Global Smart Electric Meter Market Size, Industry Analysis, Size, Trends, Share, Demand & Grwoth Opportunity, Regional Outlook, & Forecast 2016-2024

Market Outlook

In today’s scenario of Internet of things-driven economy, smart electric meter is the important component for the growth of Smart Grid Transmission Equipment Market. Creating smart cities, electric vehicles and other developments require continuous transmission of power with power supply ends having real time information regarding power consumption, voltage levels available through smart electric meters. The increasing need and the development of smart grid network, there is a growing need for smart metering also. But the success of metering market is dependent upon its timely and accurate shipping, delivery, testing and installation at the power supply ends.

Goldstein Research analyst forecasts the smart electric meter market size is set to reach USD 15.12 billion by 2024, registering a CAGR of 9.7% over the forecast period. Rising consumer focus on electricity conservation and accuracy of meter readings over the consumption pattern by them, smart electric meter is able to fulfill their demands. Hence, this has been a significant reason of growing smart electric meter market.

Market Segmentation

By Communication Technology

• Radio Frequency
• Power Line Communication (PLC)
• Cellular

By Phase

• Single Phase
• Three Phase

By Application

• Industrial
• Commercial
• Residential

Based on Geography

• North America (U.S. & Canada) smart electric meter market
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) smart electric meter market
• Europe (The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden & RoE) smart electric meter market
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) smart electric meter market
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) smart electric meter market.

Industry Trends, Drivers and Challenges

According to our global market study on the basis of extensive primary and secondary research, “As the electricity sector is highly regulated by the government there is a rising trend of government favoring the smart grid network and the smart metering for transmission of power across the globe. There is an increasing their expenditure on electricity infrastructure by 25%-35% as per the policies of the different regions leading to the growth of the smart electric meter.”

According to the report, major driving factor for expansion of global smart electric meter market is the increasing demand of smart electric meter for the growth and development of smart grid networking, transmission and distribution. The reliability and accuracy of the smart meters plays the key role to achieve smart grid networking objective of clean and green energy revolution.

Further, high cost of smart electric meter and its short lifespan is a major constraint for the company manufacturing it. Smart meters have a lifespan of 8-10 years compared to 20-25 years lifespan of traditional meters. Being a computer device and electronic equipment it is prone to cyber threats and critical technological obsolescence, hence, it is important to regularly upgrade and to provide proper maintenance of smart meters for the efficiency of smart grids performance.

Segments with Major Market Share

Based on geography, North America has the highest growth in smart grid network projects, advanced technological infrastructure and government initiatives towards the use of smart meters had led to highest growth of smart electric meter market capturing over 78.5% households of the North America in 2016. APAC is the leading market as per the adoption rate of smart electric meter owing to the smart and resilient technological advancement, government initiatives, developing smart grid networks, and sustainable energy management. APAC is growing at a rate of 5.9% CAGR.  China alone accounts for 67.0% market share of APAC smart electric meter market and other emerging countries are Japan, Singapore, India, South Korea and Australia.

On the basis of application, residential installations segment holds the largest market share of 80.2%, whereas commercial installation has 16.0% market share and rest for industrial installation in 2016 among the overall smart electric meter market. Growth in residential application is due to the larger number households around 1.6 billion across the globe, hence, amounting to larger number of total installations that measures the electricity consumption and conveys the consumption and voltage information to the end user and even to the supplier.

Covered in This Smart Electric Meter Market Report

The report covers the present ground scenario and the future growth prospects of the smart electric meter market for 2016-2024 along with the statistics of its application at various end users of power supply. We have calculated the market size and revenue share on the basis of revenue generated from the major players and total sales of smart electric meter across the globe. The rising trend of technology based components in developed nations such as United States, Australia are triggering the sales of smart electric meter. On the basis of this aspect, we have forecasted the global smart glass market till 2024.

Smart electric meter Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the smart electric meter market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global smart electric meter market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Key Players

Our global smart electric meter market report comprises of the following companies as the key players in the smart electric meter market:  Itron, Elster group, General Electric, Schneider Electric, Landis+Gyr, Silver Spring Networks, Echleon Corporation, Holley Tech, Microsemi Corporation.

Other high-flying vendors in the smart electric meter market are: Eliq, Trilliant, Kamstrup, E.ON Energy, Eclara, Lin Yang Energy.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and technological landscape in addition to a SWOT analysis of the key players.

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Key questions answered in this Smart Electric Meter Market Report

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of smart electric meter market in 2015-16 and what would be the expected demand over the forecasted period?
• What are the key market trends & other dynamics?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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