Smart Electric Meter Market Worth 11.33 Billion USD by 2023
PUNE, India, April 6, 2018 /PRNewswire/ --
According to a new market research report "Smart Electric Meter Market by Communication Technology Type (Radio Frequency, Power Line Communication, and Cellular), End-User (Residential, Commercial, and Industrial), Phase (Single Phase, and Three Phase), and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the global market is projected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. The market is set to witness growth due to the increased need for efficient data monitoring systems coupled with favorable government policies for smart meter rollout, improved cost savings owing to the use of smart meters making it a definitive case for adoption and increasing emphasis on renewable energy sources globally.
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The residential segment is expected to hold the largest share of the Smart Electric Meter Market, by end-user, during the forecast period.
The residential segment of the global Smart Electric Meter Market is expected to hold the largest market share and grow at the second-fastest pace during the forecast period. The installation of smart electric meters in residential places would help in reducing the dependence on fossil fuels, as the smart electric meters can assist the consumers to monitor, regularize, and reduce their consumptions from the grid, and generators, and further integrate their consumptions from renewable energy sources such as solar installations. The widespread use of sophisticated electrical, electronic, and data equipment is driven by the growing importance of power management solutions also driving the Smart Electric Meter Market.
The three-phase segment is expected to grow at the fastest pace in the Smart Electric Meter Market, by phase, during the forecast period.
The three-phase segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. Three-phase meters are mostly used in industrial applications and in large commercial applications. The premium price for the three-phase meters over the single-phase meters and the growth in the number of industries and commercial facilities drive the installations of the three-phase smart electric meters.
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The Power Line Communication (PLC) segment is expected to hold the largest share of the Smart Electric Meter Market, by communication technology type, during the forecast period.
The PLC segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. The PLC is the most commonly used communication technology due to its advantages such as the use of the existing utility infrastructure of poles & wires, improved cost-effectiveness for rural lines, and usability in a challenging terrain. The technology is mature with open standards and several vendors in the market.
Asia Pacific: Key market for the Smart Electric Meter Market during the forecast period
In this report, the Smart Electric Meter Market has been analyzed with respect to 6 regions, namely, Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. Asia Pacific is expected to be the largest Smart Electric Meter Market, by region, during the forecast period. Asia Pacific is the most-populated region in the world and consequently witnesses a high demand for electricity. The rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions drive the Smart Electric Meter Market in the region. China accounts for the largest share owing to the large-scale rollout plans; the country accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for smart electric meters.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Smart Electric Meter Market, such as Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).
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