Smart Meters Market Revenue Share, Key Growth Trends, Major Players, and Forecast, 2030
Smart Meters Market Overview:
Smart Meters
Market is projected to be worth USD 31,181.3 million by
2027, registering a CAGR of 8.15% during the forecast period (2021 - 2027).
Attractive Features that
Spur Market Growth
As per the latest MRFR
report, there are numerous factors that are propelling the global smart meters
market share.
Increasing Government
Investments to Boost Market Growth
The increasing
government investments for supporting smart meter installation in end use
sectors like commercial, residential, and industrial are likely to boost the
smart meters market revenue over the forecast period.
Opportunities
Communication Network
Infrastructure Development to offer Robust Opportunities
The continuous and
ongoing communication network infrastructure development contributes towards
the manufacturing of advanced and innovative level of smart meters. Besides,
the availability of network infrastructure like 4G, 5G, radio frequency, and
others propels the development of smart meters. Manufacturers are constantly engaged
in the production of advanced level of smart meters as per the growing network
infrastructure which is likely to offer robust market opportunities in the
forecast period.
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Restraints
High Installation &
Maintenance Cost to act as Market Restraint
The high installation
& maintenance cost of smart meters is likely to act as key market
restraints over the forecast period. Besides, the device’s compatibility issue
is another cause of restraint that may impede market growth.
Challenges
Lack of Awareness to act
as Key Market Challenge
The absence of awareness
regarding the benefits of smart meters coupled with demand for mobilization may
act as a key market challenge over the forecast period.
COVID-19 Impact on Smart
Meters Market
Due to the COVID-19
outbreak, there has been a reduction in the profitability of businesses in
almost every industry. The power sector however has not been much negatively
impacted in comparison to other sectors, the consumption of electricity by
commercial and industrial customers is noticeably less. Besides, the power
sector has experienced a price reduction trend and falling demand across the
globe. Various regions, which also includes European countries are impacted
heavily and have recorded all-time low electricity prices during the initial
quarter of the financial year 2020. Besides, owing to the outbreak’s severity,
most industries are laying emphasis on essential work which led to a pause on
the installation of electric components. Different hardware device
manufacturers in the smart grid market have faced various issues associated
with closures owing to the global lockdown. Con Edison (US) for instance has
halted all meter installations and readings of smart meters. Besides, Fitch
Ratings in March revised the outlook of the revenue growth of Con Edison. The
revised outlook highlights on the company’s weakened credit metrics.
Market
Segmentation
- By Type
By type, the water
meters segment will lead the market over the forecast period for the increasing
demand to monitor and optimize water consumption, increase need for accurate
billing, increase in investment interest in digitalization of electrical
systems, efforts to expand grid infrastructures, and increasing demand for
electricity from residential and commercial sectors.
- By Technology
By technology, the
automatic metering infrastructure segment will dominate the market over the
forecast period as this is the most rapidly rising technology.
- By Application
By application, the
residential segment will spearhead the market over the forecast period for
increasing power consumption, economic and technological advances, and growing
government support for mandatory smart meter rollout projects.
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Regional Analysis
APAC to Have Lions Share
in Smart Meters Market
The Asia Pacific region
will have the lions share in the market over the forecast period. Growing
demand in economically powerful countries like Thailand and India, increasing
adoption in China, growing emphasis to reduce carbon emissions from utility
operations, effective integration of DER like wind and solar power for improved
power sector operations, the high adoption of smart technology in power grid
infrastructure, increasing challenges like aging T&D infrastructure,
growing smart city projects in Thailand, India, and China, the growing need for
energy owing to improvements in lifestyles and escalating population level, and
increase in investment in T&D are adding to the global smart meters market
growth in the region. The region will grow at a 9.91% CAGR.
Industry Updates
HPL Electric and Power
has received production clearance and approval from leading private
distribution company to implement NB-IoT based smart meters in parts of Delhi.
These meters are 5G and 4G compatible. With this technology, the problems
and interference arising because of public network congestion will not impede
the performance of smart meters anymore because data will flow smoothly via a
dedicated channel.
Key Players
Eminent players profiled
in the global smart meters industry report include Siemens AG. (Germany),
Landis+Gyr (Switzerland), Schneider Electric (France), Aclara Technologies LLC
(U.S.), Zenner (Germany), Xylem, Inc. (U.S.), Honeywell International Inc.
(U.S.). Itron Inc. (U.S.), EDMI (Singapore), Apator Group (Poland), Badger Meter,
Inc. (U.S.), DIEHL Metering (Germany), and Kamstrup A/S (Denmark) among others.
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