Smart Electric Meter Market: Opportunities and Challenges

Smart Electric Meter Market: Opportunities and Challenges
The smart electric meter market is projected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023.

The global smart electric meter market was valued USD 9.06 Billion in 2017; it is projected to reach USD 11.33 Billion by 2023, growing at a CAGR of 4.11%, during the forecast period.

Electric vehicle and grid integration

According to the IEA global EV outlook 2017, the registration for Electric Vehicles’ (EV) was over 750,000 sales at the end of 2016, accounting for around 1.10% of the total cars sold globally. It represents a small fraction compared to passenger car sales; however, EV sales have registered a multifold growth in the past few years. According to the International Energy Agency (IEA) and Electric Vehicle Initiative (EVI), around 20 million EVs are expected to be on the road globally, by 2020, and 40–70 million by 2025. Japan, the US, and China are some of the key markets for electric vehicles among others. The growth of the EV market has also increased investments from various stakeholders to develop the allied infrastructure such as electric vehicle charging systems. IEA and EVI are aiming to deploy 2.4 million slow chargers and 6,000 fast chargers across 16 EVI countries.

The Netherlands aimed to have 20,000 slow chargers and 100 fast chargers by 2015. The Japanese government is expected to deploy 2 million slow chargers and 5,000 fast chargers across the nation, by 2020. Furthermore, the US deployed 22,000 slow chargers and 350 fast chargers in 2014. Fast charging is an advanced method of vehicle charging and consumes less time compared to slow chargers. Here, a smart electric meter can prove to be useful as it can manage the charging process of EVs from the grid. San Diego Gas & Electric (US) developed a variable vehicle grid integration rate for electric vehicle owners which allow the consumers to understand the difference in electricity rates and understand the different grid connections. Hence, the growth of EV and allied services offered a huge opportunity to the smart electric meter market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=244481146

Cybersecurity & data privacy

Smart equipment, such as a smart electric meter, obtains information and communicates on digital networks. Moreover, this equipment can be controlled over networks, raising concerns regarding data theft and cyber attacks. Cyber threats are the primary concern while developing any network for monitoring and control critical infrastructures.

The cyber attacks targeted toward operational functions could result in loss of equipment control as well as unauthorized external control of equipment, hampering the monitoring process. Such sort of disruptions could range from operational irregularities such as loss of equipment and misinterpretation of the data. Unauthorized access through hacking or a cyber attack could result in the leakage of confidential information, causing heavy losses to companies. Moreover, shortage of human resource to effectively ascertain and mitigate a cyber threat further adds to the problem of data security and cyber attacks. With the growing awareness of cybersecurity, companies are likely to invest in data & network security and implement standard and bespoke security solutions to mitigate this cyberthreat. Considering these potential threats, end-users prefer conventional equipment, as the smart meter technology is misunderstood due to the lack of knowledge. The successful implementation of the smart meter technology requires proper training, and knowledge impartment is imperative. The misuse of this data can pose a national security threat and thus acts as a challenge for the growth of the smart electric meter market.

Request Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=244481146

Key Players:

Key players in the smart electric meter market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).

Browse Related Reports:

Smart Meters Market – Global Forecast to 2022

The global smart meters market is projected to reach USD 20.0 billion by 2022 from an estimated USD 12.8 billion in 2018, at a CAGR of 9.34%. This growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, government policies, and energy conservation.

https://www.marketsandmarkets.com/Market-Reports/smart-meter-366.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/smart-electric-meter-market-244481146.html