The global market for smart
meters is expected to reach USD 22,177 million by 2020, according to a new
study by Grand View Research, Inc. Smart meters provide two-way communication
and benefits including time-based rates, faster power outage detection and
resolution, and dynamic pricing among others. Initiatives by regulatory
authorities to establish smart grids and ensure energy efficiency are expected
to be a considerable growth driver over the forecast period.
Benefits of smart meter
installations resonate across the value chain, which is also a key driving
force for the industry. Customers can potentially cut down costs by lowering
peak hour electricity demand; additionally, on-site visits and manual readings
can be eliminated. Inconsistencies in deployment on a regional level coupled
with lack of standardization in technology are expected to pose a barrier to
market growth.
For
Market Research Report on “Smart Meters Market” Visit: http://www.grandviewresearch.com/industry-analysis/smart-meters-market
Further Key findings from the study suggest:
- Global smart meter shipments were estimated to be 59.6 million units in 2012, which is expected to reach 165.5 million units by 2020, growing at a CAGR of 9.8% from 2014 to 2020
- Residential applications accounted for 82.6% of overall shipments in 2012, and are expected to remain the largest segment in terms of volume over the next six years. This segment is also expected to be the fastest growing, at an estimated CAGR of 10.0% from 2014 to 2020. However, in terms of revenue, they accounted for significantly smaller market share in 2012. This can be primarily attributed to high technical requirements and selling prices of industrial and commercial smart meters.
- Asia Pacific is expected to be the largest regional market in terms of volume and revenue over the forecast period, and accounted for 49.2% of overall shipments in 2012. Europe is expected to be the fastest growing market in terms of revenue, at an estimated CAGR of 9.4% from 2014 to 2020. The market in Europe is expected to contribute significantly to global revenue generation, which can be attributed to high selling prices as compared to other regions.
- The global smart meters market consists of a large number of participants such as Itron, Landis+Gyr, Elster, and Sensus among others. Mergers and acquisitions and vertical integration have been the key growth strategies followed by industry players in order to gain market share and expand their product portfolio. High demand from emerging markets on account of energy efficiency programs and growing need for enabling smart homes is expected to positively impact profitability. Other companies operating in the market include Jiangsu Linyang, Holley Metering, Echelon, Aclara, etc.
For the purpose of this study, Grand View Research has
segmented the global smart meters market on the basis of application and
region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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