Informative data about Smart Meters Market has been published by Absolute Markets Insights. To make some significant decisions in the businesses primary and secondary exploratory techniques have been used to analyze the data effectively. Different economic attributes of businesses have been brought into light to give a clear idea about financial budget of several industries. It covers several application segments to understand the applicable areas of Smart Meters sector. Competitive landscape of global Smart Meters companies has been studied to understand the competitive products and services across the globe. For effective global regional outlook analysts of the report examines global regions such as, North America, Latin America, Japan, Asia-Pacific, and India on the basis of productivity, manufacturing base and raw material.
It covers different aspects of businesses to boost the performance of the companies. To present data effectively, it uses numerous graphical presentation techniques such as, charts, graphs, pictures and tables. Additionally, it focuses on technological platforms, tools and methodologies, which helps to boost the performance of the industries. It includes prevalence of driving factors that will accelerate the progress of the businesses. In addition to this, some internal and external restraining factors have been included to know about risks and challenges in front of the businesses. It offers a several sales strategies to discover the global opportunities that will open the new platforms to get clients rapidly.
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In terms of revenue, global smart meters market was valued at US$ 18.06 Bn in 2020 and is anticipated to grow at a CAGR of 6.63% over the forecast period (2022-2030). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries. Governments across continents are undertaking initiatives to transform their conventional utility grids into smart grids. For instance, according to the Department for Business, Energy and Industrial Strategy (BEIS), the smart meter rollout in the UK reached a mark of 21.5 million by end of 2019. The U.K government has further planned installation of smart meters at every house by 2024. The older technology smart meters installed by government had few drawbacks and were rendered futile when customers switched the energy supplier. These drawbacks have been eliminated in the second generation smart meters. Thus, the government investment towards development of smart infrastructure is complimenting the growth of global smart meters market.
The rapid pace of modernization and urbanization in countries around the world have posed an upsurge in energy demand for powering these cities. The International Energy Agency (IEA) released a ‘World Energy Outlook’ report in November 2019 which stated that world energy demand rose by 2.3% in 2018 and is anticipated to grow by 1.3% year-on-year till 2040. Similarly, the gas, water and thermal grids around the world are also expanding owing to rise in need for basic utilities. The inefficient metering network and conventional meter technology has resulted in rising gap between cost and revenue leading to high financial losses in these respective sectors. In order to tackle the challenges posed by expanding utility grids and to reduce losses in revenue of energy suppliers owing to inefficient metering infrastructure, is showcasing increased demand for smart meters. Smart meters are electronic devices that records consumption of electricity, gas, water or heat and transfer the data to the supplier and consumer devices for monitoring and billing purposes. These meters record data more frequently compared to conventional meters and assists consumers in managing consumption of utility supplies, thereby ensuring cost-efficiency. The smart meter technologies enable energy providers to reduce billing errors, conduct demand analysis in real-time, reduce the peak load, assist in grid management and increase the monetary receivables by minimizing unbilled supply. The technology also facilitates prepayment billing method to better analyses the impact of lifestyle habits on consumption of amenities. These characteristics have made smart metering an essential element of the grid. Thus, the rising influence of smart metering technologies to cater the rising demand for amenities and efficiently monitor their supply is driving the growth of global smart meters market.
Scope of the report:
- Base Year: 2015-2020
- Forecast period: 2022-2030
- Segments Covered: By Offering, By Smart Meter Type, By Technology, By Application
- Various Analyses Covered: Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
- Regions Includes: North America, Europe, Asia Pacific, Middle East and Africa, Latin America
- Key Companies Profiled: Aclara Technologies LLC, Bristol Energy, British Gas, Bulb Energy Limited, Duke Energy Corporation, E.ON UK plc, Jabil Inc., Npower, OVO Energy Ltd, Scottish Power Ltd, Sierra Wireless, Southern Company, STMicroelectronics and Thales Group amongst others.
Global Smart Meters Market Segmentation:
By Smart Meter Type
- Electricity Meters
- Gas Meters
- Heat Meters
- Water Meters
- Automatic Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
Contact Name: Shreyas Tanna
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