Smart meters market is expected to witness the growth over the forecast period due to its advantages over traditional meters in terms of fulfilment of favourable regulatory conditions. Initiative from government, electricity utility companies and other regulatory bodies are expected to increase the usage of smart meters, increasing the growth of the market in coming years. Rules set by these legislative bodies in order to, ensure secure energy theft, electricity supply, monitor & control power consumption in household, industrial and commercial locations. Furthermore, increasing activities in countries such as distribution networks, up gradation of meters, generating capabilities and transmission systems are aiding the growth of smart meters globally. High level of energy efficiency conducted by smart meters is expected to impact the industry over the forecast period. Growing demand and installation of advanced metering and smart grids infrastructure are impactful on global market trends providing high growth of smart meters market. Consumption of smart meters is increasing due to low operating cost as well as energy saving capabilities of smart meters. Rise in penetration of machine-to-machine technology in home as well as industrial smart meter uses is anticipated to positively impact the smart meters market growth over the forecast period.
Reduced carbon emissions, effective government policies for smart grid and enhanced operational efficiency are the key drivers of smart meters market. However, lack of consumer awareness for smart meters, cost bearing dilemma, consumer resistance and lack of interoperability are expected to restraint the market. Smart grid operators turning to smart electric meters and emerging economies provide key opportunities to enhance the market growth in coming years.
Gas meters, electricity meters and water meters are the major products under smart meters category. In addition to that, the smart meters offer two-way communication medium between utility and meters, monitoring of power quality, enhanced accuracy, real-time data feeds and automated outage detection features. Gas meters have usage application highest in residential, commercial and industrial segments. Water meters and electricity meters also find applications in residential, commercial and industrial segments. These products are expected to witness growth in respective industries over the forecastperiod.
Smart meters find applications in sectors such as commercial, industrial and residential. Residential sector dominates the market. Growing population in Asia Pacific countries has increased the demand for residential structure followed by rise in demand of smart meters in coming years. Smart meters record usages and provide data in home display as well as on web page. According to feedback on usages and costs, user can save energy as well as cost associated with it which in turns the rise in demand for the smart meters. Load-variable tariffs as well as time-of-use tariffs offer easy energy consumption management in residential sector. Smart metering also provides the facilitation of home energy management systems (HEMS), which is expected to grow the demand of smart meters globally. Residential sector accounted for the largest growing sector and expected to continue with the growth. High power consumption by commercial and industrial sectors, accounted for the largest revenue growth. In these sectors, smart meters are required which are robust, flexible and reliable due to heavy usage. Rise in urbanization has increased the number of industries and production places which is expected to drive the market growth over forecast period.
Since evolution of smart meters, North America has witnessed the growth and is expected to continue the growth in coming years. Until now, impact of regulations related to smart meters had more impact in North America and Europe, however its impact is anticipated in Asia Pacific which is expected to increase the growth of the market. Latin America, Africa and Middle East countries are also expected to witness the significant growth of the market due to electricity demand owing to rising economic conditions in near future.
Horstmann controls Ltd., Shenzhen kaifa technology Co. Ltd., Sentec Ltd., Sensus USA Inc., Secure meters Ltd., Sagemcom SAS, Neptune technology group Inc., Landis+GYR Ltd., Kamstruo A/S, Jiangxi sanchuan water meter Co. Ltd., Itron Inc., Iskraemeco, ICSA India Ltd, Holley Metering Ltd., The hager group, GE energy, Esco technologies Inc., Elster group SE, Edmi Ltd., Echelon Corp., Hydrometer GMBH, Circutor SA, Badger meter Inc. and AIDON SUOMI are the key players in smart meters market.
Research Support Specialist, USA