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(Wireless-NewsWire.Com, June 08, 2018 ) The report discusses the end users that use these products. The regions considered under the scope of the report include North America, Europe, and various others. The study also emphasizes on how supportive government regulations in key regions are affecting the market.
Smart metering solutions comprise of meters or modules, with communication capabilities (either one-way or two-way) embedded within the meter or attached to it. Smart electricity meters are expected to witnesses a declining demand throughout the forecast period, primarily due to decline in volume sale contribution from China, which is the largest market for these systems. Conventional electric grids are highly inefficient. Energy transmission over long distances is highly expensive and inefficient. It is estimated that over 7% of the energy is lost during the transmission of electricity in the United States. Deployment of smart metering systems enables energy suppliers to continuously monitor electricity usage at multiple points in the grid. Therefore, smart meters help collect data and enable the management of electricity distribution, necessary to improve the efficiency of the systems.
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Rise in Deployment in Smart Cities to Drive the Market
Smart metering systems are employed with two-way communication and control capabilities, which enable the central systems to analyze the data and take necessary actions to provide improved efficiency and handle systems efficiently in times of faults and failures. Smart grids play a crucial role in smart city deployment and are the primary consumers of smart electricity meters. In addition, governments around the world are allocating budgets to turn existing cities smart and also to establish new smart city projects, in order to improve the overall economy. European countries are leading in this segment, with many establishments, while countries in Asia-Pacific are exploring this technology for mass deployment. This is expected to increase the demand for smart electricity meters.
The Residential Segment to have the Highest Market Share
Increasing residential construction activities and government mandates like EU 20-20-20 policy, which aims to convert 80% of the installed meter base to smart ones, is expected to drive the smart electricity meter market. The residential applications of smart meters include standalone autonomous houses and suburban/urban apartments. Growth in this domain can be attributed to regulatory, administrative framework and surging awareness concerning reduction of energy consumption and aligned expenses. However, budgetary constraints of industries and lengthy period for realizing the benefits of smart meters have been the deterrents for the adoption of smart meters for residential applications in the developing countries.
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Asia-Pacific to have the Highest Share
China is leading the market at the moment, with the rollout at its peak, due to strict mandates by the government. South China and State Grid, the only two grid companies in the country, drive the process. But the gradual end of the rollout is resulting in a significant reduction of demand year-by-year. In other countries, such as India, the study projects a substantial growth in the demand for smart electricity meters, with expected need of more than 2 million units yearly post-2020. However, in the absence of a national mandate by the government, the incorporation of smart metering is expected to be slow and patchy, thereby inhibiting the full functionality of smart grid systems. Further, the region is expected to enjoy the highest market share over the forecast period, owing to the vast population base in these two countries.
Key Developments in the Market
November 2017: Landis+GYR expanded its distributor sensor product portfolio by launching a cellular communication option for its existing S610 Line Sensor, which detects and locates faults, thereby improving grid reliability.
October 2017: Kamstrup invested in narrow-band Internet of Things (NB-IoT) for fueling innovations in electricity meters. The company announced that pilot tests are planned for spring 2018, and a commercial solution will be available in the next 12-18 months.
January 2017: Wasion Group Holdings Limited announced to deepen its cooperation with Itron through embedding its metering products into Itron’s OpenWayRiva IoT Solution.
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Major Players: LANDIS + GYR GROUP AG, WASION GROUP HOLDINGS, ELSTER GROUP GMBH (HONEYWELL INTERNATIONAL INC), JIANGSU LIANG ENERGY CO. LTD, SAGEMCOM SAS, NINGBO SANXING ELECTRIC CO. LTD, KAMSTRUP A/S, HEXING ELECTRIC COMPANY LTD, ITRON INC, HOLLEY TECHNOLOGY LTD, SENSUS USA INC, NANJING XINLIAN ELECTRONICS CO. LTD, AND SHENZHEN HEMEI GROUP CO. LTD, among others.
Reasons to Purchase this Report
To understand the changing market scenario, with growing initiatives toward creating smart cities
Analyzing various perspectives on the market with the help of Porter’s five forces analysis
The end-user segment that is expected to dominate the market
The regions that are expected to witness the fastest growth during the forecast period
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