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Smart meter is a device used for recording use of electrical, gas, and water energy. Smart meter interfaces with supplier to communicate the information for monitoring and billing. Smart meters commonly record energy hourly or more often, and report at least daily. It features display screen, which displays consumption of energy in real-time and provide estimated bills. Smart meter is an advanced version of conventional metering system and uses mobile technology to send readings automatically. It is one of the many components of the smart grid that manages energy distribution and consumption through Internet to bring an existence of bi-directional communication, coordination, and control. Smart meter may use one of the two types of network, which include standard mobile phone network and mesh network. Smart meters are used in building automation system to control over heating, ventilation, and air conditioning as per the energy consumption requirements.  

Factors Driving Growth of the Global Smart Meter Market

Growing demand for accurate billing and increasing efforts towards energy conservation is expected to fuel growth of the global smart meter market. Smart meter digitally sends readings to the energy supplier for more accurate energy bills. It allows the consumer to take control on energy use, so that consumers can save energy for other purposes such as in industries and medical equipment. Smart meter helps the environment by reducing the need to build power plants or avoiding the use of older, less efficient power plants as consumers lower their electric demand.  The benefits of having smart meter is when suppliers have a better understanding of usage patterns, more innovations can be made to the types of tariffs energy supplier offers.

Favourable government policies along with fiscal incentives are key factors driving growth of the smart meter market. According to Smart Energy GB, the government has set the target that by the end of 2020, around 53 million smart meters will be fitted in over 30 million premises across wales, Scotland, and England. Installation of smart meter is already underway. More than 11 million smart meters have now been installed. This is the biggest national infrastructure project that will enable a more energy efficient system for Great Britain.   By 2020, every household in Great Britain will be able to use smart meter technology to see how much energy is consumed.

Factors Restraining Growth of the Global Smart Meter Market

Concerns over security and privacy of the data as smart meters are also being used as a surveillance device hampers their adoption. Operational cost of the industry is expected to be affected by the full metering programme. These meters require regular maintenance, and replacement, which is expected to lower their adoption among price-sensitive users.

Global Smart Meter Market: Regional Analysis

On the basis of geography, the global smart meter market is segmented into North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.

North America contributed the largest share in the smart meter market due to huge market demand in the U.S. According to U.S. Energy Information Administration (EIA), in 2016, the U.S. electric utilities had around 70.8 million Advanced Metering Infrastructure (AMI) installations and around 80% of the AMI installations were residential. The country is majorly focused on upgrading and replacing outdated infrastructure of smart meter, enabling grid reliability, and installing smart power networks.

Asia Pacific is expected to witness significant growth in the smart meter market due to supportive government initiatives toward the implementation of smart meters. According to the Energy Information Administration (EIA), China exceeded the US in federal smart grid subsidies for the first time in 2010, with over US$ 7.3 billion invested compared to US$ 7.1 billion in the U.S. Growing residential sector with increasing number of water connection is in turn driving growth of smart meters market. According India Smart Utility Week 2019, Government of India plans to implement 14 smart Grid pilot projects by 2019.

Global Smart Meter Market: Key Players

Some of the key players operating in the global smart meter market include Schneider Electric, Siemens AG, Honeywell International, Inc., Itron Inc., Sensus , Elster Group GmbH , Landis+Gyr , Badger Meter, Inc., EDMI Limited, and Sentec.

Global Smart Meter Market: Taxonomy

The global smart meter market is segmented on the basis of technology, type, application, and region

  • On the basis of type, the global smart meter market is segmented into:
    • Smart Energy Meters
    • Smart Water Meters
    • Smart Gas Meters
  •  On basis of application, the global smart meter market is segmented into:
    • Industrial
    • Commercial
    • Residential
  • On the basis of technology, the global smart meter market is segmented into:
    • Automatic Meter Reading (AMR)
    • Advance Metering Infrastructure (AMI)
  • On the basis of region, the global smart meter market is segmented into:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East
    • Africa

Global Smart Meter Market: Key Developments

  • In June 2019, Expleo, the technology partner for innovative companies, announced the launch of its Smart Services, a new testing service for smart meter systems.
  • In October 2018, Dubai Electricity and Water Authority (DEWA) installed around 270,000 new smart meters across Dubai, to develop smart infrastructure for electricity transmission and distribution networks.
  • In December 2018, VIA, a leader in solving energy industry problems using artificial intelligence and blockchain, announced its partnership with KWHCoin, a blockchain-based solution that integrates renewable energy and distributed energy resources into the grid. This partnership will help to securely analyze smart meter data for utility clean energy incentive programs
  • In February 2016, E.ON SE, a German electric utility company partnered with global technology company Siemens to develop smart metering technology in Germany.
  • In February 2015, Landis+Gyr, global provider of energy management solutions, and Ericsson, global technology communications and services provider, created a partnership to address the Middle East’s Smart Metering and Smart Grid transformation projects.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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