Smart Meters Market Report

Smart Meters Market Analysis By Application (Residential, Commercial, Industrial) And Segment Forecasts To 2020

Published: February 2014  |  78 Pages  |  Format: PDF  |  Report ID: 978-1-68038-074-3

Industry Insights

The global smart meters market size was estimated at USD 10.96 billion in 2013. Favorable government initiatives supporting installation of these devices owing to increased emphasis on energy conservation are expected to play a pivotal role in industry growth. They are projected to lower peak electricity demand, as end-users will be able to easily monitor power consumption on a daily basis and reduce it accordingly. Energy suppliers are also anticipated to gain advantages through them, on account of reduction in reaction time to resolve power outages and hardware faults, and enhanced customer service delivery by offering remote reading conveniences.

Initiatives for environment protection and associated proceedings & policies are estimated to control surging levels of radiation emissions. Since energy production using renewable approaches varies with time, low power generation ultimately outcomes in unstable energy productivity.

However, using metering devices that are capable of handling intermittent supply help in compensating for this loss by controlling energy consumption of various electronic equipment. Growing awareness among consumers pertaining to their benefits is also expected to favorably impact smart electricity meter market growth over the forecast period.

The substantial growth prospects can be attributed the to significant promotion of green energy and efficient transmission facilities. Integrated presence across value-chain, especially for real-time information sharing regarding usage and tariff rates is perceived to be a competitive advantage.

Power generating companies are accountable for electricity production in independent entities or as integrated groups. Programs such as Transmission System Operators (TSOs) are entrusted with electricity distribution on regional or national levels. European Union Emissions Trading System (EU ETS) targets these producers to adhere to specified efficiency standards while meeting real-time electricity demand.

North America smart meters market revenue by application, 2012 - 2020 (USD Million)

North America smart meter market

Application Insights

Residential applications include standalone autonomous bungalows and suburban/urban apartments. The commercial application segment includes all commercial buildings and aligned infrastructures such as hotels, residential lodges, small to large shopping complexes, and offices.

The industrial segment involves incorporation of these devices in product manufacturing facilities and processing plants. Commercial segment dominated the global revenue share accounting for over 35% due to large amount of devices requisites to meet energy demand.

Electricity meters with high level of robustness and high flexibility are occupational requisite the for commercial domain. Residential applications generated significant demand of 61.7 million units in 2013, growing at a CAGR of 10.0% from 2014 to 2020. Growth in this domain is attributed to regulatory administrative framework and surging awareness regarding reducing energy consumption and the aligned expenses.

Regional Insights

North America and Europe smart meters markets are expected to witness favorable growth on account of the regulatory conditions and administrative policies. Smart meters are also anticipated to facilitate enhanced grid management, and are principal focus areas for smart grid projects.

Asia Pacific smart meters market is expected to grow at a CAGR of 10.4% from 2014 to 2020. China is gearing towards sustainable energy management with substantial reserves for smart grid implementation in its 12th Five Year Plan (2011 to 2015).

Asia Pacific was followed by Europe, which accounted for over 25% of the revenue share in 2013. Government mandates have been established for the European Union, with rollout plans set by the Commission for Energy Regulation among other legislative bodies. Europe has also been focusing towards plummeting electricity usage by energy conservation as a long-term goal.

Competitive Insights

Leading players include Itron, Landis+Gyr, Elster, Sensus, Jiangsu Linyang, Holley, Aclara, and Echelon. Itron dominated the overall smart meters market share, estimated at 24.3% in 2013. Itron provides comprehensive solutions that measure, manage, and analyze energy and water.

Broad product portfolio includes electricity, gas, water, and thermal energy measurement devices and control technology; communications systems; software; and managed and consulting services. Itron’s niche distinctiveness embraces management of energy and water resources through a resourceful comportment.

In January 2015, Itron launched 4G LTE-equipped smart meters, which provide broad territory coverage, low latency, and network longevity, harnessing the high-speed 4G LTE technology. Landis+Gyr closely followed Itron and offers commercial, industrial, residential as well as tools for accessing meter information and programming in the field.

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