Smart Electric Meter Market share to hit $11 billion by 2024

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Smart Electric Meter Market forecast to reach 270
million units by 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Smart Electric Meter Market

• Smart Electric Meter Market size is set to exceed
  USD 11 billion by 2024 according to a new
  research report by Global Market Insights, Inc.
  Commercial smart electric meter market shipments
  could exceed 30 million units by 2024.
• Growing demand for accurate billing coupled with
  efforts towards energy conservation will augment
  the global smart electric meter market growth.
  Rapid development of electricity network along
  with growing investment in smart grid will
  further complement the business landscape.
• Increasing energy prices and growing instances of
  electricity theft will further boost product
  demand. According to a 2013 IMF report, global
  electricity theft was over USD 100 million.
  Rising concerns towards accuracy in billing among
  end users may positively influence the industry
  size.

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Continued...

• The American Recovery and Reinvestment Act (ARRA)
  mandating strict regulations towards accurate
  billing along with increasing electricity demand
  will stimulate the U.S. smart electric meter
  market size. The U.S. Department of Energy and
  ARRA jointly invested USD 30 billion in 2009, to
  give an impetus to a wide range of sustainable
  energy projects and upgrade existing smart grid
  networks in the region.
• Stringent regulations towards adoption of
  intelligent systems to precisely track
  electricity consumption will augment the smart
  electric meter market share. European Union
  Directive 2009/72/EC mandates member countries to
  undertake initiatives which will increase
  consumer awareness towards the benefits of
  adopting these products. Directive 2014/724/EU
  provides guidance to regulators on safeguarding
  and protecting consumers consumption data.

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UK Smart Electric Meter Market Size, By
Application 2015-2024 (Million units)

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Continued...

• In 2016, UK contributed to over 20 of the Europe
  smart electric meter market share in terms of
  unit shipments. Department for Business, Energy
  Industrial Strategy along with the Office of Gas
  and Electricity Markets (OFGEM) have directed
  utility providers to install these products in
  every household by 2020, with a view to conserve
  electricity.
• Smart electric meter market size from Automatic
  Meter Reading (AMR) technology is anticipated to
  exceed USD 4 billion by 2024. Conventional AMR
  devices were programmed to collect meter readings
  and match with the utility providers consumption
  data.
• Additional data parameters can be set in these
  products to control their functionality remotely,
  owing to technological advancement. These
  products give warning in case of meter tampering,
  low battery and leak detection.

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Continued...

• Automated Metering Infrastructure (AMI) systems
  will grow owing to increasing adoption of the
  advanced technology in developed nations
  including the U.S., UK, Sweden, Norway and Japan.
  These products provide enhanced features like
  notifications for demand response actions and
  time based pricing.
• Japan smart electric meter market is predicted to
  witness a paradigm shift owing to adoption of AMI
  products. In August 2015, Tokyo Electric Power
  Company (TEPCO) launched an initiative to install
  over 2.7 million intelligent systems across the
  country and offer 24-hour customer support
  service through a Smart Meter Operation Centre.
• Notable players in the smart electric meter
  market include Siemens, Itron, Schneider
  Electric, LandisGYR, Icsa, Circutor, Holley
  Metering, Iskraemeco, Osaki Electric, Honeywell
  International, Sensus Sentec, Elster Group,
  Badger Meter and Neptune Technology.

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