Europe
Smart Meter Market is anticipated to register an impressive CAGR during
the forecast period. When
implementing smart meters in any nation, favorable regulations and legislation
are key considerations. The region's implementation of smart meters is
anticipated to be accelerated by the government's increased support and major
investments. European governments are developing a number of policies to
encourage the use of meters.
Due
to their two-way communication feature, smart meters are being adopted more
frequently in the area for various deployments, including electricity, gas, and
water. This feature allows for real-time tracking of utility usage by both
utility suppliers and consumers, as well as encourages remote supply starting,
reading, and cutting off by the supplier.
Deploying
smart meters makes it possible to put in place Home Energy Management Systems
(HEMS) or Building Energy Management Systems (BEMS), which let the owner see
how much electricity is used by specific residences or entire buildings.
As
smart grids are able to dynamically optimize supply and foster the supply of
large amounts of electricity from renewable energy sources like solar power,
digitization is accelerating and modernizing energy efficiency measures at an
even faster rate.
A
smart meter is a device that measures and records electrical еnеrgy consumption
in real time. It can collect data on
voltage, current, and power factors.
Smart meters transmit data to electricity suppliers for system monitoring and
customer billing as well as to consumers for better understanding of
consumption patterns. Smart meters often report periodically at brief intervals
throughout the day and record energy in close to real-time. Smart meters allow
for two-way communication between the central system and the meter. As opposed
to automatic meter reading (AMR), this advanced metering infrastructure (AMI)
provides two-way communication between the meter and the supplier. The meter
and the network may communicate wirelessly or by fixed cable connections like
power line carriers (PLC). Cellular
communications, wi-fi, wireless ad hoc networks over wi-fi, wireless mesh
networks, low power long-range wireless (LoRa), Wize (high radio penetration
rate, open, using the frequency 169 MHz), Zigbee (low power, low data rate
wireless), and Wi-SUN (Smart Utility Networks) are examples of wireless
communication technologies that are frequently used.
Modernization
and Upgradation of Grids to Surge Installations
Worldwide
demand for energy has risen recently due to population growth. Due to this, new
technologies and alternative energy sources, like district heating and CHP
(combined heat and power plants), have become available for the creation of
electricity. These have increased the need for brand-new grids and the
upgrading of existing ones. Utilities were compelled by their growing client
base to implement systems that guarantee efficient handling of energy usage
data. As smart meters fulfil many of the needs of utilities and customers, this
is one of the key trends that shall positively influence the market for
customers. For instance, data storage for specific consumers, automatic payment
on a monthly basis, leak detection, financial advantages, and preventing any
unneeded losses. Following this pattern, the market is anticipated to propel
during the forecast years.
Promoting
Sustainable Energy Management to Drive the Market
Government
in Europe is concentrating on sustainable energy management in light of the
rising energy demand and the depletion of conventional energy sources. These
actions include smart meters as well as other measures. This is due to the
meter support in preventing energy wasting, assistance in locating the fault,
and guaranteeing quick correction. These meters have the capability to alert
the consumer about high and low usage. The smart metering system can map the
energy use along the supply chain and the subsequent hassle-free billing
processes. As a result, more service providers are installing these systems,
which is fueling the market for smart meters.
Increasing
Mobile Device Management Activities to drive Market Growth
Mobile
device management operations have accelerated across numerous markets as a
result of the expanding adoption of advanced technology in a variety of
disciplines. This trend is anticipated to continue in this market because it
offers benefits to both service providers and users through the smart meter
app, which enables customer monitoring. Additionally, as Internet of Things
(IoT) integration grows, algorithms are making it possible to control supply
chains precisely without the need for human intervention. This lessens the
likelihood of mistakes and malfunctions thus propelling market growth during
the forecast period.
Fast-Paced
installation by European countries
According
to a report by FlexiDAO in 2021, a startup based in Amsterdam and Barcelona,
many countries have currently installed more than 50% smart meters. Countries
such as Estonia (98.9%), Finland (97.3%), Spain (99.6), Sweden (97.3%), Italy
(98.5%), Norway (97%), France (80%) and United Kingdom (50%) are in this
category. Many of these countries are on the verge of completing their
projects.
Download Free Sample Report
Power
Grid connectivity between European countries
One
of the three priority topic areas for the Trans-European Networks for Energy
(TEN-E), which aims to assist customers better manage their energy consumption,
integrate renewable energy, and complete the European energy market, is the
deployment of smart grids. To develop cross-border energy infrastructure in the
EU, smart grid initiatives that support this and have a major impact on energy
markets and market integration in at least two EU countries are known as Projects
of Common Interest (PCI). The Smart Grid Regional Group formed under the TEN-E
Regulation evaluates and recommends the smart grid projects that apply for a
PCI label for inclusion in the Union list of PCIs. There were 6 smart grid
projects on the PCI list for 2019.
