Smart Meters Market To be Dominated by Surging Construction Activities
High blackouts and utility
failures is a significant factor driving the growth of the Global Smart Meters
market in the forecast period of 2024-2028.
According to TechSci Research
report, “Smart Meters market – Global
Industry Size, Share, Trends, Competition, Opportunity And Forecast, 2018-2028”. The Global Smart
Meters Market is projected to expand in the coming years. Smart meters track both the
energy used, and the energy added to the network. The information is
transmitted on a regular basis to distribution network operators. Smart Meters
also pass it on to the energy supplier for billing purposes. One of the potentials
of smart meters is more precise measurement and billing, which is frequently
combined with dynamic pricing.
The main reason smart meters
are referred to as smart is that they allow for two-way communication, can
connect to other devices like smart appliances and home equipment, and can be
monitored and controlled remotely by the distribution service operator (DSO).
The utility energy use on the
device or outlet to which it is connected is monitored by a smart meter. For
instance, a smart meter connected to a natural gas line keeps track of how many
units of electricity are consumed. The meter smart feature allows it to control
the flow of the resource in use, such as natural gas, water, or electricity.
The meter can also be controlled from a distance.
Smart meter is an important
component of the smart grid network that aids in remote monitoring of
electricity supply using communication and wireless technologies. Smart meters
enable two-way communication between the meter and central system wherein,
users have the option of transferring surplus power generated at the consumer’s
end through solar power panels, back to the grid. To reduce domestic
consumption of natural gas for electricity generation, the government is
encouraging use of renewable sources. Further, increasing government focus to
enhance electricity transmission and distribution efficiency has led to the
roll out of smart meter implementation program.
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"Global Smart Meters Market"
The Global
Smart Meters market is
segmented based on technology, type, application, region, and competitive landscape.
The Global
Smart Meters Market has been segmented by application into residential,
commercial, and industrial segment. This trend is likely to continue in the
years to come.
In terms of region, the
market for smart meters in the Asia-Pacific region accounted for a sizable
portion of the market for smart meters worldwide. The huge demand for smart
meters in nations like China, India, and Japan is booming smart meter market.
The nations are concentrating on installing smarter power networks, enabling
grid reliability, upgrading, and replacing dated infrastructure. The factors
driving this demand in Asia-Pacific is favorable government initiatives, such
as proper funding allocation and making smart meters mandatory in many
countries.
Smart meter competition
refers to the competition among companies to provide and install smart meters,
which are advanced digital meter systems used to measure and track energy
consumption in homes and businesses. The competition is driven by the
increasing demand for more accurate and efficient energy management systems, as
well as the need for better integration of renewable energy sources into the
power grid. Companies in this market compete on factors such as technology,
pricing, customer service, and installation processes.
The level of competition
in the smart meter market is moderate. Most the industry's major vendors are
actively focusing on research and development to improve the quality of existing
and upcoming digital meters. They are also focusing on product launches and
partnerships to improve product features and expand their global consumer base.
Key players in global
smart meters market are:
- Landis+Gyr
- Itron,
Inc.
- Elster
Group GmbH
- Sensus
USA Inc.
- Hubbell
Incorporated
- Diehl
Stiftung & Co. KG
- Emerson
Process Management LLP
- Badger
Meter, Inc.
- Flonidan
A/S
- Schneider
Electric SE
To grow business operations and gain a
competitive edge, the market players are forming strategic alliances and partnerships.
- To provide an intelligent solution for
supply, Kamstrup and Hjrring water utility formed a partnership in January
2022. Kamstrup offers a comprehensive solution that includes infrastructure, a
remote reading system, installation, and use of Kamstrup's flowIQ 2200 metres.
With the help of new technology, businesses can operate more efficiently, and
consumers can better monitor their consumption.
- To reduce the carbon footprint, Diehl
Metering has partnered with Pöppelmann France. Pöppelmann develop a water meter
protection cap made of post-consumer polyethylene. On average, PCR-PE emits at
least four times less CO2 and consumes at least three times less energy during
production than virgin PE.
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“Global Smart Meters Market
is expected to thrive a more stable and efficient grid by tracking electricity
demand more precisely. This means that less investment will be required to
fortify the grid by raising energy bills, resulting in lower power costs for
consumers. Smart meters are also expected to improve grid management
and are major focus areas for smart grid projects.”, said Mr. Karan Chechi,
research director with TechSci research, a research-based global management
consulting firm.
“Smart
Meters Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028, Segmented By Technology (Automatic Meter Reading (AMR), Advanced
Metering Infrastructure (AMI)), By Type (Energy, Water and Gas), By Application
(Industrial, Commercial, and Residential), By Region, By Competition”, has evaluated the future
growth potential of global Smart Meters market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global Smart Meters market.
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