Smart Electricity Meter Market Size, Share, Sector / Industry Report & Analysis, 2018-2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Smart Electricity Meter Market


The global smart electricity meter market size was estimated at USD 29.58 billion in 2016 and is expected to grow at 5.9% CAGR in the forecast period. In terms of volume, the market is expected to reach 285.4 million units by 2025. The devices are used to project the lower peak electricity demand; also, end-users can easily monitor power consumption on a daily basis and reduce it accordingly. Energy suppliers are also anticipated to gain advantages through these devices, aligning to their benefits of reduction in reaction time to resolve power outages & hardware faults, and improved customer service delivery due to remote reading conveniences.
 
Various smart meters rollout schemes in different regions, such as U.S, UK, and favorable government initiatives supporting the installation of these devices are expected to play a vital role in industry growth. Since energy production using renewable approaches varies with time, low power generation ultimately outcomes in unstable energy productivity. However, using metering devices that are capable of handling intermittent supply help in compensating for this loss by controlling energy consumption of various electronic equipment.
The smart electricity meter industry has witnessed a dynamic phase change from Automatic Meter Reading (AMR) to Advanced Metering Infrastructure (AMI) equipment. Smart electricity meters are incorporated into automated data simulators that forecast future energy requisites based on the present energy consumption rates, thereby offering benefits to energy sources as well consumers.
The market is projected to witness a high competition among suppliers as they are striving to differentiate themselves on the basis of quality and cost. In the UK, administrations have regulated the adoption of smart meter where the Department of Energy and Climate Change (DECC) administers the work progress and systematic timely installations.
Smart electricity meters are anticipated to offer several advantages to energy suppliers, such as reduction in reaction time to resolve power outages and hardware faults and enhanced customer service delivery by offering convenient remote readings. Additionally, attentiveness to environment protection and associated proceedings & policies are estimated to control the surging levels of radiation emissions.
Since energy production using renewable approaches varies with time, low power generation ultimately results in instability of power system. However, the usage of smart electricity meters assists in compensating for losses by controlling the energy consumption of various electronic devices.
According to the Emerging Markets Smart Grid: Outlook 2015, electricity worth approximately USD 83.9 billion is stolen each year worldwide. Tampering comprises numerous deceits such as sophisticated techniques involving saturating the in-built magnetic components and brute force methods such as jamming the mechanism deployment.
Advanced metering infrastructure is a fool-proof system. Energy theft is poised to occur either before demand measurement, while demand data is stored, or after the measurement logs have been transmitted to the utility.
Smart Electricity Meters serve as an appropriate solution for these fraudulent acts. Concentrator meters aggregate data from multiple meters and can be used to monitor electricity usage and detect intermittent energy theft. Additionally, metering control centers offered by advanced infrastructure are capable of handling divergence in the data.
Smart electricity meters offer analysis and energy forecasting capabilities, which are absent in conventional electricity meters. This remote information storage and transference capabilities of Smart electricity meters are anticipated to eradicate future tampering and theft of electricity by means of meters.
The considerable growth predictions can be accredited to the substantial promotion of green energy and efficient transmission facilities. Integrated presence across the value chain, especially for real-time information sharing regarding usage and tariff rates is perceived to be a competitive advantage. Increasing awareness among consumers about the benefits of these devices is expected to positively influence smart electricity meter market growth over the forecast period.

Market Segmentation, Outlook & Viewpoint: Global Smart Electricity Meter Market


End Use Market Segmentation & Outlook (Revenue, USD Million;Volume, Million Units; 2014 - 2025)

Residential

Commercial

Industrial


Key Players, Recent Developments & Regional Insights: Global Smart Electricity Meter Market


Residential applications include suburban/urban apartments and standalone, autonomous bungalows. The commercial application segment includes all commercial buildings and aligned infrastructures such as hotels, residential lodges, small to large shopping complexes, and offices.
The industrial segment involves incorporation of these devices in product manufacturing facilities and processing plants. Residential segment dominated the global revenue share accounting for more than 75% due to a large number of devices requisites to meet energy demand.
 
Electricity meters with a high level of robustness and high flexibility are occupational requisite the for the commercial domain. Commercial applications generated significant demand for 16 million units in 2016. Growth in this domain is attributed to the regulatory, administrative framework and surging awareness regarding reducing energy consumption and the aligned expenses.

Regional Insights
North America and Europe smart meters markets are expected to witness favorable growth on account of the regulatory conditions and standardized policies. Smart meters are also anticipated to facilitate enhanced grid management and are principal focus areas for smart grid projects.
Asia Pacific smart meters market is expected to grow at a CAGR of 4.8% from 2016 to 2025. Asia Pacific is the fastest growing region by revenue but the growth rate by volume is moderate, which portrays a high growth potential in the region over the forecast period. China is gearing towards sustainable energy management with substantial reserves for smart grid implementation in its 13th Five Year Plan (2016 to 2020).
Asia Pacific is followed by Europe, which accounted for 12% of the revenue share in 2016. Europe and North America have the maximum deployment of smart electricity meters, due to which the regions are currently in the growth stage. Additionally, they are likely to reach the saturation stage over the forecast period. Government mandates have been established for the European Union, with rollout plans set by the Commission for Energy Regulation among other legislative bodies. Europe has also been focusing towards reducing electricity usage by energy conservation as a long-term goal.
The residential sector is projected to emerge as the most lucrative segment for this market owing to the growing smart grid adoption proposals in selected areas along with government and administrative regulations and policy standardization in constituencies such as the U.S. and Spain.
The deployment of smart electricity meters enables domestic customers to utilize varied significant features, such as enabling the reduction of peak purchases, demand response, and direct load control, thereby applying downward pressure on energy prices in spot markets, potentially lowering carbon emissions through the integration of cleaner distributed generation, offsetting the need for new generation through Transmission & Distribution (T&D) capacity, and reducing the domestic usage.
Smart Electricity Meter Market Share Insights
Leading players include ABB Ltd, General Electric Company, Holley Metering Ltd, Elster Group, Iskraemeco, Itron Inc., Landis+Gyr, Schneider Electric and Siemens AG. Itron dominated the overall market share in 2016. Itron provides comprehensive solutions that measure, manage and analyze energy and water.

Key Insights Covered: Global Smart Electricity Meter Market
1.  North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Smart Electricity Meter industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Smart Electricity Meter industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Smart Electricity Meter industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Smart Electricity Meter industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Smart Electricity Meter industry.

Research Methodology: Global Smart Electricity Meter Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other