Dallas, Texas, April 19, 2019 (GLOBE NEWSWIRE) -- The increasing need for reducing the operational costs in industries arising from energy consumption is expected to propel the demand for industrial smart meters.

The global industrial smart meters market is likely to reach approximately USD 6.90 billion by the end of 2025. Rapid industrialization has led to an increased demand for energy globally. Technological advancements coupled with growing government initiatives to encourage sustainable development has led to large scale deployment of smart grid infrastructures. The market is fueled by a growing need for industries to improve energy efficiency and cut down energy costs.

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The market research report on industrial smart meters market assesses the market demand and trending scenario for the period ranging from 2015 to 2025. The report highlights the historic trends from 2015 to 2017 and market forecast from 2019 to 2025. The report studies the current status and future prospects of the market at the global level. The global industrial smart meters market is segmented on the basis of type, application, and geography.

The report examines various aspects of the industrial smart meters industry by assessing the market using Porter’s Five Forces analysis, key industry trends, marketing strategy analysis, and manufacturing cost analysis. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local manufacturers.

The “Global Industrial Smart Meters Market Size by Type (Three-Phase Smart Meter, Single-Phase Smart Meter), by Application (Heavy Industry, Light Industry), By Region (North America, Europe, APAC, Latin America, & MEA ) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.

Reduction in operating costs associated with electricity consumption and maintenance costs such as equipment breakdown costs and meter reading is expected to be the key driving factors. Smart meters provide accurate data regarding electricity usage thus enabling a better peak load distribution of power. These are designed to store and communicate data and perform functions according to a set of standards. Such feasibility shall reduce power demand by efficient power supply management, optimization of management resource usages and booming the smart meter technology globally.

By type, three-phase smart meters accounted for more than 60% of the overall market share in 2018. Three phase smart meters vary in terms of power distribution, with more reliability and efficiency and are thus used in industrial and commercial applications. In addition, it offers seamless integration and flexibility by providing the DLMS/COSEM data collection protocol as system integration interface. By application, heavy industry is expected to generate the fastest growth at nearly 3% CAGR over the forecast period. The increasing need for reducing operational cost in mining, oil & gas, chemical, shipbuilding, and machinery manufacturing is expected to increase the adoption of industrial smart meters for heavy industries.

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In terms of region, Asia Pacific accounted for over one-third of the global market share in 2018 and is expected to grow on account of supportive government policies for strengthening energy grid infrastructure in China, Japan, and India. For instance, according to Northeast Group, India is planning to spend in smart grid infrastructure in the next ten years by investing USD 21.6 billion in a bid to control extensive electricity theft.

Global industrial smart meters market is highly fragmented in nature as a large number of manufacturers are operating in this industry. Some prominent players are as follows: Shenzhen Clou, Electronics Co., Ltd., Holley Metering Limited, Ningxia LONGi Ninguan Instrument Co., Ltd., Sagemcom SAS, Landis+Gyr, Itron, Inc., Siemens AG, and Kamstrup A/S

Major points from Table of Contents:

Chapter 1. Executive Summary

Chapter 2. Research Methodology

Chapter 3. Market Outlook

Chapter 4. Industrial Smart Meter Market Overview, By Type

Chapter 5. Industrial Smart Meter Market Overview, By Application

Chapter 6. Industrial Smart Meters Market Overview, By Region

Chapter 7. Industry Structure

Chapter 8. Company Profiles

Continued…

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