Smart Electric Meter Market Size By Application (Residential, Commercial, Utility), By Technology (AMR, AMI), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, UK, Sweden, Portugal, China, Japan, South Korea, India, Australia, UAE, Saudi Arabia, South Africa, Lebanon, Egypt, Mexico, Brazil, Uruguay, Argentina) Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: April 2017 | 190 Pages | Report ID: GMI1503 Report Format: PDF
Smart Electric Meter Market size was over USD 5 billion in 2016 and cumulative installation is set to exceed 270 million units by 2024.
UK Smart Electric Meter Market Size, By Application 2015-2024 (Million units)
Government regulations to enhance electric grid efficiency, reliability, and security will stimulate the smart electric meter market share by 2024. Numerous countries including UK, Italy, Sweden, China, Japan and the U.S. have enacted mandatory legislation to adopt intelligent systems as part of broader clean energy initiatives. For instance, in 2008, UK passed a resolution to install 53 million of these products in businesses and homes by 2019, however the deadline was recently extended to 2020. The program is valued at USD 19.5 billion and has attracted a broad range of multinational manufacturers across the globe. As per European Union, it is mandatory for the utilities of its state members to provide intelligent systems to 80% of their consumers by 2020.
Increasing integration of renewable energy to intelligent grid infrastructure will drive the global smart electric meter market size over the forecast timeline. Renewable energy integration advances system design, operation, and planning of the grid to reduce carbon emission and other emissions. It also increases asset use through customer load integration and reduces peak load and electricity cost while enhancing security and reliability.
Enhanced security against electricity theft will further propel the smart electric meter market size during the forecast timeframe. Electricity theft is an international problem resulting in loss worth millions of dollars to service provider companies and the government exchequer. The rate of theft is low however cumulative effect on utilities is high. International Electrotechnical Commission and the American National Standards Institute (ANSI) have introduced measures to stop meter tampering and curb electric theft. In UK, magnetic theft is one of the easiest methods of tampering resulting in loss to energy suppliers. This system notifies owners and suppliers about the potential source of theft. However, high initial costs and security & privacy issues may act as a restraint to the smart electric meter market growth.
Smart Electric Meter Market, By Application
Smart electric meter market from residential application was valued over USD 1 billion in 2016 and is anticipated to witness strong growth by 2024. Increasing consumer focus towards peak time savings of energy will positively impact the industry outlook. These products record the power consumption and communicate to the central utility system, restricting the chance of manipulation of data. The growing residential construction and government policies including EU 20-20-20 aims to convert 80% of existing into intelligent systems, propelling business growth.
Commercial smart electric meter market share is predicted to witness growth over 9% over the forecast period. Mexico is anticipated to witness substantial growth in adoption of commercial smart systems owing to favourable government regulations. State-owned Federal Electricity Commission (CFE) has initiated steps to modernize the existing grids and aims to roll out 2 million units in 2017. Utility smart electric meter market is anticipated to witness substantial growth subject to advanced grid management and reduction in ‘costs to serve’ expenses. These products can monitor power usage which can assist in reduction of overall usage and enable the shift in usage to non-peak hours.
Smart Electric Meter Market, By Technology
Smart electric meter market share from Advanced Metering Infrastructure (AMI) is set to exceed 50 million units by 2024 and is predicted to witness robust growth owing to advanced 2-way communication systems. Numerous countries including the U.S., Sweden, Italy, and Spain are installing these systems primarily owing to advanced technical features including efficient data transmission and notifications to perform observation & maintenance tasks.
In 2014, Department of Energy (DOE) funded the Smart Grid Investment Grant (SGIG) programme worth USD 2.6 billion for AMI systems. Smart electric meter market share from Automatic Meter Reading (AMR) will grow substantially owing to its ability to provide accurate and real-time reading. These products also offer enhanced billing process and consumption information to energy users.
Smart Electric Meter Market, By Region
U.S. smart electric meter market size is set to witness substantial growth owing to the state-level incentives & policies and local utilities willing to adopt the modern technology. American Recovery and Reinvestment Act (ARRA) financially assisted the SGIG where more than 50% of the program funding was designated to AMI systems.
France smart electric meter market in 2016 accounted for over 15% of the regional share. Government of France announced a program with an investment exceeding USD 15 billion into digital infrastructure with intelligent systems allocation. Électricité de France has installed over 3 million of these products by 2016 and aims to install over 35 million by 2020.
China smart electric meter market is set to expand over 10% CAGR over forecast timeline owing rapid increase in intelligent systems deployment. State Grid Corporation of China aims to deploy around 380 million systems by 2020, positively impacting industry growth.
Mexico smart electric meter market is predicted to exceed USD 100 million by 2024 on account to its rapidly growing economy. In 2013, Elster shifted its meter manufacturing operations from the U.S. to Mexico subject to reduction in manufacturing costs coupled with abundant workforce availability.
Competitive Market Share
Global smart electric meter market participants include Echelon, Wasion, Toshiba, Siemens AG, Schneider, Itron, Networked Energy Services, Sensus, Jiangsu Linyang Electronics, Holley Metering, Honeywell International, Genus Power Infrastructure, Elster, Aclara, Jiangsu Linyang, Atmel Corporation, Aclara Technologies and Landis+Gyr.
Major international players have acquired local companies to consolidate their regional presence and extend product portfolio. For instance, in July 2015, Honeywell acquired Elster Group to expand its business landscape. In December 2015, Aclara Technologies acquired GE’s electric meter business to widen their product segment.
Smart Electric Meter Industry Background
The implementation of these products will benefit the smart electric meter market end-users by allowing them energy supply security, reduction of carbon emission and billing accuracy and transparency. Governments want to increase the installations of intelligent systems to boost efficient energy consumption and better management values. For instance, European countries including Italy, France, and Sweden have opted for fast deployment of these products owing to the EU directives for energy efficiency for end-use by 2020.
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