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Smart Meter Market Report 2023: Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses Presents Opportunities

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Dublin, March 09, 2023 (GLOBE NEWSWIRE) — The “Smart Meter Market by Type (Electric Gas, and Water), Component, Technology (AMI & AMR), Communication (RF, PLC, and Cellular), End-user (Residential, Commercial, Industrial) and Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The global smart meter market is estimated to grow from USD 23.1 Billion in 2023 to USD 36.3 Billion by 2028; it is expected to record a CAGR of 9.4% during the forecast period. Governments worldwide are undertaking several initiatives to meet future electricity demands and are focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. Smart meters will play a crucial role in achieving these initiatives.

Software: The fastest segment of the smart meter market, by component

Based on components, the smart meter market has been split into hardware and software. The customer information system (CIS), meter data management system (MDMS), and metering and billing software are critical software components of smart meters. The software helps manage the operations of smart meters once deployed by the utilities. Smart meter software aids in the detection of abnormal utility consumption patterns and the accurate billing of consumers.

AMI segment is expected to emerge as the largest segment based on technology

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By technology, the smart meter market has been segmented into AMI & AMR. AMI enables the meters to collect and transmit data on utility and energy use in real time. The foundation of smart grid projects is smart meters employing AMI technology, and rising investment in such projects serves as a major growth driver for the market for AMI smart meters

Europe is expected to be the second-largest market during the forecast period

Europe is expected to be the second-largest market in the global smart meters in 2022 and is among the pioneers in adopting smart meters technology. Major western European countries such as France, Germany, Italy, Spain, and the UK are mature markets for smart meters. The European Union has already started the modernization and transformation toward a climate-neutral economy and plans to become the world’s first major economy to go climate neutral by 2050.

Market Dynamics

Drivers

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  • Supportive Government Regulations Pertaining to Digitalization of Grids
  • Rising Adoption of Smart Meters to Monitor Utility Systems in Real Time
  • Dynamic Pricing of Utilities
  • Reduced Blackouts and Failures of Utility Systems
  • Increased Need to Monitor Energy Consumption to Achieve Carbon Neutrality

Restraints

  • High Setup and Operational Costs and Limited Availability of Low-Cost Digital Upgrades
  • Decline in Infrastructure Development Investments and Low Return on Investment

Opportunities

  • Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses
  • Integration of Artificial Intelligence (AI) and Machine Learning (ML) Technologies into Smart Meters
  • Rising Adoption of Electric and Hybrid Vehicles
  • Increasing Focus of Developing Countries on Improving Water Distribution Networks

Challenges

  • Maintenance, Security, and Integrity of Smart Meters and Associated Data and Requirement for Skilled Professionals
  • Dependency on Reliable Connections Between Smart Meters and Smart Grid Devices to Collect Highly Accurate Data

Key Attributes:

Report Attribute Details
No. of Pages 308
Forecast Period 2023 – 2028
Estimated Market Value (USD) in 2023 $23.1 Billion
Forecasted Market Value (USD) by 2028 $36.3 Billion
Compound Annual Growth Rate 9.4%
Regions Covered Global

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

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5 Market Overview

6 Smart Meter Market, by Type
6.1 Introduction
6.2 Smart Electric Meter
6.3 Smart Gas Meter
6.4 Smart Water Meter

7 Smart Meter Market, by Component
7.1 Introduction
7.2 Hardware
7.2.1 Power System
7.2.2 Microcontroller
7.2.3 Communication Interface
7.3 Software
7.3.1 Customer Information System (Cis)
7.3.2 Meter Data Management System (Mdms)
7.3.3 Metering and Billing Software

8 Smart Meter Market, by Technology
8.1 Introduction
8.2 Automatic Meter Reading (Amr)
8.3 Advanced Metering Infrastructure (Ami)

9 Smart Meter Market, by Communication
9.1 Introduction
9.2 Radiofrequency (Rf)
9.3 Power Line Communication (Plc)
9.4 Cellular

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10 Smart Meter Market, by End-User
10.1 Introduction
10.2 Residential
10.3 Commercial
10.4 Industrial

11 Smart Meter Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Adjacent and Related Markets

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15 Appendix

Companies Mentioned

  • Aclara Technologies
  • Badger Meter, Inc.
  • Genus Power Infrastructure
  • Hexing Electrical
  • Honeywell International
  • Iskraemeco
  • Itron, Inc.
  • Jiangsu Linyang Electronics
  • Kamstrup A/S
  • Landis+Gyr
  • Larsen & Toubro
  • Networked Energy Services Corporation
  • Osaki Electric Co. Ltd.(Edmi)
  • Pietro Fiorentini
  • Sagemcom
  • Schneider Electric
  • Secure Meters
  • Sensus (Xylem)
  • Siemens
  • Wasion Group

For more information about this report visit https://www.researchandmarkets.com/r/y4rg7a

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.

The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development. 
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference. 
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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CGTN: China honors individuals with highest awards in celebration of 75th National Day

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BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.

The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
 

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Kazakhstan Government Delegation Visited SUPCON

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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.

The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
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