ELECTRICITY METERS MARKET ANALYSIS

Key Developments

• In January 2024, Honeywell completed its acquisition of Elster, a global provider of thermal gas solutions for commercial, industrial, and residential heating systems and gas, water, and electricity meters. Honeywell, a company known for its innovative technologies, paid approximately US$ 5.1 billion to acquire Elster from Melrose Industries plc. The acquisition aimed to strengthen Honeywell's position in the smart metering market by adding Elster's outstanding technologies, strong well-recognized brands, energy efficiency expertise, and global presence to its portfolio.
• In July 2023, Honeywell, a global leader in technology and manufacturing, introduced a new smart gas meter featuring advanced data analytics capabilities. The EI5 smart gas meter is designed to measure both hydrogen and natural gas, providing utilities with the flexibility needed for the ongoing energy transition in Europe. This innovative meter not only enhances operational efficiency but also supports sustainability goals by eliminating the need for future replacements as energy networks shift towards hydrogen. Successfully piloted in the Netherlands, the EI5 aligns with the European Green Deal's objectives, marking a significant advancement in clean energy technology.
• In March 2023, Landis+Gyr, a leading global provider of integrated energy management solutions, expanded its manufacturing capabilities to address the increasing global demand for smart metering technologies. This strategic move comes in response to a record-high order backlog and aims to enhance the company's ability to deliver innovative solutions to utilities and consumers. The expansion is expected to significantly improve Landis+Gyr's market share, particularly in the EMEA region, where demand for smart energy solutions is rapidly growing. Additionally, the company reported a strong revenue growth of 33.2% year-over-year in the first half of 2023, underscoring its commitment to meeting customer needs amidst ongoing supply chain challenges.
• In June 2021, Itron, Inc., a prominent American technology company specializing in energy and water resource management, acquired a software company to enhance its smart metering solutions. This strategic acquisition aimed to bolster Itron's capabilities in delivering advanced analytics and improved operational efficiency for utilities. By integrating the new software into its existing portfolio, Itron seeks to provide utilities with better tools for managing resources and optimizing their grid operations. This move aligns with Itron's commitment to innovation and its mission to create a more resourceful world through smart technology solutions.