On a global scale, many countries are facing challenges to meet the growing demand for energy. Thus utilities are looking for innovative and efficient ways to manage the generation, transmission, and worldwide distribution of energy. The global smart meter market consists of digital electronic devices for measuring and two-way information sharing to manage and control power consumption by customers. Customers also have the advantage of tracking their energy consumption and billing through the internet.
Global smart meter market demand is more in residential areas as compared to commercial areas and electric smart meter is prominently used among the types of smart meters. Environmental concerns for reducing carbon and energy wastage and for regulating the supply of energy, are major factors driving the global smart meter market. The global smart meter market is anticipated to grow with a single-digit compound annual growth rate during the forecast period.
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Smart Meter Market: Drivers & Restraints
The major driving factor for the growth of the global smart meter market is government support and incentives, as utilities are initially reluctant to make huge investments in new technology without their support. Technological advancements such as smart grid development, infrastructure development, growing population, and rise in economic developments are some of the other factors boosting the growth of the global smart meter market.
The successful deployment of the global smart meter market is dependent on logistics which influences the delivery, installation, and performance of the smart meter. The health effects concerning wireless signals in smart meters, security concerns, regulatory constraints, and stiff competition are some of the challenges faced by the global smart meter market.
Smart Meter Market: Region-wise Outlook
The global smart meter market is expected to exhibit healthy growth in the Asia-Pacific and Western Europe regions which is either due to the increasing installation of new smart meters as well as upgradation of the existing smart meters. China is expected to display substantial progress in the global smart meter market, as incorporated in its five-year nationwide plan to upgrade its grid infrastructure.
In Japan, large-scale installation by Tokyo Electric Power Company (TEPCO) started in 2014 which is expected to last during the forecast period leading to an increase in demand for the global smart meter market.
In North, America, the growth of the global smart meter market is expected to slow down as infrastructure for energy is well developed and funding for the new projects has become limited. In Latin America, a global smart meter is set to exhibit steady growth in the global smart meter market, as compared to the Middle East and Africa.
Smart Meter Market: Key Players
Some of the key players in the global smart meter market are Aclara Technologies LLC., Echelon Corporation, Elster Group GmbH, General Electric, Holley Metering Limited, Iskraemeco d.d., Itron, Kamstrup A/S, Landis+Gyr, and Sensus.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies and End Use industries.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Smart Meter Market: Segmentation
On the basis of product type, global smart meter market can be segmented into following segments:
- Smart electric meter
- Smart gas meter
- Smart water meter
On the basis of application, global smart meter market can be segmented into:
- Residential application
- Commercial application
On the basis of technology, global smart meter market can be segmented into:
- Radio Frequency (RF)
- Power Line Carrier (PLC)
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