016-2024
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The rising demand for accountability and transparency in resource allocation has led to wide applications of smart meters in residential, commercial, and utility sectors. The demand for accurate energy usage from the service providers has driven the residential applications, which was worth USD 5 billion in 2015. Smart metering system industry share in commercial applications is foreseen to surpass USD 14 billion by 2024.
There are two main types of smart meters: Automatic Meter Reading (AMR) and Automatic Meter Infrastructure (AMI). Smart metering system industry from AMR technology is set to record a CAGR of over 6% over the period of 2016-2024, primarily driven by its high adoption rate in North America. AMI market is set to surpass 130 million units by 2024, and is forecast to experience an average growth due to its high purchase and installation cost.
On the product front, Smart metering system industry is bifurcated as water, electricity, and gas.
• Smart electric meters are witnessing heavy demand, owing to its low price and energy efficiency.
• Smart metering system market share, from smart gas meters is anticipated to register a CAGR of 10% over the period of 2016-2024.
• Smart water meters are expected to surpass 250 million units by 2024, subject to stringent regulations introduced in controlling non-revenue water. (Water that has been produced and is “lost” before it reaches the customer)
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In terms of regional spilt, UK smart metering system market is projected to grow at a CAGR of 16% over the period 2016-2024. The increasing impact of government policies, which particularly mandates energy consumption and fiscal incentives to roll out installation of smart meter will drive the regional Smart metering system market growth. U.S. smart metering system industry share worth USD 5 billion in 2015, is anticipated to spectate a rapid surge over the forecast timeframe. In addition to this, China government has aimed to install over 380 million smart systems by 2020, whilst Mexico Comision Federal de Electricidad (CFE) has arranged a contract to roll out 96,000 advanced meters in the region.
The major Smart metering system industry participants include Landis+GYR, Circutor, Icsa, Siemens AG, Osaki Electric, Itron, Schneider Electric, and Iskraemeco.
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