What will be the impact of government initiatives on smart metering systems market forecast?
Global smart metering systems market size is poised to witness lucrative growth over the forecast timeline. Governments in many regions have developed plans and launched initiatives to support the adoption of energy-efficient metering systems.
Moreover, favorable regulatory norms pertaining to energy conservation has led to installation of smart AMI meters in major parts of the world, fostering the business growth. AMR smart metering systems industry size will amass substantial gains over the coming years on account of increasing R&D efforts along with increased deployment of IT-enabled metering systems.
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Will the increased need for automation in utility drive smart metering systems industry outlook?
Smart AMI meters are witnessing rapid adoption around the world. This can be largely attributed to the surging demand for automated technologies from the utility and power sectors around the world. Growing focus on energy conservation and enhancing load management and customer service is further propelling the product demand.
Smart AMI meters provide real-time information relating to power usage to users, enabling them to execute consumption decisions effectively. AMI smart metering systems market share will record a CAGR of about 10% between 2018-2024.
As opposed to AMI meters, smart AMR meters transfer power consumption data from users to utilities at much lower costs. AMR meters are facing increasing demand from power and utility sectors owing to characteristics such as quick and easy installation, remote access and real-time fault detection. Growing investments towards deployment of smart grid infrastructure to address renewable energy needs will favor smart metering systems market forecast.
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How will energy conservation efforts in developed regions influence smart metering systems industry trends?
The U.S. government has enforced several regulatory guidelines with the aim to maximize energy conservation. The government has also made several efforts to replace conventional meters with intelligent meters. For instance, the California Public Utilities Commission (CPUC) has authorized the Southern California Edison for the deployment and installation of around 5.3 million smart meters.
Moreover, the CPUC has authorized investor-backed utilities for the replacement of conventional meters with smart meters to ensure optimum energy utilization and conservation. U.S. smart metering systems market share is estimated to generate revenues in excess of USD 3 billion by 2024.
Rapid advances in technology coupled with increased R&D activities in the UK is boosting the product demand across the region. Increased focus towards smart and efficient energy conservation has resulted in adoption of sustainable metering systems. Growing implementation of automated data management in metering industry will foster the business growth.
Will favorable government initiatives boost Australia smart metering systems market size?
Intelligent meters are facing strong demand from the Australian region for effective monitoring, consumption and conservation of renewable resources. In addition, increasing number of utilities in the region along with the integration of advanced ICT solutions will further promote the regional product demand.
Australia smart metering systems market share will witness gains at more than 16% over 2018-2024. Introduction of stringent regulatory framework to promote smart and efficient power utilization has significantly accelerated the deployment of smart meters.
The Australian Government had launched the Power of Choice initiative in December 2017 for the installation of smart AMI meters to all the electricity consumers in the region.
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