How Smart Electric Meter Market is Creating High Revenue Opportunities?
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 meters. These meters help to enhance the efficiency of power networks as they are fully digitized and involves measuring and collecting data. These meters act as strong pillars behind the intelligence power grids. Now, companies are developing smart electric meters that can not only collect data rather gather it for consumption billing. Such factors have compelled consumers to replace their traditional meters with smart and advanced electric meters. These new electric meters 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 meters market is expected to grow at a promising rate in the forthcoming years. As compared to traditional electric meters, smart meters 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 meters are penetrating into developing as well as developed nations.
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Top Players Overview:
- Secure Meters Limited
- Itron, Inc.
- ZPA Smart Energy
- Xylem Inc.
- Holley Technology Ltd
- EDMI Limited
1. By Type
- Advanced Metering Infrastructure
- Auto Meter Reading
2. By Application
3. By Geography
- North America (U.S. and Canada)
- Europe (Italy, Sweden, Spain, Denmark, France, Germany, UK, and Rest of Europe)
- Asia Pacific (China, South Korea, Japan, India, Australia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
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Fortune Business Insights in a report, titled “Smart Electric Meters 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.
Adoption of Smart Electric Meters 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 meters offer 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 meters 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 meters is expected to augment by 2026. Smart electric meters enable 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 meters in increasing at a remarkable rate.
China to Witness the Maximum Deployment of Smart Electric Meters. 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 meters. People prefer direct communication than manual meter reading between end-user and companies. This is further increasing the adoption of smart electric meters 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
5. Global Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
5.2.1. Advanced Metering Infrastructure
5.2.2. Auto Meter Reading
5.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
5.4. Market Analysis, Insights and Forecast – By Region (USD Billion)
6. North America Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
6.2.1. Advanced Metering Infrastructure
6.2.2. Auto Meter Reading
6.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
6.4. Market Analysis, Insights and Forecast – By Country (USD Billion)
7. Europe Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
7.2.1. Advanced Metering Infrastructure
7.2.2. Auto Meter Reading
7.3. Market Analysis, Insights and Forecast – By Application (USD Billion)