Smart meters are electronic machines that accurately monitor gas, electricity, and water usage. These smart meters can send usage information through radiofrequency electromagnetic radiation (RF), power line communication, and cellular communication, helping the utility company to manage energy usage effectively. Smart meters provide various benefits such as preventing disconnection, reducing meter reading costs, re-connection costs to corporations and consumers, and removing inefficiencies in billing.
Market Drivers, Restraints, and Opportunities
Smart electric meters can help the end-users monitor their electricity consumption data and thus customize their usage based on the electricity tariff rates. However, smart electric meters are efficient devices that measure remote meter connection and disconnection and electrical consumption, reporting, fault detection, and analysis of the consumed electricity in units on a day-to-day basis. Smart meters can also help in voltage & power quality monitoring and collecting & storage of real-time data in the central system. Therefore, a customer can locate their energy consumption data anytime and take proper measures to cut down energy costs. All these provide a reduction in electricity consumption during peak time as customers can calculate, observe, and analyze their usage to decrease the energy consumption during peak hours, thereby effectively managing energy costs. Such essential benefits offered by smart electric meters over the conventional meters have attracted governments and end-users’ attention and thus driven the adoption of smart electric meters over the years.
One of the significant restraints in smart meters’ deployment is the gap between the potential beneficiary and the cost-bearing party vis-à-vis the overall cost and who would bear it. The overall price for the operation and installation of smart meters is very high. Smart meter deployment is extremely capital-intensive for utilities and consumers. Installation costs for deploying smart electric meters are too expensive compared to the traditional electro-mechanical and electronic meters. However, governments are still using conventional analog meters, consequently acting as a restraint for the smart electric meter market.
The implementation of the smart grid is being done to gauge the electricity demand, which they are assumed to create the requisite advanced infrastructure, which would also comprise smart electric meters. However, the development and implementation of smart grids across various countries offer a vast opportunity to the smart electric meter market. The device can also be further used to control the distributed generation of electricity remotely. All these features present a massive opportunity for the smart electric meters market. Apart from that, the adoption of smart electric meters is essential to meet the energy demand and increase operations’ reliability.
Global Smart Electricity Meters Market Segment Insights
The Smart Electricity Meters Market has been segmented into Based on Application; the smart electricity meters market is divided into Commercial, Residential, and Utility. Based on Technology, the global smart electricity meters market has been bifurcated as AMI, AMR. By Phase – Single, Three. Single-phase smart electric meter market will exceed the market during the forecasted period.
Global Smart Electricity Meters Market Region Insights
The Smart Electricity Meters Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, the Asia Pacific Global Smart Electricity Meters Market is holding the largest market share at present and is estimated to show a high compound annual growth rate during the forecasted period. This is mainly because this region has deployed the maximum number of smart electricity metering systems for the regulatory conditions and standardized policies. This will help the market in this region to flourish during the forecasted period. Besides, Europe is also anticipated to witness remarkable growth during the forecasted period.
COVID-19 Impact On The Smart Electricity Meters Market
The pandemic of COVID-19 has overdue a wide range of projects, including smart apartments and restructuring & renovation of existing infrastructure, affecting the overall industry growth. However, growing demand for new establishments, including the healthcare sector, will feed the market outlook. The leading market players focus on over-compensating coronavirus’s impact by improving the operations as the prospect arises to drive gradual business growth by the last quarter of 2020.
Market Share Insights
Vendors in the market focus on expanding the customer base to gain a competitive edge in the market and take numerous strategic initiatives, such as partnerships, acquisitions and mergers, and collaborations with other key players. Below mentioned is the list of several companies engaged in the global Smart Electricity Meters market.
Some of the major key players in the Global Smart Electricity Meters Market include Itron Inc., Landis + Gyr Ltd., GE Energy Company, Elster Group, Sensus USA Inc., Silver Spring, Jiangsu Linyang, Echelon, Holley Metering, NeoSilica, Jabil, Cyan Holdings Plc, ABB Ltd., ZPA Smart Energy, Enel.
The global Smart Electricity Meters market research presents detailed information regarding several insights into the industry. Some of them are growth drivers, restraints, regional analysis, competitive landscape, and challenges. The information gathered in the article has been taken from some primary and secondary sources.