The
European Union is investing in a number of cross-border energy infrastructure
projects that aim to improve the security and efficiency of the energy grid.
These projects include SINCRO.GRID, ACON, Smart Border Initiative, Danube
InGrid, Data Bridge, etc. SINCRO.GRID is a cutting-edge combination of
tried-and-tested technological solutions that work together to simultaneously
enhance the operational security of Slovenia and Croatia's energy networks.
While
ACON's (Again COnnected Networks) is a project with principal objective is to
promote the integration of the electrical markets in the two countries.
Moreover, the Smart Border Initiative shall link policies created by France and
Germany to promote their cities' and regions' energy transition plans and
integration into the European market. Also, with a focus on smartening data
collection and exchange, the Danube InGrid initiative improves cross-border
coordination of power network management. Additionally, the project Data Bridge
aspires to create a common European Data bridge Platform, allowing integration
of various data kinds (smart metering data, network operational data, and
market data), with the goal of creating scalable and reproducible solutions for
the EU.
These
projects are an important part of the EU's strategy to create a more integrated
and efficient energy market. They help to ensure that the EU has a secure and
sustainable energy supply, and they also contribute to the fight against
climate change.
Recent Developments
· By
2024, it is anticipated that the EU members shall install 266 million smart
meters, representing a total investment of more than USD46 billion and a 92%
penetration rate. In addition, the maximum lifespan is set at 12 years for all
the installed meters.
· The
Advanced System for Remote Meter Reading Project was one of five renewable
energy projects to receive 127 million euros from the European Union in April
2022. The Serbian government mentioned that it is expecting to complete the
installation of smart meters in all of the country's cities and towns by 2025.
The money will go towards the installation of smart meters in Kraljevo, Cacak,
and Nis initial phase.
· The
purchase of UK energy infrastructure operator Smart Meter Assets 1 Ltd (SMA)
from BUUK Infrastructure was announced in April 2021 by GLIL Infrastructure and
Arcus Infrastructure Partners. In the UK electricity and gas industries, SMA is
a provider of meter assets, financing and leasing smart meters to energy companies
under long-term contracts. Over 2 million smart meters are anticipated to be
deployed by SMA, which now has a portfolio of over 1.6 million installed meters.
Utility Warehouse and OVO Energy are SMA's two main clients. Additionally, it
has agreements with the majority of domestic energy providers, giving it
contracted coverage for 90% of its meter portfolio. SMA anticipates signing
contracts with more clients in the future, which will increase contracted
cashflows and diversify its clientele.
Market Segmentation
Europe Smart Meter Market is
segmented based on product type, application, technology, and country. Based on
product type, the market is bifurcated into smart energy meters, smart water
meters, and smart gas meters. Based on application, the market is segmented into
industrial, commercial, and residential. Based on technology, the market is
bifurcated into automatic meter reading and advanced metering infrastructure.
Based on country, the market is bifurcated into Germany, United Kingdom, France,
Italy, and Spain.
Market Players
Major market players in the Europe
Smart Meter Market are General Electric (GE), Apator SA, Badger Meter Inc.,
Diehl Stiftung & Co. KG, Elster Group GmbH (Honeywell International Inc),
Itron Inc, Kamstrup A/S, Zenner International GmbH & Co. KG, Sensus (Xylem
Inc.), Arad Group.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018–
2022
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments covered
|
Product Type
Application
Technology
Country
|
|
Regional scope
|
Germany,
United Kingdom, France, Italy, Spain, Rest of Europe
|
|
Key companies profiled
|
General Electric (GE), Apator SA, Badger Meter Inc., Diehl
Stiftung & Co. KG, Elster Group GmbH (Honeywell International Inc), Itron
Inc, Kamstrup A/S, Zenner International GmbH & Co. KG, Sensus (Xylem
Inc.), Arad Group.
|
|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, Europe Smart Meter Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
·
Europe Smart
Meter Market, By Product Type:
o Smart Energy Meters
o Smart Water Meters
o Smart Gas Meters
·
Europe Smart
Meter Market, By Application:
o Industrial
o Commercial
o Residential
·
Europe
Smart Meter Market, By Technology:
o Automatic Meter Reading
o Advanced Metering Infrastructure
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Europe Smart Meter Market.
Available Customizations:
Europe Energy as a Service With the given market
data, Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company Information
·
Detailed
analysis and profiling of additional market players.
The Europe Smart Meter
Market is an upcoming report to be released soon. If you wish an early
delivery of this report or want to confirm the date of release, please contact
us at [email protected]