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Smart Electric Meter Global Market Report 2022
Major players in the smart electric meter market are Itron Inc, Landis+Gyr, Schneider Electric, Siemens, Honeywell International Inc, Wasion Group, Aclara Technologies, Sensus USA Inc (XYLEM INC), Jiangsu Linyang Energy Co Ltd, General Electric, Holley Technology Ltd, ABB Ltd, EDMI Limited, Elster Group GmbH, Microchip Technology Inc, Badger Meter, and OSAKI Electric Co Ltd.
New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Electric Meter Global Market Report 2022" - https://www.reportlinker.com/p06318495/?utm_source=GNW
The global smart electric meter market is expected to grow from $18.44 billion in 2021 to $20.51 billion in 2022 at a compound annual growth rate (CAGR) of 11.22%. The smart electric meter market is expected to reach $29.29 billion in 2026 at a CAGR of 9.32%.
The smart electric meter market consists of sales of smart electric meters by entities (organizations, sole traders, and partnerships) that refer to an electronic device, which records information such as consumption of electric energy, voltage levels, current, and power factor.Smart electric meters capture more data frequently than analogue meters and send the information to a central database for billing, troubleshooting, and other diagnostic activities.
The smart advanced electric meters with integrated data processing and built-in two-way communication can instantly capture and send energy data in most commercial and industrial settings.
The main types of smart electric meters include advanced metering infrastructure and auto meter reading.Advanced metering infrastructure refers to an integrated system of smart meters, communication networks, and a data management system that provides for two-way communication between utilities and the end-users.
The smart electric meters are operated on both single and three-phase electrical lines.These meters use power line communication, radio frequency, and cellular technologies for communication.
They are widely used in residential, commercial, and utilities applications.
Asia-Pacific was the largest region in the smart electric meter market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the smart electric meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The smart electric meter market research report is one of a series of new reports that provides smart electric meter market statistics, including smart electric meter industry global market size, regional shares, competitors with a smart electric meter market share, detailed smart electric meter market segments, market trends and opportunities, and any further data you may need to thrive in the smart electric meter industry. This smart electric meter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Increasing power demand across the globe is expected to drive the smart electric meter market.Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for power across the globe.
Increasing demand for power is expected to boost the utilization of smart meters, as government and utility service providers across the globe are investing in advanced metering infrastructure and technologies to attain error-free automated utility operations. For instance, according to a study conducted by International Energy Agency (IEA), global electricity consumption is expected to increase by 2.1 % per year until 2040. Which will raise electricity’s share in total final energy consumption from 19% in 2018 to 24% by 2040. Therefore, the increase in demand for power is expected to boost the demand for smart electric meters during the forecast period.
Technological advancement is a key trend gaining popularity in the smart electric meter market.The companies operating in the smart electric meters sector are focusing on developing innovative products with advanced communication technologies such as cellular IoT, RF-mesh-based meter technology and others to increase the operational capabilities and efficiency.
For instance, in 2020, Kamstrup, a manufacturer of system solutions for energy and water metering, unveiled OMNIA, a smart electric meter based on cellular IoT, a communications standard gaining traction in the utility business as energy firms and technology suppliers attempt to build a reliable network for data telemetry.
In September 2021, Landis+Gyr, a Switzerland-based provider of smart metering, grid intelligence, and smart infrastructure technology acquired Luna Elektrik Elektronik Sanayi ve Ticaret for an undisclosed amount.The acquisition by Landis+Gyr is focused on expanding its product portfolio in smart meters and enhancing its business presence across the globe.
Luna Elektrik Elektronik Sanayi ve Ticaret is a Turkey-based provider of smart metering devices for water, heat and electricity.
The countries covered in the smart electric meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06318495/?utm_source=GNW
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