Selbyville, Delaware, April 13, 2022 (GLOBE NEWSWIRE) --
The smart meters market is expected to surpass USD 55.7 billion by 2028, as reported in a research study by Global Market Insights Inc. Favorable government norms pertaining to effective energy management along with continuous technological advancements toward the adoption of intelligent metering units will foster the industry scenario. Moreover, the increasing replacement of conventional meters with intelligent meters along with ongoing infrastructural developments will augment the industry outlook.
Optimized consumption mechanism along with the implementation of government standards & measures toward energy efficiency will fuel the adoption of smart meters across commercial establishments. The introduction of government norms and directives along with rollout plans toward the deployment of intelligent meters will sway the industry growth. Rising investments from public and private sectors in the development of advanced energy management systems in line with sustainable & accurate leak detection will further stimulate the industry landscape.
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The AMI smart meters market will witness growth on account of ongoing government investments in the development of intelligent units coupled with the increasing penetration of cloud-based networks. A paradigm shift toward effective energy management in line with cost-saving solutions for end-users through improved customer service will propel the product demand. In addition, the growing replacement of conventional units with advanced meters, featuring software applications, in line with growing requirements for reliable metering networks will boost the industry scenario.
The smart gas meters market size will observe an upsurge owing to enhanced operational efficiency combined with the rising awareness of effective utilization of energy resources. The rising demand for effective measurement, monitoring, and utilization of natural resources will propel product deployment. The ongoing development of the City Gas Distribution (CGD) network allows consumers to monitor and measure gas usage, which will further fuel the product demand across residential establishments.
The Asia Pacific smart meters market is anticipated to grow at a rate of over 14% till 2028. The robust adoption of smart metering solutions for streamlined operations along with strong private sector investments will propel the deployment of advanced meters across the region. For instance, in January 2020, Kamstrup collaborated with Novafos, a water and wastewater organization, to provide advanced metering solutions to New Zealand municipalities. The company will provide 72,500 flowIQ 2200 water meters and remote reading systems. The solution offers AMI & AMR systems to minimize non-revenue water, leakages, tampering, and cloud-based connections. This partnership will enhance the company’s market share across the Asia Pacific region.
The COVID-19 outbreak has slightly influenced the industry owing to strict lockdowns across various regions. However, the increasing electricity demand coupled with initiatives taken by major players for the advancement of intelligent systems will foster the business potential. Furthermore, the expansion and integration of monitoring systems in line with the rising replacement of traditional systems with innovative metering solutions will positively augment the industry landscape.
Some of the key findings of the smart meters market report include:
- Rising electricity demand across growing economies in line with increasing consumer inclination toward IoT-based monitoring networks will enhance the industry growth.
- The major players operating in the industry include Kamstrup, Badger Meter, Inc., Diehl Stiftung & Co., KG, Itron Inc., Landis+GYR, Sensus, etc.
- Rapid expansion and modernization of grid infrastructures along with growing awareness of energy conservation will propel the smart meters market scenario.
- The growing necessity of efficient resource utilization, enhanced consumer satisfaction, and optimum utility management will enhance the product demand.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart meters industry 3600 synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Product trends
2.1.5 Regional trends
Chapter 3 Smart Meters Industry Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Smart gas meter
3.5.1.1 Growth drivers
3.5.1.1.1 Favorable government regulations and directives
3.5.1.1.2 Energy conservation
3.5.1.1.3 Accuracy & optimization in billings
3.5.1.1.4 Effective monitoring and enhanced operational efficiency
3.5.1.2 Industry pitfalls and challenges, smart gas meter
3.5.1.2.1 Privacy and cyber security concerns
3.5.2 Smart water meter
3.5.2.1 Growth drivers
3.5.2.1.1 Non-revenue water (NRW) monitoring and control
3.5.2.1.2 Ongoing inclination toward intelligent systems in the water sources
3.5.2.1.3 Government regulations & directives
3.5.2.1.4 Accuracy & optimization in billings
3.5.2.1.5 Effective monitoring of consumption patterns
3.5.2.2 Industry pitfalls & challenges, smart water meter
3.5.2.2.1 Privacy and cyber security concerns
3.5.3 Smart electric meter
3.5.3.1 Growth drivers
3.5.3.1.1 Favorable government regulations
3.5.3.1.2 Renewable energy integration to smart grid infrastructure
3.5.3.1.3 Effective monitoring & control of energy consumption
3.5.3.1.4 Limits electricity thefts
3.5.3.2 Industry pitfalls & challenges, smart electric meter
3.5.3.2.1 End-user resistance
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTLE Analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
