Selbyville, Del., Feb. 08, 2022 (GLOBE NEWSWIRE) —
The market for smart electricity meters is expected to exceed US$36 billion by 2030, as reported in a research study by Global Market Insights Inc. Favorable regulatory policies along with a positive consumer trend towards integrating smart meters for efficient energy consumption and monitoring will pave the way for strong potential growth over the forecast period. Additionally, growing concerns over electricity theft and meter tampering have pushed utilities to incorporate an effective monitoring facility which in turn will boost the industry’s prospects.
The introduction of energy efficiency regulations and standards across commercial establishments will encourage the adoption of smart systems, thereby increasing the demand for smart meters. Continued efforts to develop green buildings will further reinforce the need for effective monitoring of energy consumption, complementing the deployment of technology. Additionally, the ongoing renovation of commercial establishments including educational institutions, hospitals, offices and others will drive the adoption of sustainable and smart technologies including smart electricity meters during the forecast period. .
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/1503
The market for Automated Meter Reading (AMR) smart electricity meters is expected to grow significantly over the forecast period owing to its strong application in commercial and industrial sectors including power generation, retail, hostels and many more. Tamper notification, failure detection, increased efficiency and reduced labor costs are just some of the paradigmatic features and factors offered by AMR technology that will increase its rate of adoption. Additionally, more flexible billing cycles along with easy monitoring of meter readings are some of the key factors that will positively influence business prospects across the globe.
Favorable reforms relating to the digitalization of commercial offices and small-scale industries in developing countries, coupled with rapid urbanization, will drive the adoption of single-phase smart meters. The incorporation of reliable energy networks adhering to regulatory frameworks, including FiTs and incentives, will exponentially drive product adoption. For example, in 2020 the Indian government presented ambitious plans to replace conventional meters with prepaid smart systems by 2022.
Ongoing efforts by regulators to replace existing analog meters with reliable smart meters will drive product penetration across the Middle East and Africa. For example, Saudi Electricity Company (SEC) announced in 2021 that it had installed more than 10 million smart meters across the country in 14 months. Additionally, the growing demand for error-free electricity billing along with efforts to meet the region’s energy efficiency targets will positively drive the growth of the industry in the coming years.
Over the past two years, the world has witnessed an unprecedented spread of the coronavirus which has had a huge impact on many industries, hampering the global economy. Governments around the world have imposed several lockdown protocols in an effort to curb the spread of the virus, which has led to the closure of many businesses and major utilities have observed a disruption in logistics and transport operations, which in turn has slowed the growth of the industry during the period. However, the lifting of the lockdown mandates along with the ongoing vaccination campaign will boost the global economy and various industries including construction and manufacturing, which will represent a significant growth opportunity for the smart electricity meter market over the course of of the forecast period.
Some Key Findings of the Smart Electricity Meter Market Report Include:
- The effective remote monitoring and control capabilities offered by smart meters will increase its adoption worldwide.
- Rising concerns over energy conservation will complement the product penetration over the forecast period.
- Soaring electricity bills in residential and commercial establishments will positively drive technology demand.
- The continued integration of renewables into smart grid infrastructure will fuel the need for smart technologies, including smart meters for reliable monitoring.
- Major players operating in the smart electricity meter industry include Schneider Electric, Honeywell International Inc., Siemens, Aclara Technologies, Itron, General Electric, Circutor SA, among others.
- Government incentives favorable to the integration of smart technologies in the residential, commercial and industrial sectors will proliferate in the business scenario.
Request customization of this research report at https://www.gminsights.com/roc/1503
Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360 Smart Electricity Meter Market0 synthesis, 2018 – 2030
2.1.1 Trade trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Phase trends
2.1.5 Regional trends
Chapter 3 Industry Overview of Smart Electricity Meters
3.1 Industry Segmentation
3.2 Industry Ecosystem Analysis
3.3 Innovation and technology landscape
3.4 Regulatory landscape
3.5 Industry impact forces
3.5.1 Drivers of growth
3.5.2 Industry pitfalls and challenges
3.6 Analysis of growth potential
3.7 Porter’s analysis
3.8 Impact of COVID-19 on Overall Industry Outlook
3.9 Competitive Landscape, 2021
3.10 PILON analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.