Pune, India, May 23, 2022 (GLOBE NEWSWIRE) --
According to a recent study from market research firm Graphical Research, the Europe smart electric meter market will gain a remarkable momentum during the forecast timeframe.
Concerted efforts to foster the deployment of smart grids are driving Europe smart electric meter market share. The European Union has benchmarked smart metering deployment across the EU-27 countries with an emphasis on electricity. EU member states had committed to launching around 200 million and 45 million smart meters for electricity and gas, respectively by 2020.
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The onslaught of the COVID-19 pandemic led to a temporary pause of several smart metering projects in 2020 and Q1 2021. That said, investments in infrastructural activities have fared well for the business outlook. The European Commission had projected around 72% of the regional population to have a smart meter for electricity, while 40% would have gas by 2020.
Some of the prevailing trends that could have an overarching influence on the landscape over 2021-2027 are delineated below:
- Automatic meter reading (AMR) technology to gain ground
End-users are likely to count on AMR systems for low installation costs, real-time information, and easy data transfer. Furthermore, these smart meters will continue to be sought after, to boost customer service and efficiencies. The latest generation of the AMR smart meters, such as SMETS2 could play a pivotal role in reducing costs, leveraging a real-time view of consumption data. AMR smart electric meters are likely to hold a notable share of Europe market by 2027.
- Commercial applications to underpin growth potential
Commercial sector is slated to be the major market for smart meter manufacturers on the back of renovation of existing distribution networks and installation of durable devices. Increased adoption of energy-efficient and low-maintenance equipment will be noticeable across the healthcare, retail, and hospitality sectors. Europe smart electric meter market share from commercial applications will grow at a healthy CAGR up to 2027.
- Three-phase electric metering boosts industry dynamics
The adoption of sustainable energy systems will fuel the deployment of three-phase smart electric meters. End-users, including educational institutions, hospitality & logistics and healthcare are expected to invest in IoT-enabled network infrastructure. Three-phase electric meters could contribute a considerable share to Europe industry by 2027, partly due to the integration of sustainable power grids.
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- U.K. to provide promising growth opportunities
Leading companies are likely to envisage the U.K. as a happy hunting ground on the back of investments in advanced meter integration (AMI) and AMR technologies. Moreover, England and Wales have shown an increased inclination for three-phase SMETS2 meters. To illustrate, the U.K. installed its first three-phase new-gen SMETS2 smart electric meters for its business and domestic sectors. U.K. smart electric meter market outlook will be strong with increasing penetration across end-use sectors.
Landis+Gyr, Honeywell Elster, Iskraemeco, Siemens, Schneider Electric SE, Kamstrup and Apator are some of the leading companies boosting the competitive landscape. They are likely to invest in mergers & acquisitions, product launches and innovations. For instance, in March 2021, Itron rolled out a residential smart electricity meter for cities and utilities in Germany.
Industry leaders are expected to introduce IoT grid sensing electric meters amidst the need for improved safety and reliability. Advanced metering is likely to gain an uptick across commercial and residential applications. A relentless energy transition to an environmentally friendly, low carbon, and affordable energy supply will lead the shift towards a connected and smart distribution network.
Browse Related Report:
Asia Pacific Smart Electric Meter Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook (Japan, China, India, South Korea, Australia), Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1415/asia-pacific-smart-electric-meter-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
