New York, June 09, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Smart Meters Market – Growth, Trends, Forecasts (2020 – 2025)” – https://www.reportlinker.com/p06000956/?utm_source=GNW
Smart grids are being implemented around the world, with the aim of improving the efficiency of power networks. Smart electricity meters, which are an integral part of smart grids, are thus being adopted around the world. Countries around the world are adopting emission control regulations, in order to tackle the environmental effects caused by pollution.
– Smart meters are increasingly being adopted globally, for various deployments, such as electricity, gas, and water, due to its two-way communication feature, which enables real-time tracking of utility usage, by both utility supplier and consumer, also encourage to start/reading/cutoff of supply remotely by the supplier.
– Smart meters deployment also enables the implementation of a Home Energy Management System (HEMS) or Building Energy Management System (BEMS) that allows visualization of the electric power usage in individual homes or entire buildings.
– Further, digitization is accelerating and modernizing energy efficiency measures, due to which the deployment of smart grids is increasing globally, as they are capable of dynamically optimizing supply and foster supply of large amounts of electricity from renewable energy sources such as solar power.
– Moreover, increasing government support and investments are expected to boost smart meters adoption and deployment in the country. For instance, in February 2020, India’s state-owned Energy Efficiency Services Limited (EESL), completed the installation of approximately 10 lakh smart meters across India under the Government of India’s Smart Meter National Programme. EESL set the target to install 25 crore smart meters over the next few years. Also, the need to establish a manufacturing base of smart electricity meters in the country to ensure an adequate supply of an adequate number of meters to be installed all over the country, by ruling out monopoly, is expected to act as a major driver.
– However, the recent trade war scenario is expected to pose some significant hurdles to the growth of smart meter infrastructure. Severe tariffs imposed by the US government on Chinese imports have significantly stalled the manufacturing activity in several industries. Also, retaliatory tariffs imposed by the Chinese government, targeting metal, and energy sectors are expected to slow down the growth of the smart meters market.
Key Market Trends
Smart Electricity Meters Segment is Expected to Witness the Highest Growth
– Smart electric meter plays a significant role in the industrial, residential, manufacturing, and commercial sectors, as this meter measures the energy consumed by the consumers. The electric power industry continues to transition toward cleaner energy by modernizing the energy grids to smart meters. It will enable electric companies to enhance the energy grid’s resilience and operations and help more gain more visibility into the system operations and thereby avoid outages.
– For instance, according to a report released by the Institute for Electric Innovation (IEI), in January 2020, the United States electric companies installed over 98 million smart electric meters in 2019, covering more than 70% of the US households. The total number of installed smart electric meters will rise to 107 million by the end of 2020.
– The market witnessed the formation of a strategic alliance by major vendors in the market with the communication technology providers to strengthen its offering and position is also expected to drive the smart electric meter. For instance, in 2019, Genesis partners with Chirpy Chirpyplus, Australasia’s newest online community for over 55’s to provide its New Zealand customer with access to energy.
– In 2019, IntelliHUB completed the acquisition of the smart metering unity Metrix of Mercury at NZD 270 million deal to strengthen its market position in New Zealand. Metrix, which has an excess of 460,000 smart meters, will increase the Intellihub’s total of independently contracted or controlled meters to almost 2 million.
– With the rising energy prices and environmental concerns, regarding power generation and distribution, industries are seeking new time-efficient and cost-effective measures to manage power generation and distribution, all over the world.
– For instance, Japan is investing heavily in the deployment of smart electric meters to keep the energy prices at affordable levels. Moreover, it is focusing on improving the safety issues relating to energy supply, exposed by the environmental catastrophe and massive blackouts brought about by the Fukushima Daiichi disaster in 2011.
Asia-Pacific to Witness the Highest Growth in Smart Gas Meters
– China is making significant infrastructural investments to lay a new 40,000 km new gas pipeline that is expected to connect 470 million new people (according to GSMA). Such investments provide opportunities for the deployment of smart gas meters while considering the functional benefits that the smart metering infrastructure can provide.
– The Utility providers are partnering to develop an advanced metering platform in specific regions which is expected to drive the smart gas meter in the forecast period. For instance, in January 2019, Tokyo Gas, TEPCO Power Grid, and the Industrial Technology Research Institute (ITRI) collaborated to jointly conduct a demonstration project to develop a next-generation metering platform in area D of the Shalun Green Energy Science City.
– Moreover, ITRI also planned to establish seven energy-efficient smart demonstration houses in Area D. This partnership focuses on providing and installing the metering system, which consists of power meters, water meters, gas meters, gateway, and related servers.
– Additionally, the emerging economies of Asia-Pacific are witnessing investment for the smart gas metering systems market with attractive regulatory schemes and favorable government policies. For instance, Tata Communications, a leading digital infrastructure provider, and Mahanagar Gas Ltd (MGL), a prominent natural gas distribution company collaborated to install more than 5,000 smart gas meters in Mumbai City, Maharashtra.
– These new smart gas meter installations are expected to give commercial businesses and households exceptional connectivity and control over their gas usages, while enabling MGL to enhance its operational efficiencies.
– Further, one of India’s leading natural gas distribution company, Indraprastha Gas Limited (IGL), is all set to the roll-out of its pre-paid smart gas metering system, which will be deployed over a LoRaWAN IoT network of Tata Communications. As the first stage of deployment, 5,000 pre-paid genesis smart gas meters have been installed in Rewari by IGL.
The smart meters market is highly competitive and consists of several major players such as AEM, Apator SA, Arad Group, Badger Meter Inc., Elster Group GmbH, and Diehl Stiftung & Co. KG. The market is fragmented, owing to the presence of many small and large players. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic innovations and collaborative initiatives to increase their market share and increase their profitability.
– July 2020 – Pietro Fiorentini Group officially completed the acquisition of 100% of the shares of Fiorentini Gastechnik, an Austrian company in which the Group had held minority shareholdings since December 1992. The new subsidiary is in Vienna and acquired due to its consolidated presence in the regulation sector and its future potential in the measurement field. The goal is to increase the company’s presence and importance in the Austrian market and seize the business opportunities that will arise in bordering countries.
– March 2020 – SENSUS USA INC. partnered with Grey Stone Corporation for the deployment of 120,000 new smart electricity meters. The cooperative’s smart utility network will include new Stratus IQ residential electricity meters and an upgrade from its existing mesh technology to the FlexNet communication network.
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