Advanced Metering Infrastructure (AMI) Market Set for Prosperous Growth: USD 47,680.86 Mn By 2030

New York, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Advanced Metering Infrastructure Market” published by Consegic Business Intelligence, the market was sized at USD 19,775.56 million in 2022 and is expected to reach over USD 47,680.86 million by the year 2030, growing at a CAGR of 11.8%.

Advanced Metering Infrastructure (AMI) refers to a comprehensive network of smart meters, communication systems, and data management technologies that enable two-way communication between utility companies and consumers. AMI facilitates the collection, measurement, and analysis of energy consumption data in real time, allowing for more accurate billing, improved load management, and enhanced energy efficiency. Additionally, by providing insights into energy usage patterns, AMI enables utilities to optimize the operations, identify and respond to outages, and offer consumers valuable information to make informed decisions about energy consumption.

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The increasing adoption of smart meters to provide real-time information about energy consumption resulting in reduced energy waste and a lower carbon footprint is the key factor driving the growth of the advanced metering infrastructure market. Additionally, the emergence of advanced customer cloud services including meter data management and customer billing to provide enhanced customer experience is also contributing to the market growth. The cloud-based services offered by smart meters limit the chances of error in comparison to traditional meters, further promoting the growth of the advanced metering infrastructure market. For instance, in May 2023, El Paso Electric upgraded the customer information to Oracle utilities customer cloud service to support the smart meter rollout. The cloud-based service is introduced to offer a flexible scale to support smart meter rollout, thus contributing significantly in propelling the market growth.

Moreover, the development of smart cities is projected to create potential future opportunities for market growth as smart metering infrastructure plays a crucial role in monitoring and managing energy usage at the city level. In addition, by deploying smart meters throughout the city, utilities and city administrators gather real-time energy consumption data, identify patterns, and implement energy efficiency measures. However, high initial deployment costs associated with smart metering infrastructure are restraining the market growth.

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Advanced Metering Infrastructure Market Growth Drivers:

• Increasing demand to conserve energy and reduce carbon emissions is driving the growth of the smart metering infrastructure market.
• Increasing government initiatives mandating the adoption of smart meters to improve energy efficiency and grid management is propelling market growth.
• The ability of smart meters to enable utilities to implement demand response programs effectively to balance the grid and avoid power shortages is fueling market growth.

Restraints

• High initial deployment costs associated with smart metering infrastructure are restraining market growth.
• Privacy and security concerns associated with smart metering infrastructure are hampering the market growth.

Opportunities

• Development of smart cities is projected to create potential future opportunities for the growth of the smart metering infrastructure market.

Global Advanced Metering Infrastructure Market Segmentation Details:

Based on Device, the smart electric meters segment contributed the largest shares to the market growth in 2022 as smart electric meters play a crucial role in energy efficiency and grid optimization. The smart electric meters provide accurate and real-time data on electricity consumption, enabling utilities to identify patterns, monitor peak demand, and optimize energy distribution. Additionally, smart meters enable utilities to implement demand response programs effectively, allowing customers to adjust electricity usage during peak demand periods, to balance the grid and avoid power shortages. Consequently, the ability of smart electric meters to focus on energy efficiency and grid stability is contributing considerably in driving the growth of the segment.

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Based on Component, the solutions segment offered substantial shares to the market in the year 2022 and Meter Data Management (MDM) holds the largest market share as MDM solutions provide utilities with a centralized platform to manage and process the vast amounts of data collected from smart meters. Additionally, meter data management handles data validation, storage, and integration with other utility systems namely billing and customer information systems. The ability to effectively manage and utilize metering data is crucial for utilities to optimize the operations and deliver accurate billing services. Moreover, MDM solutions play a critical role in billing and revenue management by calculating accurate consumption data based on meter readings, facilitating complex tariff calculations, generating invoices, and managing billing cycles. In conclusion, MDM solutions streamline the billing process, reduce billing errors, and enable efficient revenue collection, hence contributing significantly in fueling the market growth.

