The global smart electric meter market is projected to reach USD 14.26 Billion by 2021, growing at a CAGR of 10% from 2016 to 2021. This growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, triggered by the rising demand for energy.
The report segments the smart electric meter market on the basis of phase into single and three phase. The three-phase smart electric meter segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the rising industrial and commercial activities, surge in investments in transmission & distribution infrastructure, and integration of renewable sources of energy in the existing power grid. However, the demand for single-phase smart electric meters is also set to increase as these are installed in the residential end-user segment, and are installed in greater volume when compared to three phase meters.
Based on end-user, the smart electric meter market has been segmented into residential, commercial, and industrial. The residential segment recorded the largest market size in 2015. Globally, residential end-users accounted for approximately 65% of smart meter installations. The demand for smart meters in the residential sector is driven by factors such as a surge in demand for central systems and smart end-users (such as nanotechnologies, energy efficient lighting, electric heat pump, and home control network), appliances. Developed economies in North America and Europe are investing huge amounts to replace the old legacy meters with the smart electric meters to comply with government mandates and increase energy savings by notifying and alerting the consumers about their electricity usage.
Complete report on Smart Electric Meter Market spread across 189 pages with 64 tables and 46 figures Profiling 12 Companies is now available at http://www.rnrmarketresearch.com/smart-electric-meter-market-by-communication-technology-rf-plc-and-cellular-end-user-residential-commercial-industrial-phase-single-phase-and-three-phase-and-by-region-global-trends-forecasts-to-2021-market-report.html
The European smart electric meter market is estimated to have the highest growth rate, owing to the increased installations of the smart electric meters to meet the proposed 20:20:20 plan’s targets, which will propel the demand for smart electric meters. The U.K. dominated the European smart electric meter market in 2015, on the account of extensive renewable energy projects and numerous contracts for the replacement of old meters. The U.K. and Germany are estimated to be the fastest growing markets for smart electric meters in the region from 2016 to 2021. The figure given below indicates the market size of various regions by 2021, with their respective CAGRs during the forecast period.
The resistance of end-users toward the installation of new technologies is a major concern for utilities. Irrespective of the communication technology of smart electric meters, gaining a customer’s confidence is very important. The prime reason behind such reluctance is lack of awareness about the importance of the smart electric equipment among consumers, which is the biggest barrier hindering the growth of the smart electric meter market.
Some of the leading players in the smart electric meter market are Itron (U.S.), Siemens AG (Germany), Aclara Technologies LLC (U.S.), Schneider Electric SE (France), and Wasion Group (China). Contracts & Agreements was the most commonly used strategy by top players in the market from 2012 to 2016, followed by new product launches, expansion, and other developments.
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Premium Insights : Attractive Market Opportunities in the Smart Electric Meter Market, Smart Electric Meter Market: Top End-User Segment, Three-Phase Smart Electric Meter Market to Lead the Growth During 2016–2021, Smart Electric Meter Market in Asia-Pacific, Asia-Pacific Dominates the Smart Electric Meter Market During 2016–2021
Market Overview: Market Dynamics, Drivers, Government Mandates & Fiscal Incentives, Increasing Demand for Efficient Data Monitoring Systems, Energy Savings, Renewable Energy Integration to Smart Grid Infrastructure, Restraints, End-User Resistance to New Technologies, Financial Constraints, Opportunities, Ongoing Shift Towards Smart Grid Infrastructure Challenges, Lack of Interoperability, Lack of Skilled Labor, Delay in Smart Meter Pilot Projects Impact of Market Dynamics, Smart Electric Meter Market: Supply Chain, Key Influencers, Porter’s Five Forces Analysis, Threat of Substitutes, Threat of New Entrants, Bargaining Power of Buyers, Bargaining Power of Suppliers, Intensity of Rivalry
Smart Electric Meter Market, By Phase, Single Phase, Three Phase
Smart Electric Meter Market, By End-User Introduction
Smart Electric Meter Market, By Communication Technology, Power Line Communication, Radio Frequency, Cellular
Smart Electric Meter Market, By Region, Regional Analysis, North America, U.S., Canada, Mexico, Europe, U.K., France, Germany, Rest of Europe, Asia-Pacific, China, Australia,Japan, India, Rest of Asia-Pacific, Middle East, Saudi Arabia, Kuwait, United Arab Emirates, Rest of Middle East, South America, Brazil, Rest of South America, Africa, South Africa, Rest of Africa
Competitive Landscape: Competitive Situation & Trends, Contracts & Agreements, New Product/Technology Developments, Mergers & Acquisitions, Expansions & Collaborations, Joint Venture, Awards & Recognition