The global Smart Electric Meter Market is anticipated to reach USD 30.19 Billion by 2028. Electricity plays a crucial role in the energy and power industry. The rising need to maintain data with an aim to avoid any unaccounted consumption is fueling demand for smart electric meter. These meter help to enhance the efficiency of power networks as they are fully digitized and involves measuring and collecting data. These meter act as strong pillars behind the intelligence power grids. Now, companies are developing “smart electric meter “that can not only collect data rather gather it for consumption billing. Such factors have compelled consumers to replace their traditional meter with smart and advanced electric meter. These new electric meter can monitor the electricity consumption on a daily or monthly basis and directly sends the meter readings to the company. There is no manual operational activity involved in either producing a bill or noting the readings. Spurred by this advantage, the Smart Electric Meter Market is expected to grow at a promising rate in the forthcoming years. As compared to the traditional electric meter, smart meter maintains transparency with regards to bill generation between consumers and electric companies. Owing to the rising adoption of renewable energies such as wind and solar energy, the smart electric meter is penetrating into developing as well as developed nations.
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Top Players Overview:
- Secure meter Limited
- Itron, Inc.
- ZPA Smart Energy
- Xylem Inc.
- Holley Technology Ltd
- EDMI Limited
Key Market Driver – Initiative for smart grid monitoring
Key Market Restraint – Health, security and privacy concern
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1. By Type
- Advanced Metering Infrastructure
- Auto Meter Reading
2. By Application
3. By Geography
- North America (U.S. and Canada)
- Europe (Italy, Sweden, Spain, Denmark, France, Germany, UK, and Rest of Europe)
- Asia Pacific (China, South Korea, Japan, India, Australia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
Key Industry Developments
- In April 2019, Landis+Gyr has been selected by Ameren Missouri’s smart meter project for the deployment of 1.4 million advanced meters and a utility IoT network.
- In February 2019, Smart Metering System (SMS) plc is pleased to announce that it has signed an agreement with Co-operative Energy Limited to provide smart meter installation services and meter asset providers. Under the agreement, SMS has been appointed as an authorized partner to fund and install a domestic smart meter on behalf of Co-operative Energy Limited.
- In July 2018, Energy Efficiency Services Limited (EESL), a power ministry of the Indian government signed a pact with Uttar and & Dakshin Haryana Bijli Vitran Nigam to install 1 million smart electricity meters in the state. Under the agreement, EESL will fund, build, operate and manage the smart metering solution implementation. These meters enable the consumer to monitor their consumption pattern and reduce power wastage.
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Fortune Business Insights in a report, titled “Smart Electric Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2019-2028” predicts the global market to exhibit a CAGR of 7.95% between 2018 and 2028. In addition to this, the market was valued at USD 16.39 Billion in the year 2018. The report outlines the present scenario of the global market by offering key insights into the trends and drivers stimulating growth. In addition to this, it offers a detailed competitive landscape by covering key developments of some of the leading players. It also showcases information on all the major segments and their respective market share.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
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Table of Content
5. Global Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
5.2.1. Advanced Metering Infrastructure
5.2.2. Auto Meter Reading
5.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
5.4. Market Analysis, Insights and Forecast – By Region (USD Billion)
6. North America Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
6.2.1. Advanced Metering Infrastructure
6.2.2. Auto Meter Reading
6.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
6.4. Market Analysis, Insights and Forecast – By Country (USD Billion)
7. Europe Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2028
7.1. Key Findings / Summary
7.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
7.2.1. Advanced Metering Infrastructure
7.2.2. Auto Meter Reading
7.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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