Residential smart electric meter market to surpass $4bn by 2024

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Smart Electric Meter Market to cross 10bn by
2024 Global Market Insights Inc.
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Industry Overview

• Smart Electric Meter Market to reach USD 10
  Billion by 2024, driven by renewable energy
  integration to smart grid infrastructure. Robust
  implementation of government mandates and fiscal
  incentives toward the adoption of sustainable
  technology will drive the smart electric meter
  market size. Several countries have enacted
  distinct legislation mandating the adoption of
  AMI meters as a part of their comprehensive
  energy conservation initiatives. In March 2011,
  the Government of UK framed a rollout strategy
  and designed a policy framework for smart meters.
  The Smart Metering Implementation Programme is
  expected to achieve the installation of over 50
  million smart meters by 2020.
• U.S. smart electric meter market is anticipated
  to exceed USD 1 Billion by 2024. Significant
  encouragement by regulators and policymakers
  toward the adoption of smart technologies will
  stimulate the business growth. As per the
  Residential Energy Consumption Survey conducted
  by the EIA in 2015, residential smart meter
  adoption across the U.S. stood around 40.
  Furthermore, it has been analyzed that electric
  utilities across the country had installed over
  70 million AMI meters till 2016.

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Smart Electric Meter Market

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• AMI smart electric meter market will grow on
  account of continuous expansion and increasing
  share of renewables across centralized and
  decentralized grid infrastructure. Rapid
  technological advancements coupled with growing
  concern toward energy conservation will
  strengthen the business outlook. Smart meters
  integrated with automated data management systems
  have drastically eased the assessment of
  consumption patterns by the user.
• UK smart electric meter market is witnessed to
  grow on account of growing measures toward the
  adoption of energy efficient products.
  Introduction of strict emission norms toward the
  development of sustainable technologies has
  created a competitive business scenario for
  leading manufacturers across the region. The
  Article 9-11 of the UK Energy Efficiency
  Directive provides rules on devices related to
  metering and billing information that needs to be
  provided to end users.
• China, in 2017 accounted for over 70 smart
  electric meter market share across Asia Pacific.
  Growing penetration of smart technologies along
  with shifting focus toward energy efficiency will
  stimulate the business growth. Asian Development
  Bank is supporting the sustainable use of energy
  and the roll-out of smart meters is the top
  priority in line with the adoption of renewable
  and smart-grid technologies. China in its 13th
  five-year plan introduced various smart city
  projects that include the installation of smart
  meters across water and electric networks.

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UK Smart Electric Meter Market Size, By
Application, 2017 2024 (Million Units)

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Industry Coverage

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• Shifting trends toward an effective measurement,
  monitoring, and utilization of resources to limit
  the overall energy challenges will drive the
  smart electric meter market. Metering and
  monitoring have been the essential tools for the
  measurement and efficient energy management. In
  addition, these provide building owners
  operators with the information to improve
  building energy performance.
• Key industry participants in the smart electric
  meter market include Apator, Iskraemco, Circutor,
  Kamstrup, Sensus, Aclara, Neptune, Badger Meter,
  Osaki, Honeywell International, Schneider,
  Siemens, Itron and LandisGyr.

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