Smart Electric Meter Market to Witness Rising Demand in Asia Pacific – A Significant Factor Aiding its Expansion, says Fortune Business Insights

Pune, India, Sept. 28, 2021 (GLOBE NEWSWIRE) -- The global smart electric meter market is anticipated to reach USD 30.19 Billion by 2026.  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 meterthat 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 traditional electric meter, smart meter maintain 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 meteris penetrating into developing as well as developed nations.

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Some of the leading players in the Smart Electric Meter Market are:

  • GE
  • Secure Meter Limited
  • Itron, Inc.
  • Landis+Gyr
  • Kamstrup
  • ZPA Smart Energy
  • Siemens
  • Xylem Inc.
  • ABB
  • Holley Technology Ltd
  • Jabil
  • Honeywell
  • Xemex
  • EDMI Limited

Report Scope & Segmentation -

Report Coverage Details
Forecast Period 2019-2026
Forecast Period 2019 to 2026 CAGR 7.95 %
2026 Value Projection USD 30.19 Billion
Base Year 2018
Market Size in 2018 USD 16.39 Billion
Historical Data for 2015-2017
No. of Pages 140
Segments covered Type; Application; Regional
Growth Drivers Cost Savings And Operational Advantages Will Augment The Market Growth.
 Increased Awareness Regarding Energy Usage Brought In By Smart Electric Meter

Pitfalls & Challenges
Advanced Metering Infrastructure Will Dominate The Market Owing To Its Increasing Adoption

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, 2019-2026”predicts the global market to exhibit a CAGR of 7.95% between 2018 and 2026. 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.

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Adoption of Smart Electric Meter to Overcome the Rising Concern on Energy Consumption

The rising demand rather needs for electricity along with the increasing population withy rural electrification has led to the increasing process of electricity across several countries. Smart electric meteroffers numerous advantages to electric companies which include real-time data to avoid power outages, instant and precise monitoring of the system, and reduction of electricity cost as per demand. These smart meter offer advantages to customers by providing them constant feedback on the usage of electricity, reducing system failures or blackouts, and enables automatic adjustment of power usage to control high-priced bills. Considering the concerns regarding high energy consumption, the adoption of smart electric meter is expected to augment by 2026. Smart electric meterenables two-way communication between the system and consumer through new technologies such as General Packet Radio Service (GPRS). This further helps to save energy and eventually result in reducing energy emissions. Another major trend observed in this market is that people are shifting towards moving the concept of smart homes. This has led to the emergence of automatically controlling the light, energy, and electricity to avoid energy wastage. Therefore, the demand for smart electric meter in increasing at a remarkable rate.

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China to Witness the Maximum Deployment of Smart Electric Meter. Asia Pacific to Dominate 

In 2018, the market in Asia Pacific was valued at USD 9.13 Billion and is projected to hold the maximum share in the global market through the forecast years. The smart metering industry is gaining a lot of traction in China owing to the highest deployment of smart electric meter. People prefer direct communication than manual meter reading between end-user and companies. This is further increasing the adoption of smart electric meter across the countries of Asia Pacific. Apart from Asia Pacific, market in North America and Europe is estimated to register moderate growth over the projected horizon. 

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Table Of Content

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
    • Value Chain Analysis
  • Global Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type (USD Billion)
      • Advanced Metering Infrastructure
      • Auto Meter Reading
    • Market Analysis, Insights and Forecast – By Application (USD Billion)
      • Residential
      • Commercial
      • Industrial
      • Others
    • Market Analysis, Insights and Forecast – By Region (USD Billion)
      •  North America
      •  Europe
      •  Asia Pacific
      •  Latin America
      •  Middle East & Africa
  • North America Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type (USD Billion)
      • Advanced Metering Infrastructure
      • Auto Meter Reading
    • Market Analysis, Insights and Forecast – By Application (USD Billion)
      • Residential
      • Commercial
      •  Industrial
      • Others
    • Market Analysis, Insights and Forecast – By Country (USD Billion)
      • U.S.
      •  Canada
  • Europe Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights, and Forecast – By Type (USD Billion)
      • Advanced Metering Infrastructure
      • Auto Meter Reading
    • Market Analysis, Insights and Forecast – By Application (USD Billion)
      • Residential
      • Commercial
      •  Industrial
      •  Others

TOC Continued…!

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