Global smart meters market was estimated at 59.6 million units
in 2012. Government initiatives for increasing the number of installations
for smart meters on account of its energy conservation functionality will play
a vital role in the growth of the product.
Growing consumer awareness about energy
consumption is also likely to propel the demand over the forecast period. Smart
meters allow for easy monitoring and managing the consumption of electricity by
consumers on a daily basis routine. Rising demand for smart meters among energy
suppliers is expected to boost the market growth to resolve power outages,
hardware faults and to enhance promptness in delivery customer service.
Global demand is expected to reach 165.5 million
units generating revenues worth USD 22.18 billion by 2020. Smart meters are an
effective technology to control rising level of radioactive emissions in the
eco-system, and thus, various environment protection policies are initiated to
favor smart meters installation over the next few years.
Increasing demand for eco-energy and effective
transmission facilities further add to the steady growth of smart meter market
in the current scenario. Integrated value chain with the presence of
information sharing referring to its usage rate and tariff amount is key
competitive advantages for the industry players.
Residential applications accounted for 82.6% of
the global shipments in 2012 and the trend is anticipated to continue over the
forecast period. An increasing number of installation in housing apartments and
bungalows is projected to drive growth at 10.0% CAGR from 2014 to 2020.
However, this segment accounted for a significantly smaller market share in
terms of revenue in 2012.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/smart-meters-market
North America smart meters market revenue by application, 2012-2020, (USD Million)
Further
key findings from the study suggest:
·
Commercial applications accounted for more than
35% of the global revenue in 2013 and is expected to grow in the future owing
to the growing demand for electricity meters with a high level of flexibility.
The market is also driven by administrative regulations, aligned expenses and
growing awareness for energy conservation.
·
Europe and North America smart meter market are
projected to foresee a favorable growth in the near future owing to favorable
administrative and regulatory policies in these regions. The European market is
expected to grow substantially owing to an increasing focus on energy
conservation to achieve drop-down usage rate of electricity.
·
Asia Pacific contributed to 25% of the revenue
share in 2013 and is expected to grow at a CAGR of 10.4% from 2014 to 2020 on
account of increasing demand for smart grid projects to achieve enhanced power
supply over the forecast period. China is an emerging market for smart meters
and is predicted to increase at a significant rate on account of the expansion
of smart grid project and supportive regulations with a focus on sustainable
energy consumption.
·
Key industry players include Echelon, Itron,
Sensus, Holley, Elster, Aclara, Jiangsu Linyang and Landis+Gyr. The market was
dominated by Itron, which accounted for 24.3% of the total market share in
2013. The companyprovides comprehensive solutions to electricity, energy,
water, software, gas and consulting segments.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/semiconductors-and-electronics
Grand View Research has segmented smart meters market on the basis of application and region:
Smart Meters Application Outlook (Volume, Million Units and Revenue, USD Million; 2012 – 2020)
• Residential
• Commercial
• Industrial
Smart Meters Regional Outlook (Volume, Million Units and Revenue, USD Million; 2012 – 2020)
• North America
• Europe
• Asia Pacific
• RoW
