A recent market intelligence report that is published by Data Insights Partner on the global Smart Meters Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Smart Meters Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Smart Meters Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Smart Meters Market is offered. In accordance with the report, the global Smart Meters Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Smart meters are digital devices that keeps track of data with regard to electricity consumption, power factors, current and voltage levels. A typical smart meter records energy consumption data on real-time basis at short-intervals in twenty-four hours and has regularity in reporting. Smart meter permits bilateral communication between the central system and the meter. Networking in smart meters can be secured either through wired connections that are fixed or through wireless networks.
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The initial impetus for the smart meter market was provided to monitor the robust usage of electricity. Such tracking of electricity usage would bring a stop to the unnecessary usage of electricity. These devices give information regarding the household electrical equipment that is significantly draining energy. This helps the consumers to purchase and make use of energy efficient devices. Smart meter eliminates the possibility discrepancy in reading the energy consumption manually and also reduces the involvement of human force. Smart meters communicate the energy consumption and other data to both the consumer and the electricity supplying company. This keeps the clarity and trust in between the company and the consumers. Falling number of power outages and hardware faults can be associated with the presence of smart meters. Consumer convenience is the major factor driving the growth of this market.
With growing development of many underdeveloped regions and electrification in those regions, the follow-up of the electricity providing company is needed. Smart meters help the companies to keep track of energy usage in some of the remote places without the use of human capital. The provisioning of immediate monitoring system by smart meters is immensely helping the companies.
The development of power grids has fueled the need for smart meters to some extent and powered the growth of the smart meter market.
Also, the supportive policies undertaken by the government to promote the usability and availability of smart meters is charging the growth of this market.
The current scenario of trade war is threatening the growth prospects of the smart meters market. The tariff rates levied on Chinese imports by the U.S. government is straining market growth in this region. The retaliatory tariffs put on the energy and metal sector by the Chinese government is posing severe threats to this market.
The tremendous cost of installing smart meters faced by the end users from the residential, industrial and commercial sector is straining the growth of the smart meters market.
The rising consciousness among consumers with the availability of devices for monitoring the nook and cranny of electricity usage that leads to the reduction of cost of electricity consumption and ability to curtail it in times of need is a great opportunity for this market.
The growth of the networking infrastructure and communication and technological advancement which includes the recent developments like wireless technologies, smart phones, 4G and 5G facilities and radio frequencies is likely to have positive effects on the smart meters market in the near future.
The constant support of the government of different nations around the globe is assumed to sustain the growth of the smart meter market.
The depleting fossil fuels and non-renewable sources of energy coupled with the dependence on air and water to develop renewable resources of power is directly leading to the mindful consumption of electricity and use of smart meters to keep track of them. This in turn is likely to be a lucrative advantage for the smart meters market.
At present, North America dominates the market for smart meters. But the Asia-Pacific region is projected to be the fastest growing region with a CAGR of around 9.1% in the forecast period. This is because Asia-Pacific is the nexus of emerging economies. The growth of residential and industrial sector is likely to make use of unregistered volumes of electricity and presently it is making use of unaccounted volumes of electricity. China dominates in the employment of smart meters both in the Asia-Pacific region and on a global basis. Europe is also expected is showcase growth owing to the surging set up of power grids and indulgence in the use of renewable resources.
This market intelligence report on the global Smart Meters Market encompasses market segments based on product type, technology type, communication type, and country.
By Product Type the global Smart Meters Market has been divided into:
q Smart Electric Meters
q Smart Gas Meters
q Smart Water Meters
By Technology Type the global Smart Meters Market has been divided into:
q Auto Meter Reading (AMR)
q Advanced Metering Infrastructure (AMI)
By Communication Type the global Smart Meters Market has been divided into:
By country/region, the global Smart Meters Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Wasion Group
q Schneider Electric
q Badger Meter
q Secure Meter Limited
q EDMI Limited
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Smart Meters Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
In January 2020, Revelo electric meter incorporated with an advanced technology of grid sensing was introduced to market by Landis+Gyr.
In January 2020, a 4G LTE smart metering product was launched by Itron. The product covers a broad territory, low latency, and lengthy lifestyle of network facilitated by the use of 4G LTE technology.
In March 2019, Wasion Group entered into a contract with Guizhou Power Grid Corporation. In accordance to the contract, Wasion Group was supposed to deliver a variety of products including smart meters and smart power solutions.
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Ø This study offers comprehensive yet detailed analysis of the Smart Meters Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Smart Meters Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Smart Meters caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Smart Meters Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Smart Meters Market
v Identification of key factors driving investment opportunities in the Smart Meters Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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