Smart Metering Systems Market to exceed $38 Billion by 2024
Published Date: March 15, 2017 Author: Global Market Insights, Inc.
Smart Metering Systems Market size will exceed over USD 38 billion by 2024; per a new research report by Global Market Insights, Inc.
Increasing need for accurate billing and consumption pattern mapping coupled with rising prices of resources including water, electricity and gas will drive the global smart metering systems market size by 2024. Scarcity of available resources has laid emphasis on reducing wastage and controlling emission levels.
Stringent regulations towards energy management coupled with measures towards effective resource utilization will propel demand. The Energy Independence Act (EISA) of 2007 mandates the modernization of the U.S. electric grids, installation of smart electric systems in every household and grants government funding for grid development projects.
Smart metering systems market size for 2015 from residential applications was over USD 5 billion and is set to witness strong growth owing to its reasonable pricing and increasing awareness among customers. Commercial applications in terms of volume are predicted to surpass 250 million units over the forecast timeframe due to rising prices of available energy resources.
Smart metering systems market share for 2015 from water is set to grow over 10% on account of stringent regulations for controlling Non-Revenue Water (NRW). Electric applications were valued over USD 4 billion in 2015 and is predicted to witness handsome growth owing to stringent government regulation to curb electricity theft.
AMI is set to exceed USD 19 billion by 2024. Adoption of AMI are low subject to its high acquisition and installation costs. AMR is predicted to grow over 13% over the forecast timeline owing to its wide adoption and mature technology.
Browse key industry insights spread across 205 pages with 433 market data tables & 11 figures & charts from the report, “Smart Metering Systems Market Size, By Application (Residential, Commercial, Utility), By Product (Water meters, Electricity meters, Gas meters), 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) Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents, please click on the link below:
The 2015 U.S. smart metering systems market size was valued over USD 5 billion and is set to witness high gain on account of strict norms towards energy management and accurate billing. Growing measures towards energy conservation and efficiency will further boost the industry growth.}
For Europe, UK smart metering systems market share is predicted to grow over 16% by 2024. Government of United Kingdom initiated the National Smart Meter Roll Out programme which aims at installing smart systems in every home in England, Scotland and Wales by 2020. Recommendation 2012/148/EU mandates increasing adoption of these products coupled with large-scale roll out in regions with positive cost benefit results.
China smart metering systems market size is forecast to exceed USD 9 billion by 2024. The State Grid Corporation of China has aimed to install more than 380 million smart systems by 2020 in line with the government plan.
For MEA, Lebanon could grow over 9% during the forecast period. In 2014, Electricité Du Liban (EDL) announced a plan to roll out more than 1 million of these products as part of a USD 200 million programme to overhaul the existing technology and provide accurate billing service.
Mexico smart metering systems market share in terms of volume is set to exceed 6 million units by 2024. In 2016, state-owned Comision Federal de Electricidad (CFE) awarded a contract for a roll out of 96,000 advanced meters in the region, positively influencing the business outlook.
Key industry participants include Landis+GYR, Siemens AG, Itron, Circutor, Schneider Electric, Osaki Electric, Iskraemeco, Icsa and others.
Smart metering systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Million Units) and revenue in USD Billion from 2013 to 2024, for the following segments:
Global Smart Metering Systems Market, By Application
Global Smart Metering Systems Market, By Product
- Smart electricity meters
- Smart water meters
- Smart gas meters
Global Smart Metering Systems Market, By Technology
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- Latin America