12.09.2019 01:05

The Smart Meters Market was valued at USD 114.7 million in 2018 and is estimated to register a CAGR of 2.1% over the forecast period (2019

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The Smart Meters Market was valued at USD 114.7 million in 2018 and is estimated to register a CAGR of 2.1% over the forecast period (2019-2024). Smart grids are being implemented around the world with the aim of improving the efficiency of power networks. Smart electricity meters, which are an integral part of smart grids are thus being adopted around the world. Countries around the world are adopting emission control regulations in order to tackle the environmental effects caused by pollution.

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- Smart electricity meters account for the most significant share of the total market, which is expected to witnesses a declining demand, primarily due to decline in volume sale from China, the largest market for these systems. Although the overall market in terms of shipments is declining, the market excluding China is expected to witness substantial growth.
- The market for smart gas meters is expected to show consistent growth during the forecast period. Parallel integration pushes the markets of smart gas meters with electricity meters in countries, like the United Kingdom, which is incorporating common In-House Displays (IHDs) for multiple services.
- Due to the growing demand, increasing water stress, rising energy prices, and aging water systems, smart water solutions have emerged with significant benefits by combining advanced technology, software, and effective communications systems.

Scope of the Report
Smart meters represent a transformative technology for the utility industry and its customers. These technologically advanced meters enable greater insight into the usage of energy and, in the case of smart electric meters, provide enhanced control of the electrical grid. The other meters such as the smart gas meters and smart water meters provide the consumption patterns and further encourage the efficient management of resources.

Key Market Trends
Smart Gas Meters to Hold Major Share

- The Smart Gas Meters are estimated to hold major share over the forecast period owing to increasing theft prevention and reduction of other non-technical loses, along with functionality improvements, such as the ability to control utilities remotely and ensure time-based tariffs.
- The market growth of Smart Gas Meters in Europe and Asia-Pacific is fuelled by the increasing number of new gas connections, as well as the government-mandated smart gas meter rollouts.
- Chinese manufacturers are increasingly targeting foreign markets apart from their country, which might increase the competition in the market.
- The United States, Japan, and the United Kingdom have emerged as the dominant markets in the global market landscape, as well as in their regional markets. These three countries, together, held around 42% of the global smart gas meter unit shipments.

North America to Hold Major Share

- North America is estimated to be the largest market as the automatic meter reading solutions market in the region is reaching maturity, especially in the United States, which is resulting in sluggish growth.
- The project sizes are now decreasing from millions to a small multiple of 10,000s. And the region installed, around 50%-60% of the gas meter base in the United States. In 2016, approximately 52% of all the new meters sold were AMI or AMR solutions.
- This share percentage is predicted to increase during the forecast period. Automated reading devices occupy the major market in Canada. No static meter roll-out could be expected in residential areas, as utilities are not quite eager to replace their mechanical metering infrastructure.
- With Canadian standards showing static meters at a disadvantage due to their shorter lifespan when compared to mechanical meters, the introduction of stringent regulations to meet the Canadian regulatory standards is aiding the market.

Competitive Landscape
The smart meters market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic innovations and collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.

- April 2019 - Badger Meter, Inc. announced that it will supply its next-generation ORION Cellular smart water communication endpoints to Aurora Water in Colorado.
- December 2018 - Landis+Gyr announced a series of project and contract updates involving advanced metering deployments at Evergy Inc. subsidiaries, Kansas City Power & Light Company (KCP&L) and Westar Energy Inc.
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