Global Industry Analysis Corporation (GIA), a leading market research company, released a new market research titled “Smart Meters-Global Market Trajectory and Analysis” report on 25th June,2021. The report presents a new perspective on the opportunities and challenges of major changes in the market after COVID-19.
Executive Participation: 34,425 Companies: 16-Participants involved include ABB Ltd; EDMI Co., Ltd.; Holley Technology Co., Ltd.; Iskraemeco; Kamstrup; Landis+Gyr; Schneider Electric Company; ZPA Smart Energy, etc. Coverage: All major regions and key market segments Segments: Stages (single stage, three stages); technology (automated meter reading (AMR), advanced metering infrastructure (AMI)); end use (residential, commercial, industrial) ) Geography: World; United States; Canada; Japan; China; Europe; France; Italy; United Kingdom; rest of Europe; Asia Pacific; rest of the world.
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The global smart meter market will reach 15.2 billion U.S. dollars by 2026. Smart meters are electronic measurement devices specifically designed for electrical energy measurement applications. Smart meters automatically capture the energy consumption patterns of utility customers and communicate information to achieve accurate and reliable billing, while greatly reducing the need for manual meter reading. The use of smart meters was initially concentrated in the commercial and industrial end-user markets, because customers in these markets continue to require fine-grained billing data and accurate rates. Gradually, the use of smart meters has expanded from a small number of large public utilities to all customer categories including residential, commercial, and industrial customers. The increase in billing demand and the decline in the price of smart meters and related technologies have expanded the use of smart meters.
For utility companies aiming to modernize their grid operations through advanced solutions, smart meters have become an effective tool that can perfectly meet their various energy transmission and distribution needs in a simple and flexible way. A smart meter is a specially designed electronic measuring device that can automatically capture the energy consumption patterns of utility customers and seamlessly communicate the captured information to achieve reliable and accurate billing, while greatly reducing the need for manual meter reading. In addition to innovation capabilities, smart meters also provide utilities with a number of high-quality advantages, such as identifying and responding to power outages, preventing energy theft, launching innovative service models, implementing new and innovative electricity pricing schemes, remote activation and deactivation of subscriptions, and Enable secure communication and hacker identification, etc.
During the COVID-19 crisis, the global smart meter market is estimated to be USD 10.5 billion in 2020 and is expected to reach a revised USD 15.2 billion by 2026, growing at a CAGR of 6.7% during the analysis period. Single-Phase is one of the market segments analyzed in the report. It is expected that by the end of the analysis period, the compound annual growth rate will reach 6.2%, reaching $11.9 billion. After a thorough analysis of the business impact of the pandemic and the economic crisis it triggered, the growth of the three-stage business was re-adjusted to a revised 7.9% compound annual growth rate for the next 7 years. In the next few years, the growth of the smart meter market will be driven by the increasing demand for energy-saving products and services; government initiatives to install smart meters to solve energy demand; smart meters can prevent energy losses due to theft and fraud, and reduce The cost involved in manual data collection; increased investment in smart grid facilities; the growing trend of integrating renewable energy into existing power grids; increasing power transmission and distribution upgrade initiatives, especially in advanced economies; Investment in the construction of commercial institutions such as economic institutions, educational institutions and banking institutions; with the continuous launch of smart meters in countries such as Germany, the United Kingdom, France and Spain, new growth opportunities are emerging in Europe.
Three-phase smart meters will reach US$4.1 billion by 2026. The global market for three-phase smart meters in 2020 is estimated at US$2.7 billion and is expected to reach US$4.1 billion by 2026, reflecting a CAGR of 7.9% during the analysis period. China It is the largest regional market in the three-phase segment, accounting for 36.0% of global sales in 2020. China is expected to achieve the fastest compound annual growth rate of 9.1% during the analysis period, which will reach $1.8 billion at the close of the analysis period
Post time: Jul-20-2021