The GMI Research forecasts that the smart meter market is witnessing an upsurge in demand over the forecast period. This is mainly due to growing energy consumption to allow two-way communication between the meter and the central system used by the utilities are the significant factors driving the growth of the smart meter market.
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Introduction of the Smart Meter Market:
A smart meter is a digital meter that keeps track of utility usage and shares useful information with the utility suppliers. The smart meter enables two-way communication, firstly it records the information at the point of usage and then sends back the data to the utility companies. These meters are known as the electric meters that will offer information about the energy consumed by the end-users. A smart meter refers to a smart grid component that manages energy distribution and consumption to create co-ordination, control, and communication. These meters contain three components, such as a microcontroller, a power system, and a communication interface.
Smart Meter Market Dynamics
The growing energy consumption to allow two-way communication between the meter and the utilities' central system are the key factors surging the growth of the global smart meter market. Rising government support and initiatives are further driving the growth of the smart meter market share in terms of revenue. Increasing technological advancements such as smart grid development and infrastructure development are further enhancing the demand of the market during the forecast period. Furthermore, the rising economic development among the developing economies will further create numerous growth opportunities in the market. On the other hand, the outbreak of the COVID-19 pandemic will have a negative impact on the market for a smart meter. The strict lockdown worldwide has brought disturbance in the supply chain and difficulties in the export and import of raw materials used in smart meters. However, the market is projected to bounce back in 2021 while rising at a significant rate from 2022 onwards.
Based on region, the Asia-Pacific and Western Europe region is expected to dominate the market over the forecast period due to the increasing installation of new smart meters for the up-gradation over the conventional meters. For example, China has included the upgradation of its grid infrastructure in the five-year nationwide plan. Growing consumer preferences and changing lifestyles will target the consumers to boost the demand of the global smart meter market. The rising investments by governments are creating various new opportunities, particularly in developing countries such as India, China, and Japan.
Key Players of the Global Smart Meter Market:
· Badger Meter Inc
· Aidon Suomi
· Hydrometer GMBH
· Circutor SA
· EDMI Ltd.
· Aclara Technologies LLC.
· Echelon Corporation
· General Electric Company
· Holley Metering Limited
· Iskraemeco d.d.
· Kamstrup A/S
Smart Meter Market Segmentation:
Global Smart Meter Market Report Segment by Type:
· Smart Electric Meter
· Smart Water Meter
· Smart Gas Meter
Global Smart Meter Market Report Segment by Communication Type:
Global Smart Meter Market Report Segment by Component Type:
Global Smart Meter Market Report Segment by End-User:
Global Smart Meter Market Report Segment by Technology:
· Automatic Meter Reading
· Advanced Metering Infrastructure
Global Smart Meter Market Report Segment by Region:
· North America
o United States of America
· Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, be it small and medium enterprises or large organization. Our research team helps the clients to understand the importance and impact of the market dynamics. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use both internal and external databases to cull out relevant information about the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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