ADVANCED METERING INFRASTRUCTURE MARKET ANALYSIS

Advanced Metering Infrastructure MarketSize and Trends

Increasing demand for energy is one of the major factor driving growth of the market

Increasing trend of digitalization is responsible for increasing the demand of energy consumption. According to the Energy Information Administration's (EIA), world energy consumption is estimated to grow by 28% between 2015 and 2040. Growing population and economic development are factors responsible for increasing demand of the energy. Moreover, increasing adoption of smart home technology in turn increases the utilization of smart devices, which are based on IOT. Hence, consumption of energy, which positively increase with digitization is expected to propel growth of the market.

Global Advanced Metering Infrastructure Market: Regional Insights

On the basis of region, the global advance metering infrastructure market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. The North America held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. is anticipated to hold highest market share, followed by Canada throughout the forecast period. According to Coherent Market Insights analysis, the yearly shipments of smart electricity meters in North America will grow from 8.8 million units in 2018 to 19.9 million units in 2024. Moreover, the growth in number of the IoT-based devices in various verticals such as electricity, water, and gas are the another major factors expected to boost the growth of the global advance metering infrastructure market. A major trend observed in these countries of the region is installing smart water meters, which helps consumers to improve management of water consumption through access of real-time usage data. For instance, in June 2018, Itron, American Technology Company, announced the launch of its new intelligent gas meter, Itron Intelis gas meter. The Itron Intelis gas meter can be operate in mobile mode and on the Itron OpenWay Riva and Gen5 IoT networks to deliver post-processing analytics and near real-time data. Therefore, IoT-based devices are fuelling growth of the global advance metering infrastructure market.