Smart Metering Systems Market - Top Trends, Technology Advancements and Leading Companies to 2024

The smart metering systems market to grow rapidly in coming years due to the shifting trends toward the development of smart cities. Sustainable energy consumption has lately emerged as a new trend across the globe for reducing energy consumption. In fact, governments of various countries are encouraging the masses to adopt smart utilities for commercial as well as residential purposes. For instance, the European Union (EU) has decided to replace more or less 80% of the electricity meters with smart meters by the end of 2020. In this regard, in 2016, the EU circulated a proposal requesting all consumers to deploy smart meters. Based on the guidelines provided by the European commission, many EU countries have already implemented the policies, quite overtly propelling smart metering systems industry size.
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Smart metering systems market share to grow rapidly due to the shifting trends toward a smart power infrastructure. Of late, analog meters are being extensively replaced with digital meters in various residential, commercial, and industrial sectors, owing to their precise energy measuring capability.
Growing deployment rate and popularity of smart meters, many giants in smart metering systems market are focusing on brainstorming and manufacturing advanced versions of the existing products. In addition, it would be prudent to mention that regional government bodies have a pivotal role to play when it comes to the progress of smart metering systems industry.
The launch of advanced products integrated with different types of functionality has been giving rise to potential new opportunities for smart metering systems market firms. Additionally, a slew of investments are pouring in for product development and facility expansions, further influencing the industry growth.
The competitive hierarchy of smart metering systems market is inclusive of quite a few prominent big shots that have been adopting strategies like facility expansions and acquisitions to consolidate their space in this business and explore the plethora of opportunities that this vertical offers. Long-term contract agreements between product suppliers and manufacturers is also rather commonplace, in order to meet the ever-rising demand for these products. Merely a few days ago, a smart metering technology company, intelliHUB acquired the digital smart meter subsidiary of Origin Energy Australia Origin for USD 267 million.
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It would be imperative to state that with the rise in the deployment of smart metering systems, concerns regarding data security have also increased. In order to resolve the same, smart metering systems industry contributors have been ensuring that advanced security features are integrated in smart metering system utilities. The advent of new technologies such as augmented reality, IoT, and cloud computing have made it easier for this to happen, as their deployment for data security has been stimulating software enabled smart metering systems market share.
The acquisition comes on the heels of the fact that the rate of smart meter installations across South Australia, Tasmania, Queensland, and New South Wales (NSW) has been growing commendably, providing novel opportunities for APAC smart metering systems market firms. In fact, estimates claim that in the aforementioned regions, the number of smart meter installations have hit 400,000.
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