Ocean View, DE -- (SBWire) -- 04/22/2020 --Smart electric meter market share has witnessed exponential growth over the last couple of decades owing to continuing digitalization of grid infrastructure coupled with the increasing deployment of distributed generation systems. Endowed with enhanced connectivity and advanced features, smart meter technology has emerged as a viable option to conventional meters.
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It is estimated that smart electric meter market will exceed US 10 billion by 2024. With energy efficiency becoming a compelling global resource, regional governments have been striving to reinforce regulations associated with GHG emissions, favorable strategies that would certainly influence smart electric meter industry trends.
In recent years, it has been observed that there is a growing focus towards the development of new electric infrastructure along with the consistently mounting demand for sustainable energy sources to lower carbon emissions globally. Reports estimate that Europe smart electric meter market share will exceed USD 2 Billion by 2024.
Growth Drivers:
1. Favorable government regulations
2. Renewable energy integration to smart grid infrastructure
3. Controlled energy consumption
4. Rising demand for renewable energy and effective transmission facilities
5. Better security against electricity theft
The adoption of smart technologies allows for more real and accurate real-time power diagnostics and billing. The smart meters are aiding consumers to optimally utilize the energy, further reducing the overall carbon footprint and will complement the business growth.
In fact, numerous companies foresee a majority acceptance of this cost-effective technology to boost environment-friendliness in the electricity domain, which will have a noticeable impact on global smart electric meter market outlook.
Rising focus towards the replacement of traditional meters along with the implementation of government policies toward energy efficiency solutions will certainty stimulate smart electric meter industry outlook. Reports estimate that commercial smart electric meter market is anticipated to register gains at more than 4% between 2018-2024.
Asia Pacific has emerged as one of the most important revenue pockets for smart electric meter market players owing to huge investments to match up the ongoing energy demand and the rapid infrastructure growth. The region has also witnessed a shift toward renewable energy sources, facilitating the swift penetration of smart technologies, especially across China and India.
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Rising efforts to improve the operational efficiencies of digital technologies such as affordability, theft protection, and authenticity will favor market growth. Recently, the government of India had announced the installation of 50 million smart electric meters by 2020.
Company profiled in smart electric meter market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Itron
2. Siemens
3. Landis+GYR
4. Honeywell
5. Badger Meter
6. Elster
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Smart Electric Meter Market Trends 2020 Growth Projection by Key Companies Like Itron, Siemens, Landis+GYR, Honeywell, Badger Meter, Elster
Asia Pacific has emerged as one of the most important revenue pockets for smart electric meter market players owing to huge investments to match up the ongoing energy demand and the rapid infrastructure growth