Global Smart Meters Market to Experience Significant Growth during the Forecast Period 2018-2026

Posted on 2019-02-07 by Mark Hub in Industrial // 0 Comments

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The growing inclination of people towards energy efficiency has triggered the growth of Smart Meters Market in the recent past. Furthermore, government policies supporting the installation of smart meters have led to their faster adoption, especially in the developed countries. The governments in several countries, as a part of clean energy initiative, have issued regulations mandating the use of smart meters. For instance, the U.K. government has targeted the deployment of around 50 million smart electric and gas meters in business centers and residences by 2020.

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Smart gas meters prevails the smart meters market growth

Smart meters comprises smart electric meters, smart water meters and smart gas meters. Smart electric meters hold the largest share in the smart meters market. The traditional electric meters are being replaced by smart electric meters, especially in the developed countries. Electric power system is undergoing a transformation with the integration of newer technologies such as smart meters. Although it is more than a decade since electric meters were first deployed, now electric companies have started to focus on creating value form the data and capabilities that smart meters enable. Smart electric meters convey the real-time information about the usage of electricity and removes the hassle of personnel visiting the premises to note the reading. The demand for smart gas meters is expected to grow at the highest pace during the forecast period. Based on end-users, residential end-users dominate the demand for smart meters. However, the adoption of smart meters is faster in commercial and industrial applications.

Loaded with features, smart meters to add utility and awareness

The improvement in display technology has not only impacted the televisions and smartphone users but also the users of electricity and gas with smart meters. The in-home display for smart meter lets the user know the energy usage pattern at different times of day, week, month or year. A smart meter, thus makes the user aware about their usage so that they can manage their use of appliances to fall under the desired bill bracket.

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Targeting distribution and transmission loss with smart meters

The governments in several countries have been targeting to increase the energy efficiency and reduce the distribution and transmission loss through the use of smart meters. With this effect, the governments of several countries have been rolling out regulations and mandates, as well as commercializing smart grids. It is observed that with the deployment of high-speed communication networks and advanced sensors on transmission systems the controlling and monitoring operations across the transmission grid at high-voltage substations have improved. This has further strengthened the cause to install smart meters.

Government funding boosting the demand for smart meters

The deployment of smart meters have been observed to gain momentum with the government funding. The U.S. Department of Energy (DoE) in 2009 launched the smart grid investment grant (SGIG) program, which was funded with US$ 3.4 billion. This investment was also targeted to increase the number of smart meters in the U.S. The U.K. government has planned to equip every household in the country with a smart meter. Though it seems a difficult target as the energy companies would require to install 30 smart meters per minute to achieve its deadline.

Florida Power & Light Company (FPL) has recently invested heavily in energy grid modernization. Since smart meters enable two-way power and information flows to improve visibility into the energy grid, FPL has installed 4.9 million smart meters. On the other hand, Pacific Gas & Electric has installed 5.3 million smart meters in 2016.

Smart meters – a highly competitive market

The smart meters market is highly competitive due to the presence of large number of manufacturers. The key players in the smart meters market include Itron Inc, Iskraemeco d.d, Landis+Gyr Ag, Osaka Electric Co. Ltd, Elster Group GmbH, Siemens AG, General Electric Company, ICSA(India) Limited, Schneider Electric Sa, and Holley Metering Ltd.

The research report on smart meters presents a comprehensive assessment of the smart meters 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 in smart meters provides analysis and information according to market segments such as geographies, type, application, and technology.

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