The "Smart Utilities Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The smart utilities management market is expected to register a CAGR of 18.72% during the forecast period (2021-2026).
Energy consumption has overtaken energy generation by a significant measure and energy conversion is the new norm for organizations and governments. Therefore, the most prominent need for energy companies is to measure consumption, reduce wastage, and, at the same time, decrease the cost of procuring energy.
Honeywell International Inc
Cisco Systems Inc.
Key Market Trends
Power Sector Hits Growth with Meter Data Management System
A majority of the utilities are currently concentrating on setting up AMI infrastructure for meeting administrative requirements, green power initiatives, and additional business benefits.
Large volumes of data are being collected, with AMI meters being deployed, but utility providers have not started realizing the benefits of received data and other AMI capabilities to remotely perform transactions, apart from just accepting the monthly billing read.
Increasing investments in smart grid systems around the world are one of the primary factors driving the growth of these systems. Governments around the world are pushing for the deployment of AMI, in order to automate the existing operations and push technological growth. With smart grid systems offering high efficiency and helping in cost saving, the demand for smart grid is growing, thus having a direct impact on the growth of smart meters.
The Ministry of Power in India launched the India Smart Grid Week (ISGW) since 2015 and it is considered as one of the top five international events on smart grids and smart cities. With the launching of 100 smart city projects by the government of India, water and city gas distribution utilities will also need to equip themselves with the latest technologies for improved operational efficiency and successful integration into the smart city systems.
Asia -Pacific to Emerge as the Fastest Growing Market
In Asia-Pacific, in the recent past, countries, such as Australia, Japan, and South Korea have shown considerable strides in their efforts to smarten their utility network systems.
For instance, in the case of Japan, its major utilities have committed toward the widespread smart meter rollouts by 2024, that could lead to installations of over 78 million smart meters across residential and low-use customers. The number of smart meters installations exceeded 10 million in 2016. Besides, the four major electric utilities, namely TEPCO, Tohoku Electric Power Co., Hokuriku Electric Power Co., and Kyushu Electric Power Co., have installed 750,000 smart meters in commercial premises, and are planning to complete their rollouts by the end of 2018.
In China, the State Grid Corporation installed around 90 million units of smart meters in 2014 and 2015. More than 100 local developers of smart meters are focusing on the up gradation of existing core technologies and communication modes, as they are being the major reasons for many concerns in the Chinese smart meters market.
Similarly, Victoria in Australia has been the first in the race toward a complete smart meter rollout, which was undertaken by SP AusNet and four other electricity distribution providers. Such advancements in the region have led to an increased dependence on smart utilities management software and services, due to the increased efficiency it allows major utility providers.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rise in Smart City Deployment
4.3.2 Improvements in Energy Efficiency
4.4 Market Restraints
4.4.1 High Cost and Security Concerns and Integration Challenges Associated with Smart Meters
4.5 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Meter Data Management System
5.1.2 Energy Monitoring/Management
5.1.3 Smart Distribution Management
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Atos SE
6.1.3 Honeywell International Inc
6.1.4 ABB Ltd
6.1.5 Cisco Systems Inc.
6.1.6 Siemens AG
6.1.7 Tendrill Inc.
6.1.8 Itron Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jh1l1j
View source version on businesswire.com: https://www.businesswire.com/news/home/20210414005333/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900