Smart Metering Systems Market Forecast
Smart metering systems market to be characterized by the growing deployment of smart grid networks, supportive energy efficiency norms to boost product demand over 2018-2024
The shifting trends toward a smart power infrastructure have been considerably influencing smart metering systems industry share. Of late, analog meters are being extensively replaced with digital meters in various residential, commercial, and industrial sectors, owing to their precise energy measuring capability. Taking into account the growing deployment rate and popularity of smart meters, many giants in smart metering systems market are focusing on brainstorming and manufacturing advanced versions of the existing products. In addition, it would be prudent to mention that regional government bodies have a pivotal role to play when it comes to the progress of smart metering systems industry.
UK Smart Metering Systems Market Size, By Application, 2017 & 2024 (Million Units)
The competitive hierarchy of smart metering systems market is inclusive of quite a few prominent big shots that have been adopting strategies like facility expansions and acquisitions to consolidate their space in this business and explore the plethora of opportunities that this vertical offers. Long-term contract agreements between product suppliers and manufacturers is also rather commonplace, in order to meet the ever-rising demand for these products. Merely a few days ago, a smart metering technology company, intelliHUB acquired the digital smart meter subsidiary of Origin Energy Australia Origin for USD 267 million. The acquisition comes on the heels of the fact that the rate of smart meter installations across South Australia, Tasmania, Queensland, and New South Wales (NSW) has been growing commendably, providing novel opportunities for APAC smart metering systems market firms. In fact, estimates claim that in the aforementioned regions, the number of smart meter installations have hit 400,000.
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Sustainable energy consumption has lately emerged as a new trend across the globe for reducing energy consumption. In fact, governments of various countries are encouraging the masses to adopt smart utilities for commercial as well as residential purposes. For instance, the European Union (EU) has decided to replace more or less 80% of the electricity meters with smart meters by the end of 2020. In this regard, in 2016, the EU circulated a proposal requesting all consumers to deploy smart meters. Based on the guidelines provided by the European commission, many EU countries have already implemented the policies, quite overtly propelling smart metering systems industry size. The shifting trends toward the development of smart cities are also poised to augment product demand, thereby impelling smart metering systems industry share in the ensuing years.
It would be imperative to state that with the rise in the deployment of smart metering systems, concerns regarding data security have also increased. In order to resolve the same, smart metering systems industry contributors have been ensuring that advanced security features are integrated in smart metering system utilities. The advent of new technologies such as augmented reality, IoT, and cloud computing have made it easier for this to happen, as their deployment for data security has been stimulating software enabled smart metering systems market share.
The launch of advanced products integrated with different types of functionality has been giving rise to potential new opportunities for smart metering systems market firms. Additionally, a slew of investments are pouring in for product development and facility expansions, further influencing the industry growth. Powered by favorable governmental strategies related to the deployment of these products across residential as well as commercial sectors, smart metering systems market size is expected to cross USD 21 billion by 2024.
Author Name : Sunil Hebbalkar