September 20, 2018: Adroit Market Research launched a study titled “Global Industrial Smart Meters Market Size by Type (Three-Phase Smart Meter, Single-Phase Smart Meter), by Application (Heavy Industry, Light Industry), By Region and Forecast 2018 to 2025. The Global industrial smart meters market research report contains 104 tables and 34 figures. The study covers various qualitative and quantitative aspects of the global industrial smart meters market including drivers, restraints, opportunities, estimates and forecast for types & applications and detailed profiles of leading players.
The global industrial smart meters market size is projected to be worth USD 997.9 million in 2025. Driven by the increasing need for reducing operational costs in industries arising from high energy consumption, smart meters are likely to witness extensive adoption across the world.
“Smart metering initiatives undertaken by several governments to fight utility loss to drive the global industrial smart meters market”
Rapid industrialization over the past few decades especially, in developing economies of the world has led to an increase in the energy demand, globally. Technological advancements resulting in optimizing cost and performance coupled with the rising number of initiatives undertaken by several governments to encourage sustainable development has led to a large-scale deployment of smart grid infrastructure throughout various cities and countries. These factors are expected to drive the global industrial smart meters market in the near future.
Smart meters in industries assist in accurate power outage detection and ensure timely service restoration. This enables minimal disruption to the industrial processes and prevents monetary loss to the business units. Industrial automation has driven the demand for smart meters as they provide accurate analysis of electricity consumption. These factors are expected to play a crucial role in driving the global industrial smart meters market over the next few years.
Several small industries prefer installing a single-phase smart meter due to low power loads. However, industrial processes generally require monitoring of high power and typically involve three phase smart meters. In 2017, 3.14 million three-phase smart meters were installed in the industrial sector worldwide. These meters are more effective than single phase smart meters, as they are suitable for large areas dealing with electricity loads greater than 10kW. Three-phase smart meters sales are expected to increase significantly owing to rapid digitalization in industrial verticals.
In correspondence with the extensive usage of three-phase smart meters, heavy industries was the largest end-use industry in 2017. Heavy industries contributed to 70.1% of the total global revenues generated in the same year and is likely to hover around the same range during the forecast period. Increasing investments by heavy industries in automation to streamline processes has changed the way companies now look at electricity consumption and its associated cost. This factor is expected to play an important role for the future development of the global industrial smart meters market.
The presence of a widespread manufacturing base in Asia Pacific has resulted in the region establishing itself as the market leader presently. Nonetheless, the adoption of smart meters is expected to continue outpacing other regions of the world due to the increasing number of businesses as well as regular investments in upgrading automation. In 2017, 2.69 million smart meters were installed across Asia Pacific and the number of installations is expected to increases year-on-year during the forecast period.
The competitive landscape of the global industrial smart meters market is highly fragmented owing to the presence of several local and international players. Key players in this market include Shenzhen Clou Electronics Co., Ltd., Holley Metering Limited, Landis+Gyr, Itron Inc., Siemens AG, Kamstrup A/S, ZIV Group, Jiangsu Linyang Electronics Co., Ningbo Sanxing Electric Co., Ltd., Wasion Group, Zhejiang CHINT Instrument & Meter Co., Ltd., Larsen & Toubro Limited and EDMI Limited among others.
Key segments of the global industrial smart meters market
Type Overview, 2015-2025 (Million Units) (USD Million)
- Three-Phase Smart Meter
- Single-Phase Smart Meter
Application Overview, 2015-2025 (Million Units) (USD Million)
- Heavy Industry
- Light Industry
Regional Overview, 2015-2025 (Million Units) (USD Million)
- North America
- Rest of Europe
- Southeast Asia
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa