Smart Meters Market Analysis, Future Growth, Business Prospects and Forecast to 2023

Smart Meters Market Research Report- Forecast to 2023

Smart Meters Market Analysis, Future Growth,

Business Prospects and Forecast to 2023

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Copyright Š 2018 Market Research Future.

Smart Meters Market Research Report- Forecast to 2023

1 Summary Smart meters have increased in popularity lately due to the need for high accuracy in meter readings while simultaneously achieving savings due to real time results. The real-time results in smart meters are enabled due to a secure national communication network (called the DCC) wirelessly and automatically sends the actual energy usage data to your provider. As the billing of energy output for gas and electricity is significantly reliant on meters, the demand for smart meters has grown gradually in the past few years due to the efficiency offered by them. The market is projected to make revenues worth USD 29,583.1 million while expanding at a CAGR of 9.55 percent approximately in the duration of the forecast period from 2017 to 2023.

Top Key Players:

The significant players profiled in the report consist of Siemens AG. (Germany), Landis+Gyr (Switzerland), Schneider Electric (France), Aclara Technologies LLC (U.S.), Zenner (Germany), Xylem, Inc. (U.S.), Honeywell International Inc. (U.S.). Itron Inc. (U.S.), EDMI (Singapore), Apator Group (Poland), Badger Meter, Inc. (U.S.), DIEHL Metering (Germany), and Kamstrup A/S (Denmark) among others.

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Smart Meters Market Research Report- Forecast to 2023

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Market Overview

The smart meters market is set to develop at a swift pace, chiefly, due to government roll-outs, and implementations of mandates & policies, especially in developed economies. The supportive government initiatives in many countries globally are substantially powering the growth of the market. Moreover, the benefits of smart meters such as improved customer experience, accurate billing, and enhanced customer service are anticipated to be the key drivers for the smart meter market in emerging countries. Intensifying consumption of gas, together with the escalating energy expenses will also fuel the demand for smart gas metering systems in the upcoming period.

Segments:The segment-wise analysis of the market is carried out on the basis of type, technology, and application.

By type, the segment comprises of electric meters, gas meters and water meters. Electric meters lead the type segment of the smart meter market. They are the most extensively used smart meter type. It accounted for the market share of 55.6 percent in 2016. The segment is expected to grow at 9.56 percent CAGR during the forecast period. The technology-based segmentation of the market comprises of advanced metering infrastructure (AMI) and automatic meter reading (AMR). AMI is projected to be the most rapidly rising technology of the market. AMI is expected to grow at a fast CAGR of 9.77 percent during the forecast period. The application based segmentation of the market comprises of residential, commercial and industrial. The residential segment is the top rising segment in the global smart meter market owing to the growing population and urbanization. The segment is likely to develop at 9.81 percent CAGR during the forecast period.

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Smart Meters Market Research Report- Forecast to 2023

3 Market Research Analysis The Asia Pacific region is a major market for smart meter globally. Increasing smart cities projects in countries like Thailand, India, China, and others which are driving the growth of the market significantly.

As the demand for energy in the region is high due to the rising population level and enhancement in the lifestyle in the region. This has led to an upsurge in investment in T&D, which will raise the demand levels in the market. The Asia Pacific region is likely to develop at the highest CAGR of 9.91 percent through the forecast period. China is the world’s major market for the power transmission & distribution and is also the key consumer of smart grid technology. China’s pledge towards green development will create a tremendous requirement for smart grid technologies.

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Copyright Š 2018 Market Research Future.

Smart Meters Market Research Report- Forecast to 2023

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Copyright Š 2018 Market Research Future.