Published on : Apr 03, 2017
Albany, New York, April 03, 2017: According to the report, the global smart meter market is poised to rise at a CAGR of 6.23% from 2016 to 2021. The ever-rising demand for power worldwide is paving way for the development of smart solutions for energy. This is, therefore, working in favor of the growth of the global smart meters market. The market is further fuelled by the rapid advancements in smart grid technologies and increasing integration of power infrastructure with Internet of Things (IoT). Moreover, the growing reliance on renewable energy resources coupled with stringent regulations pertaining to carbon and other harmful emissions is also working in favor of the market.
Infrastructural developments at a brisk pace in emerging economies and the increasing emphasis on real-time data and control are also providing a fillip to the market. On the other hand, the high installation costs of smart meters are limiting their widespread adoption. In addition, issues related to designing, maintenance, and interoperability of these meters are keeping the market from realizing its full potential.
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On the basis of type, the global smart meters market is divided into gas, water, and electricity. The demand for smart water meters and smart gas meters is likely to remain strong in industrialized countries, owing to the soaring need for smart water management and rising usage of natural gas. The gas segment will stay at the forefront during the forecast period, owing to the mounting demand for combined utilities for electricity and gas dual fuel supply. While in emerging regions, the demand for smart electricity meter will remain high in the coming years, owing to the rising government initiatives to promote the use of smart solutions in the power sector.
Based on end user, the market is bifurcated into residential sector and commercial sector. The residential sector will account for a large share in the market. The growth of the segment can be attributed to the rising demand from housing apartments and bungalows. The growth of the commercial sector will be supplemented by conducive administrative regulations and growing awareness for energy conservation.
By country, the market is segmented into the U.S., the U.K., Germany, Canada, Japan, and China. In terms of geography, the key segments analyzed are Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific will be the frontrunner in the market throughout the forecast period, with China being a major revenue contributor. The expansion of smart grid projects and growing initiatives by governments for sustainable energy consumption are supplementing the growth of the region. The growth of Europe can be attributed to countries such as the U.K. and Germany, where there is an increasing focus on energy conservation.
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