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Smart Electric Meter Market High Capita Expenditure And High Growth Rate Till 2026 | Fortune Business Insights

February 11, 2020 | About:

Top Players in Smart Electric Meter Market are Landis-Gyr, SMS Plc, Co-operative Energy Limited, Itron, Siemens, General Electric, ABB, Schneider Electric, Iskraemeco, Aclara Technologies LLC, Sensus, Jabil, EDMI Meters and Endesa

The global Smart Electric Meter Market is anticipated to reachUSD 30.19 Billion by 2026. Electricity plays a crucial role in the energy and power industry. The rising need to maintain data with an aim to avoid any unaccounted consumption is fueling demand for smart electric meter. These meter help to enhance the efficiency of power networks as they are fully digitized and involves measuring and collecting data. These meter act as strong pillars behind the intelligence power grids. Now, companies are developing smart electric meter that can not only collect data rather gather it for consumption billing. Such factors have compelled consumers to replace their traditional meter with smart and advanced electric meter. This new electric meter can monitor the electricity consumption on a daily or monthly basis and directly sends the meter readings to the company. There is no manual operational activity involved in either producing a bill or noting the readings. Spurred by this advantage, the Smart Electric Meter Market is expected to grow at a promising rate in the forthcoming years. As compared to the traditional electric meter, smart meter maintains transparency with regards to bill generation between consumers and electric companies. Owing to the rising adoption of renewable energies such as wind and solar energy, the smart electric meter is penetrating into developing as well as developed nations.

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Top Players Overview:

  • GE
  • Secure meter Limited
  • Itron, Inc.
  • Landis+Gyr
  • Kamstrup
  • ZPA Smart Energy
  • Siemens
  • Xylem Inc.
  • ABB
  • Holley Technology Ltd
  • Jabil
  • Honeywell
  • Xemex
  • EDMI Limited

Key Market Driver Initiative for smart grid monitoring

Key Market Restraint Health, security and privacy concern

For more information in the analysis of this report, visit https://www.fortunebusinessinsights.com/industry-reports/smart-electric-meter-market-100749

Segmentation

1. By Type

  • Advanced Metering Infrastructure
  • Auto Meter Reading

2. By Application

  • Residential
  • Commercial
  • Industrial
  • Others

3. By Geography

  • North America (U.S. and Canada)
  • Europe (Italy, Sweden, Spain, Denmark, France, Germany, UK, and Rest of Europe)
  • Asia Pacific (China, South Korea, Japan, India, Australia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East and Africa (South Africa, GCC and the Rest of the Middle East and Africa)

Key Industry Developments

  • In April 2019, Landis+Gyr has been selected by Ameren Missouri’s smart meter project for the deployment of 1.4 million advanced meters and a utility IoT network.
  • In February 2019, Smart Metering System (SMS) plc is pleased to announce that it has signed an agreement with Co-operative Energy Limited to provide smart meter installation services and meter asset providers. Under the agreement, SMS has been appointed as an authorized partner to fund and install a domestic smart meter on behalf of Co-operative Energy Limited.
  • In July 2018, Energy Efficiency Services Limited (EESL), a power ministry of the Indian government signed a pact with Uttar and and Dakshin Haryana Bijli Vitran Nigam to install 1 million smart electricity meters in the state. Under the agreement, EESL will fund, build, operate and manage the smart metering solution implementation. These meters enable the consumer to monitor their consumption pattern and reduce power wastage.

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Fortune Business Insights in a report, titled “Smart Electric Meter Market Size, Share and Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026 ” predicts the global market to exhibit a CAGR of7.95% between 2018 and 2026. In addition to this, the market was valued atUSD 16.39 Billion in the year 2018. The report outlines the present scenario of the global market by offering key insights into the trends and drivers stimulating growth. In addition to this, it offers a detailed competitive landscape by covering key developments of some of the leading players. It also showcases information on all the major segments and their respective market share.

Adoption of Smart Electric meter to Overcome the Rising Concern on Energy Consumption

The rising demand rather needs for electricity along with the increasing population withy rural electrification has led to the increasing process of electricity across several countries. Smart electric meter offer numerous advantages to electric companies which include real-time data to avoid power outages, instant and precise monitoring of the system, and reduction of electricity cost as per demand. These smart meter offer advantages to customers by providing them constant feedback on the usage of electricity, reducing system failures or blackouts, and enables automatic adjustment of power usage to control high-priced bills. Considering the concerns regarding high energy consumption, the adoption of smart electric meter is expected to augment by 2026. Smart electric meter enable two-way communication between the system and consumer through new technologies such as General Packet Radio Service (GPRS). This further helps to save energy and eventually result in reducing energy emissions. Another major trend observed in this market is that people are shifting towards moving the concept of smart homes. This has led to the emergence of automatically controlling the light, energy, and electricity to avoid energy wastage. Therefore, the demand for smart electric meter in increasing at a remarkable rate.

China to Witness the Maximum Deployment of Smart Electric meter. Asia Pacific to Dominate

In 2018, the market in Asia Pacific was valued at USD 9.13 Billion and is projected to hold the maximum share in the global market through the forecast years. The smart metering industry is gaining a lot of traction in China owing to the highest deployment of smart electric meter. People prefer direct communication than manual meter reading between end-user and companies. This is further increasing the adoption of smart electric meter across the countries of Asia Pacific. Apart from Asia Pacific, market in North America and Europe is estimated to register moderate growth over the projected horizon.

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Table of Content

5. Global Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026

5.1. Key Findings / Summary

5.2. Market Analysis, Insights, and Forecast By Type (USD Billion)

5.2.1. Advanced Metering Infrastructure

5.2.2. Auto Meter Reading

5.3. Market Analysis, Insights and Forecast By Application (USD Billion)

5.3.1. Residential

5.3.2. Commercial

5.3.3. Industrial

5.3.4. Others

5.4. Market Analysis, Insights and Forecast By Region (USD Billion)

6. North America Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026

6.1. Key Findings / Summary

6.2. Market Analysis, Insights, and Forecast By Type (USD Billion)

6.2.1. Advanced Metering Infrastructure

6.2.2. Auto Meter Reading

6.3. Market Analysis, Insights and Forecast By Application (USD Billion)

6.3.1. Residential

6.3.2. Commercial

6.3.3. Industrial

6.3.4. Others

6.4. Market Analysis, Insights and Forecast By Country (USD Billion)

6.4.1. U.S.

6.4.2. Canada

7. Europe Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026

7.1. Key Findings / Summary

7.2. Market Analysis, Insights, and Forecast By Type (USD Billion)

7.2.1. Advanced Metering Infrastructure

7.2.2. Auto Meter Reading

7.3. Market Analysis, Insights and Forecast By Application (USD Billion)

7.3.1. Residential

7.3.2. Commercial

TOC Continued…!

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