Smart Meters are communicable devices that send energy usage information via radiofrequency electromagnetic radiation (RF) to a utility company. Smart meters help to reduce meter reading cost, inefficiencies in billing, disconnection and re-connection costs to the corporations, utilities as well as consumers. Factors driving the smart meters market include stringent government policies, rise in smart grid deployment, growing demand for energy, increasing investments in power sector and utilities urge in enhancing their distribution efficiency.
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Market share analysis, by revenue, of the top companies is also included in the report. The scope accordingly aids market participants to identify high growth markets and help managing key investment decisions. For this report, major players in the smart meters market have been identified via various primary and secondary sources, which include annual reports of top market players, interviews with key opinion leaders such as CEOs, directors, and marketing people.
Global smart meters market was estimated at 59.6 million units in 2012. Government initiatives for increasing the number of installations for smart meters on account of its energy conservation functionality will play a vital role in the growth of the product.
Growing consumer awareness about energy consumption is also likely to propel the demand over the forecast period. Smart meters allow for easy monitoring and managing the consumption of electricity by consumers on a daily basis routine. Rising demand for smart meters among energy suppliers is expected to boost the market growth to resolve power outages, hardware faults and to enhance promptness in delivery customer service.
Global demand is expected to reach 165.5 million units generating revenues worth USD 22.18 billion by 2020. Smart meters are an effective technology to control rising level of radioactive emissions in the eco-system, and thus, various environment protection policies are initiated to favor smart meters installation over the next few years.
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Increasing demand for eco-energy and effective transmission facilities further add to the steady growth of smart meter market in the current scenario. Integrated value chain with the presence of information sharing referring to its usage rate and tariff amount is key competitive advantages for the industry players.
Residential applications accounted for 82.6% of the global shipments in 2012 and the trend is anticipated to continue over the forecast period. An increasing number of installation in housing apartments and bungalows is projected to drive growth at 10.0% CAGR from 2014 to 2020. However, this segment accounted for a significantly smaller market share in terms of revenue in 2012.
Commercial applications accounted for more than 35% of the global revenue in 2013 and is expected to grow in the future owing to the growing demand for electricity meters with a high level of flexibility. The market is also driven by administrative regulations, aligned expenses and growing awareness for energy conservation.
Europe and North America smart meter market are projected to foresee a favorable growth in the near future owing to favorable administrative and regulatory policies in these regions. The European market is expected to grow substantially owing to an increasing focus on energy conservation to achieve drop-down usage rate of electricity.
Asia Pacific contributed to 35% of the revenue share in 2015 and is expected to grow at a CAGR of 10.4% from 2016 to 2020 on account of increasing demand for smart grid projects to achieve enhanced power supply over the forecast period. China is an emerging market for smart meters and is predicted to increase at a significant rate on account of the expansion of smart grid project and supportive regulations with a focus on sustainable energy consumption.
Key industry players include Echelon, Itron, Sensus, Holley, Elster, Aclara, Jiangsu Linyang and Landis+Gyr. Market share analysis, by revenue, of the top companies is also included in the report
Segmentation covered in report;
By Type
Smart Electric Meters
Smart Water Meters
Smart Gas Meters
By End User
Residential
Commercial & Industrial
By Region
Asia
North America
Europe
RoW
The scope of report aids market participants to identify high growth markets and help managing key investment decisions in smart Meters Market.
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