Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The global smart meters market is anticipated to reach USD 34,635.7 Mn by 2025, at a healthy CAGR of 9.55% during the forecast period.
Smart meters are electronic devices that precisely monitor the use of electricity, gas, and water. These smart meters can send usage information through power line communication, radiofrequency (RF) electromagnetic radiation, and cellular communication, allowing the utility company to effectively manage energy usage. Smart meters deliver a variety of advantages, such as reducing meter reading costs, preventing disconnection, minimizing inefficiencies in billing, and re-connection costs to corporations and consumers.
Rising government initiatives to encourage smart meter implementation in households and commercial applications are major growth drivers that are likely to continue in the future. In addition, spreading awareness regarding the advantages and efficient use of smart meters promotes market growth. Moreover, increasing global energy consumption and environmental issues that encourage renewable/clean energy generation to minimize emissions have a positive effect on market development.
Emerging countries are projected to deploy 148 million smart meters in the next five emerging markets worldwide present untapped opportunities for smart meters use. In addition to advanced meters, these countries are also projected to invest approximately USD 91 billion in smart grid infrastructure, including grid automation and battery storage. Major projects are already underway or are scheduled to begin in more than half of the developing regions in 2021.
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Increasing energy generation capacities and government initiatives to create awareness are estimated to offer significant market growth opportunities. With rising government mandates and updated policies, and increasing renewable power generation, developing countries are expected to deliver significant opportunities to international players.
Despite strong growth opportunities, there are still significant setbacks in the market, such as high installment & maintenance costs and compatibility issues. Among these, compatibility is a significant constraint that hinders the adoption of smart meters.
Most smart meters are made strictly compliant with their suppliers, which means that these supposedly smart meters cannot adapt to the other/ rival supplier's connections. And switching suppliers would mean that the meter would no longer be "Smart," revering to a dumb mode or no different from the conventional meter.
COVID-19 Impact on the Global Smart Meters Market
The outbreak of COVID-19 seriously affected the smart meter industry, reducing installations by 27% in 2020. This is the lowest number since 2017, with lockdown mandates having the largest effect due to the delay of installations. Smart meter manufacturers have faced numerous challenges, ranging from the procurement of components needed to develop smart meters and the delivery of end products to attracting workers from quarantines.
The coronavirus-driven lockdown slowed down the production of components and devices that spurred product prices, reducing market demand. The good news, however, is that the smart meters market is rapidly returning to normal, with ever-increasing demand, especially from the industrial sectors. Market demand is expected to pick up after the lockdown in several countries.
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Market Segmentation
The global smart meters market has been segmented into type, technology, and application.
By type, the global smart meters market has been segmented into electric meters, gas meters, and water meters.
By technology, the global smart meters market has been segmented into Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI)
By application, the global smart meters market has been segmented into residential, commercial, and water meters.
Regional Analysis
By region, the global smart meters market has been bifurcated into the Americas, Europe, Asia Pacific, and the rest of the world.
APAC to dominate the global market
The Asia Pacific region is expected to remain a highly lucrative smart meters market throughout the review period. In 2017, the region accounted for the largest share of the global smart meters market. Factors such as the rise in smart city projects across economically strong APAC countries, such as Thailand and India, and the high energy requirements by the increasing population, and improvements, will drive the growth of the APAC smart meter market in the years ahead.
In addition, the rise in T&D and the level of demand across the region can support market growth. The Asian Pacific smart meter market is expected to have a CAGR of 9.91% during the assessment period. With their huge investments, China and India are increasing the smart meters market size in the region.
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Competitive Landscape
The smart meters market outlook appears to be highly competitive due to the strong presence of well-established market players. They pursue opportunities to promote a large value chain and concentrate on R&D investment, growth, and M&A activities. New entrants are joining the market with aggressive pricing to undercut established providers and gain safe havens in international markets.
Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem, Inc. (U.S.), Badger Meter, Inc. (U.S.), Itron Inc. (U.S.), Honeywell International Inc. (U.S.), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), and Zenner (Germany), are some of the affluent contenders holding sizeable smart meters market share.
Industry News
Jan 27, 2021—-Landis+Gyr (Switzerland) completed its acquisition of Rhebo, a leading technology provider of cybersecurity solutions to protect critical infrastructure, at its Capital Markets Day with Executive Management, to update the industry and its strategy, operations, and financial objectives. The acquisition would strengthen Landis+Gyr's position in this growing market.
Jan 25, 2021—-Landis+Gyr (Switzerland), a world's leading provider of integrated energy management solutions, announced its collaboration with EDF to obtain an additional big contract. By June 2025, Landis+Gyr will provide 650,000 SMETS2 meters of gas and electricity, along with an initial order of 500,000 meters. As one of the major energy suppliers in the United Kingdom, EDF has played an important role in the deployment of smart meters across the region.
Jan 12, 2021—-Landis+Gyr and PayGo have confirmed their alliance, signing a billing and payment partner agreement. The arrangement allows Landis+Gyr to offer PayGo's prepay digital billing and payment services to its advanced metering customers. Utility prepayment systems have proven to be advantageous to consumers and the utility, with more control to customers over their energy usage, contributing to increased energy usage.
Dec 18, 2020—-Landis+Gyr AG and Google Ireland Limited (Google Cloud) made a strategic, multi-year alliance to accelerate Landis+Gyr's transition to the cloud and co-innovate new products and services that can drive agility, ensure cybersecurity and reduce costs over time. It is the only kind of collaboration for the energy management sector. Together, Landis+Gyr and Google Cloud will co-innovate the next generation of cloud-based energy management solutions to support smart infrastructure and smart cities.
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