U.S. smart electric meter market is driven by the American Recovery and Reinvestment Act mandating utility companies to provide accurate billings along with increasing rate of energy utilization. For instance, ARRA and the U.S. Energy Department made a joint investment of USD 30 billion to provide a stimulus to a wide range of energy development programs across the country along with simultaneously increasing the existing smart grid capacity.
Smart Electric Meter Market is set to exceed USD 11 billion by 2024. Increasing demand for accurate meter billing coupled with rising need for energy conservation will result in growing adoption of the technology and will thereby expedite the global smart electric meter market share. Rapid industrialization resulting in rising energy demands along with investments towards smart grid programs will further boost the industry outlook.
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The smart electric market is currently dominated by the commercial application segment growing at a substantial rate owing to greater need to curb electricity thefts along with regulating the energy consumption rate. According to IMF in 2013, global electricity theft surmounted USD 100 million. Need for accurate real-time energy consumption pattern among the end users will augment the residential smart electric meter market during the forecast period.
Stringent government regulations directed towards the adoption of smart meters to map electricity consumption and reducing carbon emissions will complement the smart electric meter market. Directives imposed by the European Union including Directive 2009/72/EC under which the EU member countries are required to undertake awareness drives to make the end users cognizant of the benefits of smart meters. Directive 2014/724/EU delivers set of guidelines to the regulators on maintaining the integrity of the consumer’s consumption data.
Japan’s smart electric meter market is estimated to witness a technological shift owing to the induction of AMI in the smart meter market. For instance, in August 2015, Japan utility company, Tokyo Electric Power Company (TEPCO) initiated an enterprise to install over 2.7 million smart systems and has established a constant monitoring Smart Meter Operation Centers offering 24-hour customer support service for security, maintenance and operations of the smart meters.
Automatic Meter Reading (AMR) technology accounted for USD 4 billion of the smart electric meter market by 2024. Earlier, conventional AMR devices mapped out estimated bills and were programmed to collate the utility supplier’s consumption data. However, with continuous technological advancements, these devices can be remotely controlled and functions including leak detection, meter tampering and additional data parameters can be efficiently carried out and the end-user can be notified by the meter in case of any such mishaps.
Automated Metering Infrastructure (AMI) systems provide features including alert notifications, demand response actions, real time energy consumption and time-based pricing. AMI systems owing to the enhanced features has shown positive business growth in countries including UK, U.S. Norway, Sweden and Japan and is set to undergo global adoption during the forecast period.
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Global smart electric meter market players market includes Itron, Wasion, Echelon, Siemens AG, Schneider, Networked Energy Services, Toshiba, Sensus, Jiangsu Linyang Electronics, Landis+Gyr, Holley Metering, Genus Power Infrastructure, Elster, Honeywell International, Jiangsu Linyang, Atmel Corporation and Aclara Technologies.
Table of Content (TOC-)
Chapter 2 Executive Summary
2.1 Smart Electric Meter industry 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Regional trends
Browse key industry insights spread across 190 pages with 304 market data tables & 9 figures & charts from the report, “Smart Electric Meter Market Size By Application (Residential, Commercial, Utility), By Technology (AMR, AMI), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, UK, Sweden, Portugal, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa, Lebanon, Egypt, Mexico, Brazil, Uruguay, Argentina), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents, please click on the link below: