“Smart electric meter market projected to grow at a CAGR of 10% from 2016 to 2021”
The smart electric meter market is projected to reach USD 14.26 million by 2021, growing at a CAGR of 10% during the forecast period. Smart electric meters play a crucial role in the industrial, manufacturing, and commercial sectors, measuring energy consumption of the consumers. The growing smart grid investments and surge in integration of renewable sources of power generation to the existing grids and increasing T&D refurbishment activities in developed economies are expected to drive the global smart electric meter market.
“Commercial: The fastest growing end-user segment”
Commercial is estimated to constitute the fastest growing end-user segment of the smart electric meter market. Increasing investments in development and construction of the commercial facilities like banking institutions, educational institutions, and others in developed and developing economies has fueled the growth in this segment.
“Europe: The fastest growing market for smart electric meters”
Europe is estimated to be the fastest growing market for smart electric meters, followed by the Asia-Pacific and North America. The U.K. accounted for the largest share in the European smart electric meter market in 2015, and is projected to grow at the highest CAGR, after Germany, from 2016 to 2021. This growth can be attributed to swift surge in the initiatives being taken to promote cleaner and greener energy. The European Union (EU) has proposed a 20:20:20 plan which aims at reducing greenhouse gas emissions. For achieving the same, replacement of the existing electrical infrastructure needs to be done, which would provide a boost to the smart electric meter market. Rising investments in renewable energy projects in the country also play a vital role in boosting the demand for smart electric meters.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, corporate-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1?35%, Tier 2?45%, and Tier 3?20%
- By Designation: Corporate Level?35%, Director Level?25%, and Others*?40%
- By Region: Asia-Pacific?32%, the Middle East?30%, North America?19%, Europe?9%, and the Rest of the World?10%
Note: *Others include sales managers, marketing managers, product managers, and design engineers. The tier of the companies has been defined on the basis of their segmental revenues; as of 2015: Tier 1 = > USD 1 billion, Tier 2 = From USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million
Leading players in this industry have been profiled, along with their recent developments and other strategic activities. These include Toshiba Corporation (Japan), Itron (U.S.), Siemens AG (Germany), Aclara technologies LLC. (U.S.), and Schneider Electric SE (France).
Why buy this report?
- The report identifies and addresses key markets for smart electric meters, and is therefore useful for suppliers and OEMs for reviewing production and distribution plans.
- The report includes an analysis of key countries, by end-users of smart electric meter. It analyzes historical trends and provides a forecast for 2021, which would assist in strategic decision making.
- It presents a competitive landscape of the smart electric meter market by analyzing recent market developments such as contracts & agreements, expansions, mergers & acquisitions, and new product launches from key global market players. It helps to understand competitive strategies and plan respective initiatives.