Smart Electric Meter Market to hit $11 billion by 2024: Fractovia.org Global smart electric meter market has been witnessing an exponential growth curve since the last few years. The demand for electricity has been rising by the day, with the ever-growing population. Pertaining to the increasing requirement for uninterrupted power supply and the dire need for energy conservation, the deployment of smart meters has been on a rise, thereby stimulating smart electric meter industry. A report by Global Market Insights, Inc., states that smart electric meter market size, worth more than USD 5 billion in 2016, is anticipated to cross USD 11 billion by 2024. Smart meters are finding increased scope of deployment in the developed countries such as the U.S., France, UK, Germany, etc., as well as the emerging economies such as Mexico and China. On account of the rapidly expanding economy of Mexico and reduced costs of manufacturing, Mexico smart electric meter market is predicted to cross USD 100 million by 2024. Subject to the extensive availability of a skilled workforce ready to work at low costs, Mexico industry will grow significantly over 20172024.
The State Grid Corporation of China has a tentative plan to deploy approximately 380 million smart meter systems in the country by the year 2020, to fulfill the ever-growing demand for electricity for the rapidly increasing population in the region. Subject to government norms to conserve energy and enhance electric grid efficiency, China smart electric meter market is slated to grow at a CAGR of more than 10% over 20172024. In 2016, UK accounted for more than 20% of Europe smart electric meter industry share. With an aim to conserve electricity and improvise grid efficiency, the Department for Business, Energy & Industrial Strategy and the Office of Gas and Electricity Markets have together planned to install intelligent systems in every home in the UK by 2020, which is likely to fuel UK smart electric meter market. U.S. smart electric meter industry is slated to observe tremendous growth prospects, pertaining to the numerous incentives provided by the government and the energy conservation norms introduced by various regulatory bodies. The AMI systems, in particular, are heavily deployed across this region, owing to their superior technical 1|Page
features. Speaking of which, smart electric meter market from advanced metering infrastructure is predicted to surpass 50 million units by 2024, in terms of volume, and is anticipated to witness an excellent growth rate over 2017-2024, pertaining to the characteristics such as notifications to perform maintenance and observation tasks and efficient data transmission. In the year 2014, the Department of Energy provided financial assistance of USD 2.6 billion to the Smart Grid Investment Grant program, to manufacture AMI systems. Smart meters are extensively installed across the utility, commercial, and residential sectors. Smart electric meter industry from residential applications was worth more than USD 1 billion in 2016 and is expected to observe heavy growth over 2017-2024, owing to the rising consumer focus toward conserving electricity. UK Smart Electric Meter Market Size, By Application 2015-2024 (Million units)
Smart electric meter market share from commercial applications is expected to witness a CAGR of more than 9% over 2017-2024, subject to the advanced features of intelligent systems and favorable government regulations.
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Worldwide smart electric meter industry includes the participation of huge corporations such as Holley Metering, Landis+Gyr, Sensus, Echelon, Honeywell International, Toshiba, Jiangsu Linyang, Itron, Genus Power Infrastructure, Aclara Technologies, Siemens AG, Elster, Atmel Corporation, Wasion, Networked Energy Services, and Schneider.
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