Global Smart Electricity Meters Market 2020-2021 & 2027: Market is Expected to Reach $16.4 Billion, Trailing a Post COVID-19 CAGR of 6.7%
Dublin, April 12, 2021 (GLOBE NEWSWIRE) -- The "Smart Electricity Meters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Energy Wastage is Taking its Toll on the Environment. Smart Meters Being the Need of the Hour Will Reach $16.4 Billion by 2027
The global market for Smart Electricity Meters is expected to reach US$ 16.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.7% over the analysis period 2020 through 2027.
Global carbon emissions are rising each year. The energy industry accounts for a sizable share of CO2 emissions highlighting the carbon intensity of electricity generation. Coal remains the worst polluting generating over 1,200 of CO2 per kWh. Over 60% of energy produced is wasted in transmission & consumption. Smart electricity meters are poised to witness robust adoption given their role in energy conservation & reducing wastages.
Among the many benefits of smart meters are monitoring of electric system in real time & provision of responsive data for balancing electric loads; reduction of waste by forecasting energy demand more efficiently. A smart meter is an electronic device capable of monitoring usage of utility services, and share the data with utility providers. Using two way communication, smart meter makes records data at the usage point and transmits the information gathered back to the utility companies.
The advanced metering infrastructure holds several merits over conventional metering and supports bi-directional communication. Smart meters are increasingly replacing traditional electric meters, mainly in developed countries, and enabling power system to undergo notable transformation in terms of efficiency and reliability.
These devices provide utilities with the opportunity to exploit data to ensure efficient use of energy, reduce wastage, and minimize human intervention. Smart metering devices in homes deliver accurate readings and eliminate incorrect billing or irregularities. By monitoring gas, water or electricity consumption, these devices allow users to reduce consumption and save on utility bills.
Smart meters represent a revolutionary technology for utility companies that allow them to ensure efficient transmission and distribution while monitoring energy usage and efficiency. These meters integrate three primary components that include an electricity meter, processing unit and communication module.
While the electricity meter measures power consumption and translates the readings into usable data, the processing unit processes and stores the data. In addition, the processing unit controls the electricity meter and the communication module. The communication module, usually found integrated into the smart meters or installed in external slots, facilitates the communication of meter data with the utility and the customer. Among the three components, the meter part is highly regulated one and in most cases needs to conform to a set of standards placed by regulatory authorities. The technology has gained extensive adoption among utilities and is receiving support from various countries.
Governments are investing in smart metering infrastructure to gravitate towards smart grids and accommodate renewable energy. Smart meters technology is poised to experience large-scale installations in North America, Europe and Asia-Pacific, with the latter holding a key role in driving global adoption of smart meters. The increasing adoption of smart meters is attributed to their various benefits such as energy usage monitoring, energy saving, reduction in energy wastage, tab on power thefts and reduction in carbon emissions.
Smart meters are increasingly replacing conventional meters and leading to notable transition towards digital technologies. These devices allow two-way communication to transmit data to utility companies for billing, monitoring and other purposes to ensure seamless supply of electricity, water or gas to consumers.
Smart metering allows companies to deal with electricity theft, which results in heavy losses of around $90 billion annually. The technology has witnessed an impressive investment of around US$ 62 billion for associated infrastructure. These endeavors are anticipated to further drive adoption of smart meters in both developed and developing regions.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 and a Looming Global Recession
Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
Smart Meters: Laying the Foundation of Energy Efficiency and Reliable Utility Networks
An Introduction to Smart Electricity Meters
Smart Electricity Meters: Reliable, User-Friendly, Cost Effective, and Energy Efficient Technology
AMI Technology Poised to Grow at a High Rate
Residential Sector Dominates Smart Electricity Meters Market
Asian Economies Spearhead Growth
Key Challenges Confronting the Smart Electricity Meters Market
2. FOCUS ON SELECT PLAYERS (Total 84 Featured):
ABB Ltd
Aclara Technologies LLC
Apator SA.
Circutor SA
EDMI Limited
Honeywell International
EMH metering GmbH & Co. KG
Holley Technology LTD
Iskraemeco d.d.
Itron, Inc.
Jabil, Inc.
Jiangsu Linyang
Kamstrup
Landis+Gyr
OSAKI ELECTRIC CO., LTD.
Schneider Electric, Inc.
Secure Meters Ltd
Sensus, a Xylem Brand
Wasion Group
Xemex
ZPA Smart Energy a.s.
3. MARKET TRENDS & DRIVERS
Environmental Concerns, Reduction in Energy Wastage, and Need for Energy Efficiency Drive Adoption of Smart Metering Technology
Myriad Benefits of Smart Electricity Meters to Drive Global Adoption
Benefits of Smart Electricity Meters to Utilities
Benefits to Customers
Digitization Trend in Utilities Spurs Adoption of Smart Meters
Spiraling Demand for Electricity and Inefficient Infrastructure Drives Power Utilities to Deploy Smart Meters
Growing Deployments of Smart Grids: A Strong Business Case for Smart Electricity Meters
Renewable Energy Integration: A Promising Application of Smart Electricity Meters
Rising Prominence of Internet of Things (IoT) in Utilities to Benefit Penetration
Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Electricity Meters
Smart Electricity Meters Emerge as Vital Components for Efficient Energy Use & Consumption Control in Smart Cities
Increasing Investments in Smart Home Technology Solutions to Fuel Demand for Smart Meters
Integration of Electric Vehicles and Smart Meters Enable Shift towards Sustainable Economy
Rising Prominence of Smart Electricity Meters in Advanced Outage Management
Smart Electricity Meters Gain Prominence in Distribution Automation
Government Policies Critical for Smart Electricity Meters Adoption
Cloud Computing Transforms Smart Metering Market
Big Data Analytics to Provide Actionable Insights from Smart Meters-Generated Data
AI Presents Immense Opportunities to Tap Smart Meter Data
Blockchain to Mitigate Data Safety and Privacy Concerns for Smart Meters
Increasing Integration of Cellular Technology in Smart Electricity Meters
Population Growth and Demographics Drive Need for Smart Utility Infrastructure, Supporting Demand for Smart Meters
Key Issues & Challenges Hampering Widespread Adoption of Smart Meters
4. GLOBAL MARKET PERSPECTIVE
III. GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
Total Companies Profiled: 170
For more information about this report visit https://www.researchandmarkets.com/r/cf6124
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900