The Smart Meters used to measure Electricity consumption, are expected to see a rise in sales because of the following factors.
The first factor: because of the growing need for higher billing accuracy. The shift toward smarter and more efficient devices that monitor and control the billing of power consumption, has given rise to greater demand of Smart Meters.
The second factor: Right from residences, to private offices and government buildings, industrial and spaces, everyone is moving towards using Smart Meters, with its robust applicability across commercial and residential sectors, since Smart Meters come in different types, single phase (GISM), three phase (GIST), and GISS for industrial level usage.
The third factor: Focus on energy efficient alternatives. The AMI (Advanced Metering Infrastructure) is gaining traction over the past few years, caused by the mounting expenditure of industrial development, which has resulted in growing demand for these cost efficient meters. Which is why, this segment is predicted to rise rapidly in the coming years.
The Residential Segment as an end user is a powerful contender for being the largest Electric Smart Meter consumer in the forecast period:
The one segment that has been observed to be scaling ranks rapidly is the residential segment. With a massive market scope, many residences are adopting Smart Electric Meters, with most others having the potential to shift to these, in the near future. Newer constructions of residential complex are being built with this new Electric Smart Meter technology in place, with a sleeker working, and better dependability. In the next few years, it wouldn’t be surprising to see most homes everywhere getting fitted with the Electric Smart Meters.
The key impacting factors :
Some factors that will play a key role in the possible growth of the Smart Meter market are as stated below. The Government regulations and norms : The Smart Meter market can be expected to grow at a significant rate due the new initiatives of several governments and their new policies. Funds from the American Recovery and Reinvestment Act (ARRA) have majorly played a significant role in the growth of the market. A want for the replacement of the older, conventional meters, and to upgrade the older infrastructure, has given this market a good boost too. Development of communication infrastructure : The constant ongoing changes and developments to the communication infrastructure, contributes towards the manufacture of these more advanced meters.
The COVID -19 scenario :
This particular scenario requires some analysis, as it has affected the major part of 2020, where the manufacturing industry took the biggest hit, where their manufacturing processes came to a complete halt at the beginning of the pandemic, and did not restart until the governments slowly lifted individual industry lockdown. Nevertheless, the market is expected to remain quite unscathed, and will come back stronger in the next few years.
The Region that is forecasted to grow:
The Asia Pacific region, that is India, China, Japan and others, are seen as having the greatest potential, when it comes to the consumer market potential, in the forecast period. Predominantly due to China, with its massive scale of manufacturing goods, right from kids toys, to cars and phones, most of everything I manufactured in this country, and therefore, it has some great markets for Smart Meters. The market in the region is driven by the growing emphasis on reducing carbon emissions from utility operations, and effectively integrating DER such as solar and wind power for enhanced power sector operations.
Major players active in the global smart meter market include Itron, General Electric, Siemens, Sensus, Honeywell Elster, Sanxing Medical Electric, Jiangsu Linyang, Kamstrup, Wasion Group, Sagemcom, Hexing Electrical, Nuri Telecom, Clou Electronics, Iskraemeco, Zhejiang Chint, Shenzhen HND, Sunrise Technology, Holley Technology, LONGi Meter, ZIV and others.
The Smart Meter Market will be segmented as follows:
By Transmission Frequency
By End User
The base year considered in smart meter market report is 2022.
Major players operating in the global smart meter market include Itron, General Electric , Siemens ,Sensus, Honeywell Elster ,Sanxing Medical Electric, Jiangsu Linyang ,Kamstrup, Wasion Group ,Sagemcom, Hexing Electrical ,Nuri Telecom, Clou Electronics ,Iskraemeco,Zhejiang Chint, Shenzhen HND ,Sunrise Technology, Holley Technology ,LONGi Meter, ZIV and others.
The global smart meter market segmented on the basis of Usage, Type, Network, Transmission Frequency, End User, Versions and Region.
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