DUBLIN, September 23, 2021--(BUSINESS WIRE)--The "Smart Electricity Meter Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global smart electricity meter market is expected to witness a CAGR of 2.37 % over the forecast period 2021 - 2026.
Landis+gyr Group AG
Wasion Group Holdings
Elster Group GMBH (Honeywell International Inc.)
Jiangsu Linyang Energy Co. Ltd
Ningbo Sanxing Electric Co. Ltd
Hexing Electric Company Ltd
Holley Technology Ltd
Sensus USA Inc. (Xylem Inc)
Nanjing Xinlian Electronics Co. Ltd
Shenzhen Hemei Group Co, Ltd
Key Market Trends
Residential Segment to Be The Fastest Growing
Smart electric meter plays a significant role in the residential sector, as this meter measures the energy consumed by the consumers. The increasing smart grid investments and the surge in the rate of integration of renewable sources of power generation to the existing grids, in developed economies, are expected to support the growth of the smart electric meter market.
The meter measures the electricity consumption and communicates this to the central utility system. Globally, installations of these devices in the residential sector help in the reduction of CO2 emissions, owing to the increased consumer's inclination toward peak time savings of energy.
The increasing residential construction activities and government mandates, like EU 20-20-20 policy aiming to convert over 80% of the installed meter base to a smart one, have ensured growth prospects in the demand for smart electric meters.
Residential applications of a smart meter include standalone autonomous houses and suburban/urban apartments. These applications are expected to grow, gradually, due to the factors, like a regulatory, administrative framework, along with the rise in awareness concerning the reduction of energy consumption and aligned expenses.
The power grid infrastructure is progressively becoming more digitized and connected, thereby, ensuring the reliable and secure flow of critical digital communications. Thus, smart grid infrastructure, whether in a power substation or residential setting, is of vital importance. Smart meters that are enabling real-time measurements needed to monitor equipment health, grid congestion, and stability, and system control form the integral part of smart grids.
Moreover, increasing urbanization and the increasing inclination toward the focus on developing urban lifestyles led to the expansion of deployment of the smart home technologies and devices, which involves automatic control of electricity, light, and energy to avoid the wastage. Hence, the increasing adoption of smart home devices and technologies across the homes globally is further expected to foster the growth in smart meters in the residential segment.
United States to Hold Major Share
The market for automatic meter reading solutions is reaching maturity in the United States, resulting in a receding market in the country, the sizes of the project are now decreasing from millions to a small multiple of 10,000s.
However, the replacement of first-generation meters and the shift to advanced metering infrastructure (with higher capabilities and improved technology) are expected to revive the smart electricity meters market in the future.
At the same time, the increasing competition among companies, especially Chinese manufacturers, is resulting in a reduction of the per-unit price of smart electricity meters, affecting the net revenue of this market.
Nationally, the largest driver of the smart electricity meter market in conjunction with the deployment of smart electricity meter infrastructure has been the American Recovery and Reinvestment Act (ARRA) of 2009, which included funding for the Smart Grid Investment Grant (SGIG) program.
More than 50% of the USD 7.9 billion in the SGIG (USD 3.4 billion from ARRA and USD 4.5 billion in matched funds from the private sector) was designated for advanced metering infrastructure.
The top-five smart meter manufacturers (Elster, GE Energy, Itron, Landis+Gyr, and Sensus) received a significant amount of more than USD 30 million in ARRA funds or matching funds. These factors are resulting in the direct growth of the smart electricity meters market in the United States.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.4 Assessment of COVID-19 impact on the industry
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Supportive Government Regulations in Key Regions
5.1.2 Rise in Smart City Deployment
5.2 Market Restraints
5.2.1 High Costs and Security Concerns
5.2.2 Integration Difficulties with Smart Meters
6 MARKET SEGMENTATION
6.1 By End User
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/8dia5e
View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005486/en/
Laura Wood, Senior Press Manager
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