Global Smart Electric Meter Market 2017-2021
About Smart Electric Meter
Smart electric meters are utility meters that estimate the energy consumption and gauge the consumption patterns at an advanced level. These meters are often used in the residential segment.
Technavio’s analysts forecast the global smart electric meter market to grow at a CAGR of 8.83% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart electric meter market for 2017-2021. To calculate the market size, the report considers the new installations of smart electric meter market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Electric Meter Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart electric meter market: Itron, Landis+Gyr, Schneider Electric, and Sensus.
Other Prominent Vendors in the market are: Advanced Electronics Company, EKM Metering, Elster Group (owned by Honeywell), Holley Metering, Jiaxing Eastron Electronic Instruments, Kamstrup, LINYANG Energy, Murata Power Solutions, and Simpson Electric.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rising patent filings. The smart electricity meter market is witnessing increased expenditure by vendors on their R&D activities, leading to product innovations and safety. In addition, the vendors in the market are working to reduce the cost of upgrades as well as maintenance. Changing technology, growing demand, and changes in consumer preferences are forcing vendors to deliver the meters with high efficiency to survive the commoditization in the market.”
According to the report, one of the major drivers for this market is loopholes in traditional analog electric meters. The traditional analog meter readings have errors and require more than one reading to track the energy used. Technavio estimates the error rate of these traditional meters to be around 3%, which can be avoided by installing smart electric meters. As smart meters do not require manual calculations, this reduces human intervention and chances of errors.
Further, the report states that one of the major factors hindering the growth of this market is high cost of the product. The installation cost of smart electric meters is comparatively higher than that of traditional meters. The return on investment for these meters is realized within a span of five to eight years.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://www.technavio.com/report/global-power-global-smart-electric-meter-market-2017-2021
Landis+Gyr, Schneider Electric, Sensus, Advanced Electronics Company, EKM Metering, Elster Group (owned by Honeywell), Holley Metering, Jiaxing Eastron Electronic Instruments, Kamstrup, LINYANG Energy, Murata Power Solutions, and Simpson Electric.