Vendors in Electricity Meter Market to Shift from Manufacturing Traditional Meters to Developing Smart Meters - TMR

World News: . []

Albany, New York, Oct. 09, 2019 (GLOBE NEWSWIRE) -- The demand within the global is expected to stagnate over the years to come. This owes to the ineffectiveness of traditional electricity meters. However, the energy sector is climbing the ladder of innovation and efficiency, and this could be an important driver of market demand. Furthermore, the indispensable need for electricity meters across all types and sizes of buildings has aided market growth. Vendors have made incessant efforts to develop high-end smart meters that can fulfil the requirements of the end-users. Moreover, availability of technical manpower to conceptualise improved meter architecture has also assisted the market players.

Government organizations and authorities issue trademarks to give a seal of quality, safety, and credibility to electricity meters. Several governments across the world have distinct departments to deal with issues related to infrastructural safety, electric metering, and energy consumption. This is an important consideration for vendors planning to set up their production and sales channels in new and unexplored regions. The electricity board of a region plays a vital role in driving the adoption of electricity meters. It is projected that the the global electricity meter market would thrive on the ability of vendors to innovate.

Regional authorities for electricity control and management are looking for energy-efficienct technologies to improve the supply dynamics of utilities. This factor has put tremendous pressure on the market vendors to heed to their business responsibility. These vendors are required to cater to the compelling demand for improved electricity meters and other similar devices.

Transparency Market Research (TMR) published a report that predicts the global electricity meter market to expand at a negative CAGR of -6%. The total value of the electricity meter market is expected to slump down due to the obsolete nature of traditional meters. The market vendors are expected to overhaul their production, operation, and marketing strategies in order to regain the regions of their business.

Several cities boast of their unparalleled ecosystem of smart technologies and systems. Hence, it is safe to say that the world is moving toward the concept of smart cities. Smart buildings play an important role in the development of a smart city. This factor, coupled with the growing investments in digital technologies, could give a thrust to market growth. However, for this growth to be possible, the manufacturers are required to shift from manufacturing traditional meters to smart meters. Smart meters are amongst the most vital components of smart buildings and smart cities. Furthermore, the replacement of traditional grids with smart grids could also be a strong driver of demand for smart meters.

Several countries have already become self-sufficient in energy management and optimization. These countries have replaced all obsolete technologies used by utilities with smarter and more efficient systems. Hence, the smart meter segment of the electricity meter market is slated to attract increased revenues in the years to follow.

Scandinavian countries such as Norway and Denmark have been the torchbearers of innovation in the energy sector. The countries have achieved optimization of smart technologies, and have extensively installed smart meters. The market vendors are expected to capitalise on the market gap prevailing in other countries planning to overhaul their introductory.

Some of the key players in the global electricity meter market are Eaton, GE Energy Company, Honeywell International Inc., Itron Inc., and Legrand, Siemens.

The review is based on TMR’s report titled, “

The global electricity meter market is segmented as:

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.                  Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhocreports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for right methodology of research is the key tohelp enterprises reach right decision.”

More news and information about Transparency Market Research

Published By:

Globe Newswire: 17:05 GMT Wednesday 9th October 2019

Published: .

Search for other references to "vendors" on SPi News


Share

Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.
 
Privacy Policy | Terms and Conditions | Contact Us