The Advanced Metering Infrastructure Market was valued at USD 7. 75 billion in 2019 and is expected to reach USD 17. 0 billion by 2025, at a CAGR of 14% over the forecast period 2020 - 2025. Smart Meters represent a transformative technology for the utility industry.
New York, June 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Advanced Metering Infrastructure Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p06000959/?utm_source=GNW
These technologically advanced meters provide greater insight into the usage of energy. In the case of smart electric meters, they ensure enhanced control of the electrical grid. Smart Meters have been employed as a part of Advanced Metering Infrastructure development initiatives around the world.
- Development of an integrated and IT-enabled power grid and other support software to analyze the patterns offers significant benefits to the user. Such a grid, known as a ‘smart grid’, supports the expansion of distributed production, lowers costs, promotes energy efficiency and improves both the reliability and security of the entire production, transmission and distribution system.
- Governmental regulations in North America and Europe regions are pushing them towards smart grids and helping them attain top spots in terms of market shares. With companies around the world increasingly being aware of the technologies, organizations are investing in integrating new technologies to produce advanced metering devices with improved performance and efficiency.
- Thus, there are huge opportunities for companies to invest in the technology segment. This might also help in realizing low-cost devices that could help companies capture unexplored markets in developing nations.
Key Market Trends
Smart Meter is Expected to Hold Significant Share
- Smart meters are an internet capable measuring device used for water, energy and natural gas usage in commercial, residential and industrial areas. These systems consist of an electric meter, water meter, and control unit in a single package.
- Conventional meters can only measure water consumption whereas smart water meters helps in recording the total resource consumption, which also includes wastewater usage in several industries and many other applications.
- Currently, around 50% to 60% of the installed gas meter base in the United States and Canada are automated reading devices. Roughly, 52% of all the new meters sold in 2016 are AMI or AMR solutions. This share is predicted to increase more during the forecast period.
- The factors responsible for the growth of the smart water meter market are due to funding from the US federal and important water metering legislation. The various policies and privatization in this industry, about the usage of smart water meters for advanced metering infrastructure, is also supporting the growth of the market.
- In the United Kingdom, different energy end-user industries are using domestic smart meters to manage efficiency, reduce the carbon footprint, reduce expenditure and thereby increase the overall operations.
North America to Execute a Significant Growth
- In the US, the largest driver of the smart electricity meters market in conjunction with the deployment of smart electricity meter infrastructure has been 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 have resulted in the direct growth of the smart electricity meters market in the United States.
- Further, Canada has also witnessed large-scale incorporation of smart electricity meters after the governmental mandate was introduced more than five years ago with the prime motive of reducing peak time loads. Thus, owing to increasing demand and stringent regulations are stimulating the adoption of smart meters across end users.
- The growth of the market is also increasing due to the growing population and rise in the number of water applications in the United States and Canada. Several features offered by smart water meters like time bases synchronized meter readings and system monitoring and control is expected to extend the market.
The advanced metering infrastructure market is highly fragmented. Development of integrated and IT-enabled power grid and other support software to analyze the patterns, the increase in the use of smart meters, water metering solutions along with digitalization initiatives across regions, provide lucrative opportunities in the advanced metering infrastructure market. Overall, the competitive rivalry among existing competitors is high. Moving forward, the different innovation strategy of large companies are penetrating the advanced metering infrastructure market. Some of the key developments in the area are:
- April 2019 - Siemens developed a comprehensive concept for energy systems worldwide which brings technology into areas of regulation and social engagement. The Energy Value Charter aims to create customized solutions that will empower countries to make their energy systems fit for the future. The concept encompasses suggestions for implementing sustainable power-generation technologies, together with recommendations on how legal frameworks must be adapted to ensure that the full potential of these technologies can be tapped.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06000959/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001