According to ABI Research, water utilities will drive the growth of the global smart meters market over the next five years.
The smart meters market is expected to generate up to $14 billion in revenue by 2026.
Smart meter installation in the water and gas sectors is expected to record a double-digit increase whilst smart electric meter shipments contracts.
A total of 193 million units will be installed in the energy and water industries, a 3.2% increase from the 151 million installed in 2018.
The energy industry dominated the smart meters industry in 2018.
The Asia Pacific followed by Europe and North America will continue dominating the smart meters market.
However, pressure to lower the price of smart meters in Europe and the Asia Pacific will slower revenue growth over the forecast period.
AMI roll-out in India
India is one of the leading countries in adopting smart meters. A number of pilots are suceeding in India and heave led to preparations for large-scale rollouts including the replacing of 300 million analog meters with digital models.
In 2018, request for proposals from government-owned public utilities were initiated for smart meters to replace traditional meters and connect to 2G and 3G networks.
Water and gas meters have also been witnessing traction from utilities in city-wide rollouts.
“As smart electricity meter roll-outs near completion in China, there is an increasing focus on utility smart gas and water meter roll-outs. LPWA network technologies will be popular choices for these metering segments with LoRaWAN technology from ZTE CLAA in China and TATA communications in India competing with telcos’ NB-IoT networks in the region,” said Adarsh Krishnan, Principal Analyst at ABI Research.
In Europe, there’s a steady ramp-up of smart meter shipments until 2019 with strong growth in electricity and gas metering shipments. The growing footprint of LPWA networks in Europe will drive the uptake of smart metering infrastructure among water utilities.
Utilities are currently the leading adopters of IoT technology, deploying 618 million smart meters in 2018. Meter-to-cash is the primary application driver for smart meter implementation and monetization opportunities for both energy and water utilities.
“Operating in data-rich environments, energy utilities are starting to spend more on implementing analytics platforms using machine learning and Artificial Intelligence to not only improve customer experience but also to improve energy efficiency, reliability and identify early potential infrastructure and service issues,” Krishnan concluded.
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