Global smart meters market was estimated at 59.6 million units in 2012. Government initiatives for increasing the number of installations for smart meters on account of its energy conservation functionality will play a vital role in the growth of the product.
Growing consumer awareness about energy consumption is also likely to propel the demand over the forecast period. Smart meters allow for easy monitoring and managing the consumption of electricity by consumers on a daily basis routine. Rising demand for smart meters among energy suppliers is expected to boost the market growth to resolve power outages, hardware faults and to enhance promptness in delivery customer service.
Global demand is expected to reach 165.5 million units generating revenues worth USD 22.18 billion by 2020. Smart meters are an effective technology to control rising level of radioactive emissions in the eco-system, and thus, various environment protection policies are initiated to favor smart meters installation over the next few years.
Increasing demand for eco-energy and effective transmission facilities further add to the steady growth of smart meter market in the current scenario. Integrated value chain with the presence of information sharing referring to its usage rate and tariff amount is key competitive advantages for the industry players.
Residential applications accounted for 82.6% of the global shipments in 2012 and the trend is anticipated to continue over the forecast period. An increasing number of installation in housing apartments and bungalows is projected to drive growth at 10.0% CAGR from 2014 to 2020. However, this segment accounted for a significantly smaller market share in terms of revenue in 2012.
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Further key findings from the study suggest:
- Commercial applications accounted for more than 35% of the global revenue in 2013 and is expected to grow in the future owing to the growing demand for electricity meters with a high level of flexibility. The market is also driven by administrative regulations, aligned expenses and growing awareness for energy conservation.
- Europe and North America smart meter market are projected to foresee a favorable growth in the near future owing to favorable administrative and regulatory policies in these regions. The European market is expected to grow substantially owing to an increasing focus on energy conservation to achieve drop-down usage rate of electricity.
- Asia Pacific contributed to 25% of the revenue share in 2013 and is expected to grow at a CAGR of 10.4% from 2014 to 2020 on account of increasing demand for smart grid projects to achieve enhanced power supply over the forecast period. China is an emerging market for smart meters and is predicted to increase at a significant rate on account of the expansion of smart grid project and supportive regulations with a focus on sustainable energy consumption.
- Key industry players include Echelon, Itron, Sensus, Holley, Elster, Aclara, Jiangsu Linyang and Landis+Gyr. The market was dominated by Itron, which accounted for 24.3% of the total market share in 2013. The companyprovides comprehensive solutions to electricity, energy, water, software, gas and consulting segments
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