The Smart Meters Market is estimated to register a CAGR of 6.5% over the forecast period (2019
Market Overview The Smart Meters Market is estimated to register a CAGR of 6. 5% over the forecast period (2019-2024). Smart grids are being implemented around the world with the aim of improving the efficiency of power networks.
New York, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Meters Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05815058/?utm_source=GNW Smart electricity meters, which are an integral part of smart grids are thus being adopted around the world. Countries around the world are adopting emission control regulations in order to tackle the environmental effects caused by pollution.
- Owing to the primary concern of increasing energy consumption, smart meters have witnessed an increase in their adoption, as they enable two-way communication between the meter and the central system employed by the utilities. - Large-scale adoption of smart meters is a significant measure towards future-ready technologies. Smart meters pave the way for the distribution and smart grid, as they enable two-way real-time communication between DISCOMs and consumers through GPRS technology. This has resulted in several ongoing projects, turning towards smart meters for enabling efficient management and utilization of gas, water, and electricity resources. - Moreover, this trend of energy efficiency, coupled with an increased focus on comfort and developing lifestyles, has led to the expansion of the smart homes concept, where automatic control of electricity, light, and energy is required to avoid the wastage. - Due to the growing demand, increasing water stress, rising energy prices, and aging water systems, smart water solutions have emerged with significant benefits by combining advanced technology, software, and effective communications systems.
Scope of the Report Smart meters represent a transformative technology for the utility industry and its customers. These technologically advanced meters enable greater insight into the usage of energy and, in the case of smart electric meters, provide enhanced control of the electrical grid. The other meters such as the smart gas meters and smart water meters provide the consumption patterns and further encourage the efficient management of resources.
Key Market Trends Industrial Segment to Witness Highest Growth in Smart Electricity Meters Segment
- Smart electric meter plays a significant role in the industrial, residential, manufacturing, and commercial sectors, as this meter measures the energy consumed by the consumers. The increasing smart grid investments and the surge in the rate of integration of renewable sources of power generation to the existing grids, along with increasing R&D refurbishment activities in developed economies, are expected to support the growth of the global smart electric meter market. - The continually evolving government framework and policies are increasing the rate of installations in the residential, commercial, and industrial sectors. Countries, such as China and the United States, have witnessed a high-scale deployment of smart meters, mainly due to the continuous support from the respective governments. - With the rising energy prices and environmental concerns, regarding power generation and distribution, industries are seeking new time-efficient and cost-effective measures to manage power generation and distribution, all over the world. - In the industrial sector, the adoption of a smart meter is helping the major players in the manufacturing segment, to optimize energy consumption levels, as a smart meter can facilitate a greater control by users over the energy usage.
Asia-Pacific to Witness Highest Growth in Smart Gas Meters
- China is making significant infrastructural investments to lay a new 40,000 km new gas pipeline that is expected to connect 470 million new people (according to GSMA). Such investments provide opportunities for the deployment of smart meters while considering the functional benefits that the smart metering infrastructure can provide. - Investment of Japanese companies, such as Jera Co., in the Indian natural gas sector, in order to increase their footprint in the country, is expected to favor the demand for gas meters, as these companies plan adopt advanced technological devices, such as smart gas meters. - Tata Communications, a leading digital infrastructure provider and Mahanagar Gas Ltd. (MGL), a prominent natural gas distribution company. Both the companies had collaborated to install more than 5,000 smart gas meters in Mumbai City, Maharashtra. - Additionally, one of India’s leading natural gas distribution company, Indraprastha Gas Limited (IGL), is all set to the roll-out of its pre-paid smart gas metering system, which will be deployed over a LoRaWAN IoT network of Tata Communications. As the first stage of deployment, 5,000 pre-paid Genesis smart gas meters have been installed in Rewari by IGL.
Competitive Landscape The smart meters market is highly competitive and consists of several major players. The market is fragmented owing to the presence of many small and large players. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic innovations and collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.
- April 2019 - Badger Meter, Inc. announced that it will supply its next-generation ORION Cellular smart water communication endpoints to Aurora Water in Colorado. - December 2018 - Landis+Gyr announced a series of project and contract updates involving advanced metering deployments at Evergy Inc. subsidiaries, Kansas City Power & Light Company (KCP&L) and Westar Energy Inc.
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