Product Code: 56998
The smart electricity meter market was valued at 105.73 million shipments in 2019 and is expected to reach 121.26 million shipments by 2025, at a CAGR of 2.31% over the forecast period 2020 - 2025.
- Smart electricity meters account for the most significant share of the total market, which is expected to witnesses a declining demand throughout the forecast period, primarily due to a decline in volume sale contribution from China, which is the largest market of these systems.
- Although the overall market in terms of shipments is declining, the market excluding China is expected to witness a substantial growth rate.
- Europe is one of the major markets where smart electricity meters are expected to witness growth opportunities.
- With the ongoing smart electricity meter rollouts, Spain leads the unit shipments among the European countries and Germany, France and the United Kingdom are also expected to roll out smart electricity meters in large numbers during the forecast period.
Key Market Trends
Commercial Construction to Fuel the Market
- Smart electric meters play a significant role in the industrial, residential, manufacturing, and commercial sectors, measuring the energy consumption of the consumers. The growing smart grid investments and the surge in the integration of renewable sources of power generation to the existing grids and increasing T&D refurbishment activities in developed economies are expected to support the growth of the global smart electric meter market.
- Increasing investments for the construction of commercial facilities such as banking institutions, educational institutions in developed and developing economies have fueled the growth in the commercial segment.
- The meters measure electricity consumption and communicate this to the central utility system. The installations of these devices in the residential sector help in reducing CO2 emissions globally as a consumer's inclination towards peak time savings of energy would increase.
- The increasing residential construction activities and government mandates like the EU 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart electric meters.
United States to Hold Major Share
- The market for automatic meter reading solutions is reaching maturity in the United States, resulting in a receding market in the country, the sizes of the project are now decreasing from millions to a small multiple of 10,000s.
- However, the replacement of first-generation meters and the shift to advanced metering infrastructure (with higher capabilities and improved technology) are expected to revive the smart electricity meters market in the future.
- At the same time, the increasing competition among companies, especially Chinese manufacturers, is resulting in a reduction of the per-unit price of smart electricity meters, affecting the net revenue of this market.
- Nationally, the largest driver of the smart electricity meter market in conjunction with the deployment of smart electricity meter infrastructure has been the American Recovery and Reinvestment Act (ARRA) of 2009, which included funding for the Smart Grid Investment Grant (SGIG) program.
- More than 50% of the USD 7.9 billion in the SGIG (USD 3.4 billion from ARRA and USD 4.5 billion in matched funds from the private sector) was designated for advanced metering infrastructure.
- The top five smart meter manufacturers (Elster, GE Energy, Itron, Landis+Gyr, and Sensus) received a significant amount of more than USD 30 million in ARRA funds or matching funds. These factors are resulting in the direct growth of the smart electricity meters market in the United States.
The smart electricity meters market is highly competitive and consists of several major players. The market is fragmented, owing to the presence of many small and large players. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic innovations and collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on enterprise network equipment technologies to strengthen their product capabilities.
- December 2018 - Landis+Gyr announced a series of project and contract updates involving advanced metering deployments at Evergy Inc.'s subsidiaries, Kansas City Power & Light Company (KCP&L), and Westar Energy Inc.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Supportive Government Regulations in Key Regions
- 4.3.2 Rise in Smart City Deployment
- 4.4 Market Restraints
- 4.4.1 High Costs and Security Concerns
- 4.4.2 Integration Difficulties with Smart Meters
- 4.5 Industry Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By End User
- 5.1.1 Residential
- 5.1.2 Commercial
- 5.1.3 Industrial
- 5.2 Geography
- 5.2.1 North America
- 18.104.22.168 United States
- 22.214.171.124 Canada
- 5.2.2 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United KIngdom
- 184.108.40.206 France
- 220.127.116.11 Spain
- 18.104.22.168 Rest of Europe
- 5.2.3 Asia-Pacific
- 22.214.171.124 China
- 126.96.36.199 Japan
- 188.8.131.52 India
- 184.108.40.206 South Korea
- 220.127.116.11 Rest of Asia-Pacific
- 5.2.4 Latin America
- 18.104.22.168 Brazil
- 22.214.171.124 Mexico
- 126.96.36.199 Rest of Latin America
- 5.2.5 Middle East & Africa
- 188.8.131.52 GCC
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
- 6.2 Company Profiles
- 6.2.1 Landis+gyr Group AG
- 6.2.2 Wasion Group Holdings
- 6.2.3 Elster Group GMBH (Honeywell International Inc)
- 6.2.4 Jiangsu Linyang Energy Co., Ltd
- 6.2.5 Sagemcom SAS
- 6.2.6 Ningbo Sanxing Electric Co. Ltd
- 6.2.7 Kamstrup A/S
- 6.2.8 Hexing Electric Company Ltd
- 6.2.9 Itron Inc.
- 6.2.10 Holley Technology Ltd
- 6.2.11 Sensus USA Inc. (Xylem Inc)
- 6.2.12 Nanjing Xinlian Electronics Co., Ltd
- 6.2.13 Shenzhen Hemei Group Co., Ltd
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS