According to the Graphical Research new growth forecast report titled “Asia Pacific Smart Electric Meter Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook (Japan, China, India, South Korea, Australia), Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”, to Broaden During 2020-2026.
The Market Share is set to grow owing to large scale integration of renewable resources coupled with increasing investments toward digitalization of utilities. Shifting consumer focus toward minimizing energy theft along with deployment of smart monitoring technologies will enhance the product adoption. Stringent government norms pertaining to implementation of smart grid infrastructure along with rapid industrialization will augment the business landscape.
Modernization of small-scale industries coupled with development of smart cities will foster the commercial smart electric meter market. Increasing population along with growing construction activities across developing economies will positively influence the business outlook. The significant improvement in living standards on account of increasing disposable income has shifted consumer inclination toward the adoption of smart technologies, which in turn will boost the product adoption.
Three phase smart electric meter market are anticipated to grow on account of ongoing development of existing grid network along with rapid expansion of sustainable energy technologies. The favorable government policies to replace conventional meters with smart metering units to efficiently control and monitor power consumption will favor the industry outlook. Development of commercial buildings including hospitals, educational institutions and hotels will further boost the product deployment.
AMR smart metering systems will gain a significant momentum on account of implementation of energy codes for development of smart buildings in order to decrease utility bills and save electricity. Rapid development of residential and commercial establishments owing to rising population & urbanization will stimulate the product portfolio. Increasing adoption of AMR technology across power utilities to reduce load management, energy shortage, and customer service improvement will complement the business landscape.
South Korea smart electric meter market is projected to grow on account of rising government investments to meet primary energy consumption and rapid infrastructural development. Proactive implementation of smart digital technologies to modernize the operations across the service sector will positively influence the product demand. Wide scale adoption of advanced and IoT enabled technologies including smart homes, grids and storage will augment the industry landscape.
The eminent players operating across the industry includes Aclara Technologies, Itron, Kamstrup, Siemens, Osaki Electric., Honeywell Elster, Sensus, Landis+Gyr AG, Apator, General Electric, Larsen & Toubro, Schneider Electric. Geographical expansion and product development are some of the key strategies adopted by the manufacturers to attain competitive advantage in the industry.