Based on End-User, the residential segment offered substantial shares to the global advanced metering infrastructure market in the year 2022 as smart meters provide precise measurements of electricity, gas, and water consumption in residential properties. The smart meters ensure accurate billing based on actual usage, eliminating manual readings, thus benefitting the customers by providing more fair billing practices. Additionally, smart meters enable real-time monitoring of energy consumption in residential properties through online portals and mobile apps, allowing consumers to access energy usage data, view consumption patterns, and track costs. Moreover, the emergence of the Internet of Things (IoT) offers advanced grid-edge intelligence to support distribution system operators in maintaining an efficient and reliable grid, further increasing the adoption of smart meters in the residential sector.

Based on Region, North America has been a major contributor to the growth of the advanced metering infrastructure market as North America is at the forefront of implementing regulatory policies that drive the adoption of smart metering infrastructure. In particular, the United States is witnessing significant regulatory support at the federal and state levels, mandating utilities to deploy smart meters for improved energy efficiency, grid modernization, and consumer benefits. Moreover, the aging infrastructure in North America, particularly in the electricity and water sectors, is creating a need for modernization and improved efficiency. Smart metering infrastructure offers a solution for utilities to upgrade the systems, enhance data collection, and optimize operations. Furthermore, the presence of key players in the region including Trilliant Holdings Inc., General Electric Company, and Emerson Electric Co. constantly applying innovations and strategic decisions to expand the market portfolio is also contributing to the market growth.

Recent Developments

• In September 2022, NanoLock Security and Renesas Electronics Corp. partnered together to introduce a new platform to offer protection to Renesas customers’ smart meters from cyber-attacks.

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Key Market Highlights

• Globally, the advanced metering infrastructure market is divided based on the device into smart water meters, smart electric meters, and smart gas meters.
• In the context of component, the market is separated into solutions and services.
• The end-user segment is classified into residential, commercial, and industrial.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in advanced metering infrastructures.

List of Major Global Advanced Metering Infrastructure Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Aclara Technologies LLC
• Siemens AG
• Cisco Systems, Inc.
• Calisen Group
• Cooper Industries
• Elster Group GmbH
• General Electric
• Renesas Electronics Corp
• Landis+Gyr Technology Inc.
• IntelliSmart Infrastructure Pvt. Ltd.
• International Business Machines Corporation
• Itron, Inc.
• Schneider Electric SE
• Sensus
• Silver Spring Networks
• Tieto Corporation
• Trilliant, Inc.
• El Paso Electric

Global Advanced Metering Infrastructure Market Segmentation: 

• By Device
  • Smart Water Meters
  • Smart Electric Meters
  • Smart Gas Meters
• By Component
  • Solutions
  • Meter Data Management
  • Meter Data Analytics
  • Meter Communication Infrastructure
  • Advanced Metering Infrastructure Security
  • Services
  • Meter Deployment
  • System Integration
  • Program Management and Consulting
•  By End-User
  • Residential
  • Industrial
  • Commercial

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Key Questions Covered in the Advanced Metering Infrastructure Market Report

• What will be the potential market valuation for the advanced metering infrastructure market by 2030?

- The market valuation for the advanced metering infrastructure market is expected to be approximately USD 47,680.86 million by 2030 owing to the increasing government initiatives mandating the adoption of smart meters to improve energy efficiency and grid management. 

• Based on current market trends and future predictions, which geographical region will have the largest impact on the advanced metering infrastructure market's growth in the coming years?

- Asia Pacific is anticipated to witness the fastest CAGR during the forecast period owing to the significant investments in the development of smart cities. Smart metering infrastructure is a critical component of smart city initiatives, enabling efficient energy management, demand response, and sustainability practices. 

• What specific segmentation details are covered in the advanced metering infrastructure market report, and how is the dominating segment impacting the market growth?

- Smart electric meters dominate the market in 2022 as smart electric meters play a crucial role in energy efficiency and grid optimization. The smart electric meters provide accurate and real-time data on electricity consumption, enabling utilities to identify patterns, monitor peak demand, and optimize energy distribution. 

• What specific segmentation details are covered in the advanced metering infrastructure market report, and how is the fastest segment anticipated to impact the market growth?

- Services will witness the fastest CAGR as smart metering infrastructure requires ongoing maintenance, monitoring, and support to ensure optimal performance. Service providers offer maintenance services to address issues namely firmware updates, meter calibration, and fault detection, and also provide support services, including troubleshooting, meter replacements, and customer assistance.

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