Seattle, WA — (SBWIRE) — 01/24/2017 — The smart meters market is estimated to grow from an expected $11.1 billion in 2014 to $18.2 billion by 2019, at a CAGR of 10.2% from 2014 to 2019.
The implementation of smart meters will be advantageous for governments trying to achieve the objectives of emission reductions, security of energy supply, reducing the carbon footprint of the country, and providing quality service to the end-user. Governments want to accentuate the installation of smart meters as they foresee better management and efficient usage of energy, which will subsequently foster competition. For instance, some countries in Europe such as Italy, Sweden, and France have opted for rapid deployment of the technology, owing to the European Union directives for energy end-use efficiency by 2020.
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Furthermore, growth in smart grid technologies will give rise to smart meters. Smart meters alone are not useful and need to be installed in conjunction with some type of a communication infrastructure to get the data back to the utility. Smart grid technologies include communication networks, advanced sensors, and monitoring devices, which form the foundation for utilities to generate and deliver power, and for consumers to understand and control their electricity consumption.
The report forecasts the market size of the global smart meters, which includes smart electric meters, smart water meters, and smart gas meters with respect to main regions such as Americas, Asia-Pacific, Europe, and RoW. The smart meters market has also been analyzed on the basis of residential, commercial, & industrial end-users. The smart meters market includes players such as Itron Inc. (U.S.), Elster Group (Germany), Landis+Gyr (Switzerland), Siemens AG (Germany), Schneider Electric SA (France), Badger Meter (U.S.), Circulator SA (Spain), EDMI (Singapore), Holley Metering Limited (China), Honeywell International Inc. (U.S.), ICSA India Limited (India), Neptune Technology Group Inc. (U.S.), and Sensus (U.S.).
Americas: Leading market for smart meters
The Americas dominated the smart meters market in 2013, followed by Asia-Pacific. Increasing demand for smart meters in North America is mainly due to government initiatives which comprise allocating funds and making the units mandatory in a number of states. AEP, PG&E, Southern California Edison, Southern Company, Florida Power & Light, and Oncor are some of the largest utility groups having committed to full-scale rollouts of smart meters to all customers. Europe stood third in terms of market size in total smart meters market, followed by RoW.
Smart electric meters: Largest type market
With technological advancements, the smart meters market is majorly dominated by smart electric meters, as these help to monitor energy usage efficiently and reduce dependence on depleting fossil fuels. Government and other legislative bodies are promoting the installation of smart electricity meters around the world.
Residential: Largest end-user market
Smart meters are mostly seen in residential applications; its installation in residential places helps to reduce CO2 emissions globally, as consumer’s inclination towards peak time energy saving would increase and the need to supplement extra energy supply at peak time by switching on fossil fuel plants (which are high CO2 emitters) reduce.
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