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Market Leader - Smart Meters Market

The global smart meters market is projected to grow at a CAGR of 9.34% from 2017 to 2022. The North American market is estimated to be the largest market for smart meters, followed by Asia-Pacific in 2017. This trend is expected to continue till 2022. The growth of the smart meters market is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.

The smart meters market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the smart meters market include Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.) and Toshiba Corporation (Japan).

Major strategies adopted by the players include contracts & agreements, new product development, expansions & investments, mergers & acquisitions, and joint ventures & collaborations. Contracts & agreements was the most commonly adopted strategy from 2013 to 2017. Industry players also adopted new product development, which was the second most widely followed strategy, during the same period. A key integrated solution provider has been highlighted in the paragraphs below.

Itron, Inc. (U.S.) and Elster Group GmbH (Germany), a part of Honeywell International, Inc. (U.S.) were among the leading players in the smart meters market. Itron, Inc. (U.S.) supports more than 8,000 utility companies in around 100 countries worldwide. The company has wide global presence and has been expanding its existing facilities through various acquisitions. The company also tries to consistently improvise its product portfolio by making apt utilization of contemporary and advanced technology. Contracts & agreements and new product launches were the main strategies adopted by the company. For instance, in November 2016, it won a contract from Enedis (France) for providing 4.6 million G3 Linky smart meters.

Elster Group GmbH (Germany), a part of Honeywell International, Inc. (U.S.) is another leading global player in the smart meters market. The company is focusing on developing new-generation meters and communication capabilities for transmission and high-end applications. It has also been awarded with various contracts to provide smart metering solutions which can help it to improve its top-line. For instance, in May 2016, it was awarded a five year contract by Enexis (Netherlands) to deliver more than 1 million smart electricity meters in the Netherlands as part of the country’s efforts to meet the European Union energy efficiency goals.

Related Reports:

Smart Meters Market by Type (Electric, Water, and Gas), Application (Commercial, Residential, and Industrial), Technology (Automatic Meter Reading and Advanced Metering Infrastructure), and by Region - Global Forecasts to 2022

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