The electricity meters (smart meters) market is growing at a significant rate due to rapid industrialization, increasing penetration and growing need for energy efficiency. Favorable regulatory conditions and increasing smart grid initiatives are supporting the smart meters market growth in the coming years.
Asia-Pacific is expected to lead the smart meters market during the forecast period on account of increasing demand from emerging economies such as China and India. China is spending heavily on smart grids involving meter installations. Rising urbanization and increasing demand for electric vehicles in the country are providing opportunities to the smart meters market to grow in the coming years.
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The increasing electricity demand in the emerging regions such as Middle East and Africa, and Latin America are providing ample growth opportunities to the smart meters market to grow in such regions also. The regions are also adopting advanced technologies to accomplish their energy security needs.
The smart meters market can be categorized on the basis of applications as commercial, residential, and industrial. Residential application dominates the smart meters market due to increase in population, particularly in BRIC countries. Home energy management system is simplified by using smart metering which is supporting the usage of smart meters in residential sector.
Some of the advantages of smart meters are real time data feeds, automated outage detection, two way communication medium between utility and meters, enhanced accuracy and monitoring of power quality. Electricity distributed by distributed generation (DG), such as wind and solar generation, to the grid is measured with the help of smart meters.
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The major competitors in the smart meters market are Delixi Group Co. Ltd., Schneider Electric SA, Itron Inc., Jiangsu Linyang Electronics Co., Ltd., Holley Metering Ltd., General Electric Co., Siemens AG and Landis+Gyr Inc. Consumer preference towards electric vehicles are supporting the smart meters companies to some extent.
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