Global smart electric meter market is valued approximately at USD 9.3 billion in 2018 is anticipated to grow with a healthy growth rate of 4.11 % over the forecast period 2019-2026. The emergence of efficient data monitoring systems is considered as a key trend for the smart electric meter market over the forecast period. Since, it plays a crucial role in smart electric meter and can be deployed to meet regular demand for energy and power. Furthermore, increasing adoption of smart grid technologies is expected to create lucrative growth opportunities for the global Smart Electric Meter market over the forecast period of 2019-2026.
The growth of the smart electric meter market is attributed owing to the increase in investments to support smart grid technologies. As, smart grids and meters helps to assist in compensating for looses by controlling the consumption of energy of various electronic devices. As per the China Electricity Council by 2020, the government of China has planned to build three major transmission lines (each of 20 GW of transmission capacity). Further, in 2015, the Chinese government has committed approximately $101 billion to develop and enhance smart grid technology. Similarly, the Smart America Organization estimates that, government of United States has invested nearly $41 trillion with an aim to upgrade and modernize smart-grid infrastructure. Through this plan, both China and United States government works to enhance the quality of life for its citizen and to create environmental sustainability. Therefore, the demand and utility of smart electric meter would increase as these devices enable energy suppliers to continuously monitor and control electricity consumption at multiple points in the grid and enables the management of power distribution. However, security issues and high costs are some factors that impedes the growth of the global smart electric meter market during the forecast period.
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Some of the Market players include-
Benchmarking , Landis+Gyr , Itron , Honeywell , Aclara , Microchip Technology , Iskraemeco , Wasion Group , Schneider Electric , Siemens
On the basis of segmentation, the smart electric meter market is segmented into phase, communication technology type and end-user. The phase segment of smart electric meter market is classified single phase and three- phase of which three-phase segment is the expected to emerge as fastest growing segment owing to the deployment of three-phase meters in large commercial and industrial applications. On the basis of communication technology type segment, the market is bifurcated into power line communication, radio frequency and cellular of which power line communication is the dominant segment as it is most commonly used communication technology owing to its advantages such as improved cost-effectiveness for rural lines, existing utility infrastructure of wires and poles and usability in a challenging terrain. The end-user segment includes residential, commercial and industrial of which residential segment led the market due to widespread use of sophisticated electronic, electrical and data equipment.
The regional analysis of smart electric meter market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW. North America dominates the smart electric meter market owing to the regulatory policies and standards to promote enhanced grid management. Whereas, Asia-Pacific exhibits highest growth rate / CAGR over the forecast period 2019-2026. Factors such as government initiatives such as favourable government policies and programs for the implementation of smart grid. For Instance: China, through its 13th Five Year Plan (2016-2020), is gearing towards sustainable energy management. As a result, the adoption for smart electric meters would increase thereby contributing towards the growth of the Asia-Pacific region over the forecast period of 2019-2026.
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Name: Sameer Joshi
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Organization: Premium Market Insights
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