Reliable Data You Can Trust
Reliable Data You Can Trust
A recent report published by Infinium Global Research on smart meters market provides in-depth analysis of segments and sub-segments in the BRICS as well as regional smart meters market. The study also highlights the impact of drivers, restraints, and macro indicators on the BRICS and regional smart meters market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of BRICS smart meters market. According to the report, the BRICS smart meters market is projected to grow at a CAGR of 6% over the forecast period of 2021-2027.
Advancements in technologies over the past few years have led to numerous transformations in the power and utility industry. Particularly, the emergence of smart meters markets has propelled growth in the power and utility industry. Smart meters markets are developed to precisely measure the consumption of utilities such as electricity, gas, and water and send the consumption data through power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, allowing the utility companies to effectively predict the demand, and manage the supply. Smart meters markets offer a large number of advantages to the consumers including lower meter reading costs, avoiding disconnection, removing inefficiencies in billing, and reducing the re-connection costs to corporations and consumers.
The outbreak of the coronavirus pandemic resulted in a fairly negative effect on the BRICS smart meters markets market. COVID-19 pandemic influenced the BRICS smart meters markets market by deterring the production and demand, disordering the supply chain, and disturbing the manufacturers and the utility companies. On the other hand, the revenues of several manufacturers decreased owing to the reduced sales during the coronavirus outbreak. Furthermore, the demand for the smart meters market also dropped from the end-users. However, over the long term, the market growth is anticipated to remain persistent, as the governments allowed market players to reopen the production units and have de-escalated the travel restrictions. As the pandemic situation eased down, the economic state in the BRICS countries return to their normal conditions. This is anticipated to reassure consumers to spend more on utility solutions such as smart meters markets.
The increasing demand for energy-efficient houses, and buildings drives the requirement to install smart meters markets. The rise in concerns over the higher usage of utilities such as electricity, and gas, and the need for energy-efficient solutions is majorly driving the growth of the smart meters markets market in BRICS. Smart meters markets are designed to monitor utility consumption more precisely by connecting them with smart grids to allow the use of electricity during off-peak hours when energy prices are cheaper. Additionally, the number of government initiatives to support the adoption of smart homes and smart meters markets is further driving the growth of the BRICS smart meters market. Government agencies across BRICS are promoting the development and installation of smart meters markets used with smart grids. However, the higher initial cost of smart meters markets is one of the major hampering factors that is expected to hinder their installation and the growth of the market. Due to these high installation costs, it becomes difficult for market players to persuade consumers to upgrade their traditional meters with smart meters markets. Moreover, growing developments in the technologies such as AI, and IoT are offering growth opportunities to the market.
In terms of country, China accounted for the largest share in the BRICS smart meters markets market. Moreover, China is expected to grow at the fastest rate over the forecast period. The Chinese market is majorly driven by higher adoption of advanced technologies, and growing internet penetration. Furthermore, the rise in popularity of smart homes along with rapid urbanization and significant growth in consumer spending boosts the growth of the smart meters markets market in China. On the other hand, India accounted for the second-largest market share in the BRICS smart meters markets market. A growing number of smart meters markets market players are entering India. This, in turn, is expected to boost the market growth for the smart meters markets market in India.
The report on BRICS smart meters market covers segments such as type, technology, and application. On the basis of type, the sub-markets include smart electricity meter, smart gas meter, and smart water meter. On the basis of technology, the sub-markets include automatic meter reading (amr), and advanced metering infrastructure (ami). On the basis of application, the sub-markets include residential, commercial, and industrial.
The report provides profiles of the companies in the market such as Enel SpA, Neoenergia Group, PJSC Rosseti, BETAR Company, Incotex Electronics Group, Maven Systems Pvt. Ltd., Analogics Group, Melange Systems Private Limited, Acrel Co., Ltd., and Hexing Electrical Co., Ltd..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart meters market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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