Global smart meter market demand is more in residential areas as compared to commercial areas and electric smart meter is prominently used among the types of smart meters. Environmental concerns for reducing carbon and energy wastage and for regulating supply of energy, are major factors driving global smart meter market. Global smart meter market is anticipated to grow with a single digit compound annual growth rate during the forecast period.
Global smart meter market is expected to exhibit healthy growth in Asia-Pacific and Western Europe regions which is either due to increasing installation of new smart meters as well as upgradation of the existing smart meters. China is expected to display substantial progress of global smart meter market, as incorporated in its five-year nationwide plan to upgrade its grid infrastructure.
In Japan, large scale installation by Tokyo Electric Power Company (TEPCO) started on 2014 which is expected to last during the forecast period leading to increase in demand for global smart meter market.
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Smart Meter Market: Drivers & Restraints
The major driving factor for the growth of global smart meter market is government support and incentives, as utilities are initially reluctant to make huge investment in new technology without their support. Technological advancements such as smart grid development, infrastructure development, growing population and rise in economic developments are some of the other factors boosting the growth of global smart meter market.
The successful deployment of global smart meter market is dependent on logistics which influences the delivery, installation and performance of smart meter. The health effects concerning wireless signals in smart meter, security concerns, regulatory constraints and stiff competition are some of the challenges faced by global smart meter market.
Smart Meter Market: Region-wise Outlook
In North, America, the growth of global smart meter market is expected to slower down as infrastructure for energy is well developed and funding for the new projects has become limited. In Latin America, global smart meter is set to exhibit steady growth of global smart meter market, as compared to Middle East and Africa.
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Smart Meter Market: Key Players
Some of the key players in global smart meter market are: Aclara Technologies LLC., Echelon Corporation, Elster Group GmbH, General Electric, Holley Metering Limited, Iskraemeco d.d., Itron, Kamstrup A/S, Landis+Gyr and Sensus.
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