A smart meter is the next generation of a gas and electricity meter. It measures the amount of electricity a customer uses. It digitally send meter readings to the energy supplier for more accurate energy bills. Increasing investments in smart grid, smart city and the gas pipeline networks fuelling the growth of the market. However, high installation costs is the factor may hamper the growth of the market.
On the basis of application, market has been segmented into residential, commercial, and industrial. Residential sector dominates the application segment of the market. The increasing residential construction activities across the globe and government mandates, driving the growth of the market in residential sector.
The key players of Global Smart Meters Market are
- Itron, Inc. (U.S.),
- Siemens AG (Germany),
- Sensus (Xylem) (U.S.),
- Badger Meter, Inc. (U.S.),
- Aclara Technologies, LLC. (U.S.),
- Kamstrup A/S (Denmark),
- Holley Metering, Ltd. (China),
- Honeywell International, Inc. (U.S.),
- Wasion Group (China),
- Toshiba Corporation (Japan)
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On the basis of region, North America dominates the smart Meters market. Increasing repairing & upgradation of aging infrastructure activities, and monitoring & prevention of leakage driving the growth of the market. Additionally, lot of smart meters rollouts are taking place in countries such as the U.S., Canada, and Mexico which would impart growth in the North American region. Europe is expected to contribute significantly during the forecast period. Increasing demand and stringent government regulations in Europe driving the growth of the market in the region.
Asia Pacific is expected to be the fastest growing region during the forecast period. Rapid growth in residential, commercial, and industrial sector driving the growth of the market in the region. Additionally increasing investments in smart grid, smart city & the gas pipeline networks also fuelling the growth of the market. China remains the most prominent market in Asia Pacific region. Strict government regulations in China, pushed the mass deployment of smart meters over the recent years. Additionally, China is the key manufacturer of smart meters.
Market Research Analysis
Based on type, the market has been segmented into smart electricity meters, smart gas meters, smart water meters. Electric meters dominates the type segment of the market. It is the most widely consumed smart meters. Gas meters are expected to be the fastest growing segment during the forecast period. Increasing investments in gas distribution infrastructure, are the key factors driving the demand for gas meters. Additionally, increasing focus on advanced metering infrastructure development in developed regions, are supporting the demand for smart gas meters. On the basis of technology, market has been segmented into automatic meter reading (AMR) and advanced metering infrastructure (AMI). AMR dominates the technology segment of the market. AMR meters use one-way communication and primarily act as digital meter readers. AMI is expected to be the fastest growing technology of the market. AMI meters can use two-way communication to both transmit usage information and perform observation and maintenance tasks.
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