Selbyville, Delaware, Feb. 08, 2022 (GLOBE NEWSWIRE) --
The smart electric meter market is expected to surpass US$ 36 billion by 2030, as reported in a research study by Global Market Insights Inc. Favorable regulatory policies along with positive consumer tendency toward the integration of smart meters for effective energy consumption and monitoring will pave a way for a strong potential growth in the forecast period. Moreover, rising concerns pertaining to electricity thefts and meter tampering have urged utilities to integrate an effective monitoring facility which in turn will foster the industry outlook.
Introduction of regulatory measures and standards toward energy efficiency across commercial establishment will encourage the adoption of intelligent systems, augmenting the demand for smart meters in turn. Ongoing efforts to develop green buildings will further propel the need for effective monitoring of energy consumption, thereby complementing the technology deployment. In addition, ongoing refurbishment of commercial establishments including educational institutes, hospitals, offices and others will favor the adoption of sustainable and smart technologies, including smart electric meters over the forecast period.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1503
Automated Meter Reading (AMR) smart electric meter market is anticipated to grow substantially over the forecast period owing to its high application across commercial & industries including power generation, retail, hostels and various others. Tamper notification, outage detection, increased efficiencies and reduced labor cost are few of the paradigm features & factors offered by AMR technology which will augment its adoption rate. Furthermore, more flexible billing cycles along with easy monitoring of meter readings are some of the key factors that will positively sway the business outlook across the globe.
Favorable reforms pertaining to the digitalization of small-scale commercial offices and industries in developing nations coupled with rapid urbanization will stimulate the adoption of single-phase smart meters. Incorporation of reliable energy networks adhering to the regulatory frameworks including FiT’s and incentives will exponentially encourage the product adoption. For instance, in 2020, the Government of India introduced ambitious plans to replace the conventional meters with smart pre-paid systems by 2022. Moreover, introduction smart technologies across single family residential establishments will further proliferate the smart electric meter market scenario over the forecast timeframe.
Ongoing efforts of the regulatory bodies to replace existing analogue meters with reliable smart meters will stimulate the product penetration across Middle East & Africa. For instance, Saudi Electricity Company (SEC) in 2021 announced that it has installed over 10 million smart meter units across the country in a span of 14 months. Moreover, soaring demand for error free electricity billing along with efforts to attain the region’s energy efficiency targets will positively drive the industry growth in the coming years.
Over the last two years, the world has witnessed an unprecedented outspread of coronavirus which has substantially impacted many industries, hindering the global economy. Governments across the globe had imposed several lockdown protocols in order to curb the spread of the virus owing to which many businesses were shut down and major utilities observed a disruption in logistic & transportation operations, which in turn subdued the industry growth in the period. However, lifting of lockdown mandates along with ongoing vaccination drive will kickstart the global economy and various industries including construction and manufacturing, which will pose a significant growth opportunity for the smart electric meter market over the forecast period.
Some key findings of the smart electric meter market report include:
- Effective remote monitoring and control capabilities offered by the smart meters will augment its adoption across the globe.
- Rising concerns toward energy conservation will complement the product penetration over the forecast period.
- Soaring electricity bills across residential and commercial establishments will drive the technology demand positively.
- Ongoing integration of renewable energy with the smart grid infrastructure will fuel the requirement for smart technologies including smart meters for reliable monitoring.
- Major players operating across the smart electric meter industry include Schneider Electric, Honeywell International Inc., Siemens, Aclara Technologies, Itron, General Electric, Circutor SA amongst others.
- Favorable governmental incentives for integration of smart technologies across residential, commercial and industrial sector will proliferate the business scenario.
Request for customization of this research report at https://www.gminsights.com/roc/1503
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Smart electric meter market 3600 synopsis, 2018 – 2030
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Phase trends
2.1.5 Regional trends
Chapter 3 Smart Electric Meter Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Innovation & technology landscape
3.4 Regulatory landscape
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 COVID-19 impact on the overall industry outlook
3.9 Competitive Landscape, 2021
3.10 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.
