Energy - - May 05,2017
With growing population, increasing urbanization and rising initiatives by the legislative bodies to implement smart metering, the future for smart electric meter looks promising.
A recent informative report on Market Research Hub (MRH) predicts that the market for smart electric meter will expand rapidly over the coming years and post a CAGR of around 9% till 2021. The report further identifies the rising deployment of smart grid projects as a primary growth factor for this industry. Developed regions of the world are implementing ambitious smart grid projects at a rapid pace. Smart grids projects include grid apparatus such as smart electric meters, IT, SCADA systems and other communication networks, which allow people to control and manage the digital assets easily. The smart grid systems also help in peak demand management, load forecasting, risk determination and decreases power outages, empowering the utilities to evaluate and map the overall power consumption. The shift from convectional grid systems toward system smart grids has resulted in smart devices managing complex utilities, consequently decreasing the risk of grid outages and failures.
A recent trend emerged in this market is the rising patent filings among major vendors. Vendors are now making big investments in the research & development leading to product innovation and increased safety. In order to survive the commoditization of the market, vendors are adopting latest technology and responding to changes in consumer preferences to deliver meters with high efficiency.
Smart electric maters are being adopted by regions across the globe. However, the United States is the biggest revenue contributor to the industry and will continue to remain dominant in the upcoming years. The major reasons responsible for this dominance are the stringent government norms, huge demand for smart meters, evolution of smart cities and the rapid development of infrastructure.
The vendors operating in this market are diversified across the globe with the presence of several small businesses and big enterprises. Some big global vendors such as Itron, Schneider Electric, Sensus are dominating the market due to their massive infrastructure and R&D investments, giving tough competition to the regional companies in terms of technology, reliability and price. Moreover, product & service extension, technological innovations and M&A will make this competition more intense over the coming years.
For more information on this report visit - http://www.marketresearchhub.com/report/global-smart-electric-meter-market-2017-2021-report.html