– The increasing demand for the smart city and smart grid and the growing need for energy across the world are driving the demand for the market
– Market Size – USD 8.35 billion in 2019, Market Growth – CAGR of 15.4%, Market Trends – The rise in IoT integration for real-time data on power consumption
VANCOUVER, B.C., Oct. 5, 2020 /PRNewswire/ — The Global Advanced Metering Infrastructure Market is forecast to be worth USD 24.68 Billion by 2027, according to a new report by Emergen Research. The growing industrialization, urbanization, and population growth are expected to drive the advanced meter infrastructure market growth during the forecast period. The rising demand for smart cities and smart grid projects is also anticipated to boost the market growth in the coming years.
However, the lack of government spending on infrastructure installations and lack of inter-operability standards in different regions are expected to hinder the market growth during the forecast timeframe.
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Key Highlights From The Report
- In May 2018, a contract to form a joint venture to acquire Acumen from Australia’s largest energy supplier, Origin Energy Limited, was announced by Landis+Gyr and Pacific Equity Partners. The merged company would supply a significant proportion of the projected 8 million smart meters to be deployed across Western Australia and South Australia by the acquisition of the Acumen business.
- The smart electric meter segment is predicted to dominate the market over the forecast timeframe. Supported by government spending and appropriate water meter regulations, the smart water meter segment is expected to grow with a CAGR of 15.7% during the forecast period.
- In the advanced metering infrastructure market, the system integration segment is expected to hold the largest market due to features, such as enhanced real-time monitoring, service reliability, important data collection, cost benefits, and better control and analysis.
- Owing to it being highly extensible, flexible, and easily configurable, the meter data management solution is expected to dominate the market through the forecast period.
- Due to rising customer adoption of smart electric meters, the residential sector is anticipated to hold the largest market share over the forecast timeframe, since it offers greater transparency than traditional electric meters.
- Owing to the rapid implementation of IoT-based devices in various applications, such as water, electricity, gas, and others, in different countries, specifically in the United States and Canada, the North American market is anticipated to be the largest market and will dominate over the forecast period.
- Key participants include IBM Corporation, General Electric, Schneider Electric SE, Elster Group Gmbh, Cisco Systems, Inc., Siemens AG, Itron, Inc., Eaton Corporation plc, Aclara Technologies LLC, and Landis+Gyr, among others.
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Emergen Research has segmented the global Advanced Metering Infrastructure Market on the basis of type, service, solution, end-use, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Smart Gas Meter
- Smart Electric Meter
- Smart Water Meter
Service Outlook (Revenue, USD Billion; 2017-2027)
- Meter Deployment
- System Integration
- Program Management and Consulting
Solution Outlook (Revenue, USD Billion; 2017-2027)
- Meter Communication Infrastructure
- Meter Data Analytics
- Meter Data Management
- Advanced Metering Infrastructure Security
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
– North America
- Rest of Europe
– Asia Pacific
- South Korea
- Rest of APAC
– Latin America
- Rest of LATAM
– Middle East & Africa
- Saudi Arabia
- Rest of MEA
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