ID: MRFR/SEM/3747-HCR | February 2021 | Region: Global | 100 pages
The advanced metering infrastructure market share valuation is expected to reach USD 9 Billion by 2023, with a compound annual growth rate of 14% during the period of assessment.
The advanced metering infrastructure offers different types of services such as metering & communication systems, head-end systems, meter data management services systems, and others. These advanced meters support remote meter reading, remote load limiter, remote firmware upgrade, and others.
It is a system of an interrelated system of communication networks, smart meters, and data processing systems that smoothens the bi-directional communication between clients, and software & companies. These meters give you a bigger insight into the usage of energy. It allows enhanced control over the electrical grid. These smart meters portray revelatory technology for the utility industry. These smart meters have the potential for improved meter reading and collection of data.
Advanced Metering Infrastructure Market
The coronavirus pandemic has given a very hard time to most of the manufacturing, developing, production, and logistic units of the advanced metering infrastructure market. Due to this pandemic situation, restrictions were imposed by the government of different countries. In these times every person is sitting at home for their jobs and the young ones are attending classes on online platforms which in turn has increased the demand for constant electricity supply. This pandemic has created a lot of positive opportunities for this advanced metering infrastructure market. The advantages of using these advanced meters will reduce the cost of metering and billing systems and allows enhanced control by the consumer over the consumption of electricity and bills. Also due to the closure of all types of manufacturing units, there has been a shortage of electricity supply and due to it, there has been a decrease in demand for these smart meters. But there is a ray of hope that when these restrictions will be lifted the demand for these smart meters will increase by 60%.
Advanced Metering Infrastructure Market Dynamics
Due to rising urbanization, industrialization, and growing population, there is an increase in the generation of energy which is gaining demand in advanced metering infrastructure. This is one of the major factors that will be responsible for the growth of this advanced metering infrastructure market to a great extent. Also, the increasing demand for the establishment of smart cities and smart grid systems is another factor that will enhance the expansion of this industry during the forecast period. Lastly, the government of different countries is formulating many policies and making the replacement of old meters with the new smart meters mandatory. These policies also mandate the construction of smart grids systems in rural areas too which in turn will increase the demand for smart meters and propel the magnification of this advanced metering infrastructure market. There was the deployment of about 116 million smart meters globally in 2020 which is anticipated to be 450 million meters by 2028.
The shortage of interoperability standards in many countries is one of the major factors that may hamper the growth of this advanced metering infrastructure market. Secondly, the high cost of installation associated with these smart meters is another factor that may act as a barrier to the expansion of this market. In addition to these meters have to be maintained at regular intervals and the costs linked with the maintenance of these meters are very high which is one more element that may hinder the growth of this advanced metering infrastructure market. Lastly, insufficient financial incentives and requirements for improvement in customer service are other factors that may restrict the development of advanced metering infrastructure market.
With a lot of advancement in smart metering infrastructures, the companies are joining hands with developing their companies to develop some kind of software for the deployment of smart meters that authorizes the communication with meters to collect data. Also, new types of meters are being developed to manage to outsource and reducing the problem of the use of professional operation providers in an enterprise. Massive investments are being made by the key players in the research and development of scrum methodology which will benefit the smart electric and gas meters, communication hub, and others.
Advanced Metering Infrastructure Market Segment Overview
Advanced metering infrastructure market share is anticipated to witness significant growth owing to the performance of different market segments. Among these, the smart meter segment will be the fastest-growing and also contribute towards this market growth more than any other segment. The reason for the tremendous growth of this segment is benefits such as low installation costs, lower transportation costs, the short life span of meter, and use of power line communications. For an amplifying use the market has been segmented into the following on different bases:
Based on device type, it has smart electric meters, smart water meters, smart gas meters, and advanced communication modules, and others
Based on service type, it has system integration, meter deployment, AMI management, AMI consulting, and others. Further, the system segment is further divided into meter data analytics, meter data management, communication infrastructure, and AMI security, and others.
Advanced Metering Infrastructure Market Regional Analysis
The advanced metering infrastructure industry movement is remarkably working in 6 major regions of the world that is North America, South America, Asia Pacific, Europe, and the Middle East & Africa. Among all these regions, the North American region will dominate advanced metering infrastructure market, and the reason attributed to it is the rising adoption of smart grid technology. In addition to this increasing population and rising number of water & electricity applications is another factor responsible for the growth of the advanced metering infrastructure market in North American region. Also, the presence of advanced metering infrastructure in the European region will boost the growth of this market globally. Asia Pacific region will also witness noteworthy growth during the forecast period due to rising demand for and implementation of strict regulations and policies for the adoption of smart meters among the end-users.
Advanced Metering Infrastructure Market Competitive Landscape
To get a detailed and profound idea about the advanced metering infrastructure market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the country. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of this market include:-
The advanced metering infrastructure market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of this advanced metering infrastructure market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
|Market Size||USD 9 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Device Type, Service, System|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), General Electric (U.S.), Schneider Electric SE (France), Itron, Inc. (U.S.), Aclara Technologies LLC (U.S.), Elster Group GmbH (Germany), Sensus (U.S.), Tieto Corporation (Finland), Trilliant, Inc. (U.S.), Silver Spring Networks (U.S.), Siemens AG (Germany), Cooper Industries (U.S.)|
|Key Market Opportunities||Growing installation of smart meter in smart city project.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global advanced metering infrastructure market is expected to reach a valuation of USD 9 billion by 2023.
The global advanced metering infrastructure market is expected to exhibit a strong 14% CAGR over the forecast period from 2017 to 2023.
The growing demand for smart electric and gas meters is the major driver for the global advanced metering infrastructure market.
North America is the leading regional market for advanced metering infrastructure.
Leading players in the global advanced metering infrastructure market include General Electric, Cisco Systems Inc., IBM Corporation, Schneider Electric SE, Trilliant Inc., Tieto Corporation, Aclara Technologies LLC, Sensus, and Siemens AG, among others.