Global Smart Meters Market was valued US$ 12.5 Bn in 2017 and is forecasted to reach US$ 26.3 Bn by 2026 at a CAGR of 9.74 %. Global smart meter market is segmented by type, by application, by technology and by region. Based on type, global smart meter market is segmented into electric, water, and gas. Commercial, residential, and industrial are application segments of global smart meter market. In terms of technology, smart meter market has been bifurcated into automatic meter reading and advanced metering infrastructure. Geographically, global smart meter market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The driving factors for smart meters market are rising emissions, financing constraints for new generation assets development, domestic energy resource constraints, growing demand for electricity, cost of electricity, and aging infrastructure. There are significant challenges smart meter market is facing such as high meter pricing, lack of supportive incentives, poor meter standards, regulatory shortcomings, resource challenges, and other barriers remain. Automatic Meter Reading (AMR) segment dominated the smart meters in 2017. AMR is a metering technology that collects consumption data from the meters and transfers it to a central database for billing and other purposes by one-way communication only. North America and Europe are the regions that has grabbed much of the share of AMR technology. Automatic Meter Reading is less costly when compared to the Advanced Metering Infrastructure (AMI) and, hence, has a high market size. Residential segment accounted for the largest market size, in terms of value, in 2017. Escalating residential construction activities and government mandates drives the residential segment market. Installations of these devices in the residential sector helps in reducing CO2 emissions as the consumer’s shift towards peak time savings of energy would increase. European Union 20-20-20 policy aims to convert 80% of the installed meter base to smart one, ensures potential opportunity for the growth of smart meters market. Asia Pacific is foreseen to have a high potential in a smart meter market. China is focused on developing new infrastructure to provide reliable and cheap electricity to support economic growth. China will continue to dominate the market. Japan, attributed to their weather resiliency challenges, are focused on creating a more responsive and robust modern day grid, capable of moderating critical system failures. Japan, and South Korea are driving the deployment of renewable energy technologies such as solar, wind, biomass, and other disruptive technologies, which contribute to smart technology utilization for better grid integration. Elster Group SE, Landis+GYR, Itron Inc., Siemens AG, Schneider Electric SA, Sensus, Holley Metering Limited, Honeywell international Inc., Badger Meter Inc., Circutor SA, Icsa (India) Limited, Neptune Technology Group Inc., Landis+Gyr Inc, Aclara Technologies LLC, Wasion Group Holdings, Elster Group SE, Jiangsu Linyang Energy Co. Ltd, Ningbo Sanxing Electric Co. Ltd, Kamstrup A/S, Hexing Electric Company Ltd, Itron Inc, Holley Metering Limited, Sensus USA Inc, Shenzhen Hemei Group Co. Ltd, General Electric Ltd, Diehl Stiftung & Co. KG, Hangzhou Beta Gas Meters Co. Ltd, Pietro Fiorentini, Sagemcom SAS and Apator S.A are key players involved in the global smart meter market.
Scope of the Global Smart Meters Market
Global Smart Meters Market, by Type:
• Electric Meters • Gas Meters • Water Meters
Global Smart Meters Market, By Technology:
• Automatic Meter Reading (AMR) • Advanced Metering Infrastructure (AMI)
Global Smart Meters Market, By Application:
• Residential • Commercial • Industrial
Global Smart Meters Market, By Region:
• North America • Europe • Asia Pacific • Middle East & Africa • Latin America
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