UK smart electric meter market to amass appreciable returns over 2018-2024, annual installations globally to surpass 190 million units by 2024.
Publisher : Fractovia | Published Date : 2017-05-08Request Sample
Gemalto’s latest end-to-end security solution launch to protect the smart energy ecosystem vividly testifies how far smart electric meter market has come to progress. The solution is likely to be deployed by distribution system operators and smart meter makers, given that it provides secure digital identities, security lifecycle management for a longer product shelf life, and seamless connectivity solutions. Endowed with the ability to protect connected energy assets & the data they exchange and restore the trust of businesses on the expanding smart grid, this offer is likely to generate waves of anticipation in smart electric meter industry.
UK Smart Electric Meter Market Size, By Application 2015-2024 (Million units)
One of the pivotal factors responsible for this vertical to have progressed so far is the growing awareness regarding climate change and its hazardous impact on energy consumption and wastage. With energy efficiency becoming the global mantra, regional governments have been striving to strengthen regulations associated with GHG emissions, brainstorming strategies that would positively influence smart electric meter market trends. In line with the UN Climate Change Conference, specific renewable energy targets have so far been accepted by over 190 nations. Pertaining to the escalating demand for sustainable energy sources and the dire need to reduce carbon emissions, smart electric meter market trends are likely to undergo a dynamic transformation in the ensuing years.
How APAC will evolve as a major growth ground for smart electric meter industry:
The Asia Pacific zone is touted to emerge as one of the most vital revenue pockets of smart electric meter market, primarily on account of the rapid infrastructure growth and the rising investments to match up the existing energy demand. The region has been experiencing a shift toward renewable energy in the last few years, enabling the rapid penetration of smart technologies, especially across India and China. In 2016 for instance, China developed an investment hub for smart city as a part of country’s 12th and 13th five-year plan. The move has augmented the demand for effective electricity and water monitoring and ensured the distribution of funds to install smart meters across the nation’s water and electric networks, gradually propelling the regional smart electric meter market outlook.
In 2017, China held more than 70% of APAC smart electric meter industry share, powered by the shifting focus toward energy efficiency and the robust proliferation of smart technologies. The region’s growth across this vertical is also being aided by noteworthy organizations such as the Asian Development Bank, that is supporting the sustainable use of energy and the roll-out of smart meters in line with the adoption of renewable and smart-grid technologies.
UK to be a major contributor toward smart electric meter market:
The United Kingdom has been foremost among most regions, as far as the global shift toward a digital economy and energy efficiency is concerned. The regional government seems to have been extremely proactive in this regard, indeed, the Government of UK designed a policy framework for smart meters under the ‘Smart Metering Implementation Program’. The program encompasses the introduction of a roll-out target to install 50 million smart meters in 30 million households by 2020 and aims to reduce household energy consumption by 5% to 15%. Indeed, this strategic move has been majorly credited for UK smart electric meter industry gaining precedence over other regional counterparts.
The launch of the 2020 policy framework seems to have extensively accelerated the adoption of smart electric meters in the United Kingdom. As per estimates, between July to September 2017 alone, more than one million of these devices had been installed in homes and businesses in the UK. Nearly 1.2 million smart & advanced meters were installed in Q3 2017, including at least 665,000 electricity meters. Quite evidently, the robust installation of these devices in accordance with the stringent framework enforced by the government bodies such as the Department for Business, Energy & Industrial Strategy and the Office of Gas and Electricity Markets will send the shares of UK smart electric meter market soaring over the next few years.
Most of the industry players, in conjunction with regional governments and regulatory bodies, have been striving to achieve complete installation of smart meters over the next few years. Companies partaking in global smart electric meter market are often found acquiring local manufacturers to expand their business base and make their presence felt across myriad regions. For instance, Aclara Technologies took over the electric meter business from General Electric company in 2015, to primarily diversify its product offering. The competitive hierarchy of smart electric meter market, complete with some of the top-notch magnates such as Itron, Wasion, Landis+Gyr, Toshiba, Echelon, Atmel Corporation, Schneider, and Honeywell International is certain to grow highly aggressive in the ensuing years, enabling this vertical to garner commendable gains over 2018-2024.
