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Smart Meter Market Trends & Global Forecasts to 2016 - Market Leader
Global smart meter market is likely to witness 23% CAGR from 2011 to 2016 nearly tripling the total annual shipments. Market value, on the other hand, is expected to grow at a CAGR of 21% during the period. Electric smart meters are likely to be the key focus markets which are expected to grow at a CAGR of 25% followed by Water smart meters at a CAGR of 17.4%. U.S represents the largest market in both terms by value and volume. It alone contributes more than 85% of the total shipments and revenue, and is expected to continue be the market pioneer. Other major markets include Germany, Spain, UK and New Zealand.
Global smart meter market is partially fragmented and includes many suppliers. Some of the key players operating in the market include Landis+Gyr (Switzerland), Itron (the U.S), Elster (Germany), and GE Energy (the U.S.). The top six players including the above accounted for nearly 50% of the global market in 2010 by volume of installation while the top three players accounted for more than 35%.
Landis+Gyr, which has been a market leader has installed globally over 300 million electric devices. The key product offerings of the company include electricity meters, gas meters, heating, cooling and water meters, load management equipment, communication units, and related software. Its key markets are North America, Europe, Middle East and North Africa and Asia-Pacific. With a strong clientele including BritishGas, ErDF, E.ON, Oncor, AEP, Hydro Quebec, Iberdrola, SydEnergi, and Helsingin, the company has earned revenues of $1.5 billion in 2010 of which North America alone contributed close to 50%.
Smart meter market has been proactive with transactions and developments such as mergers and acquisitions, new product launches, agreements and collaborations, expansions and research and developments. The period 2008-2011, witnessed more than 200 such transactions and developments of which more than 50% were partnerships and agreements, more than 20% were expansions, and another 20% were new product launches and other developments.
The total number of smart meter projects, globally were more than 200 in 2010 and is expected to grow two fold in the year 2016. Key focus markets of these projects are North America and Europe which together are expected to contribute 80% of the total shipments by 2016. Shifting trend of major utilities from automatic meter reader (AMR) to smart meters is likely to drive the demand for smart meters in the respective markets.
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