Advanced Metering Infrastructure Market Size Projected to Reach USD 27.32 Billion at CAGR of 15.1%, By 2028
Reports And Data
Advanced Metering Infrastructure Market Size – USD 9,159.7 Million in 2020, Market Growth – CAGR of 15.1%, Market Trends –The elevating demand in global energy.
NEW YORK, NY, UNITED STATES, October 1, 2021 /EINPresswire.com/ — The increasing focus on utility efficiency, stringent government regulations focusing on sustainable use of non-renewable energy are some of the factors boosting the market.
The global Advanced Metering Infrastructure Market is forecast to reach USD 27.32 Billion by 2028, according to a new report by Reports and Data. Advanced metering infrastructure (AMI) can be considered as an integrated system of communications networks, data management systems and smart meters that enables two-way communication between customers and utility providers. The market is witnessing continuous growth due to its effectiveness in providing various essential functions, which were needed to be performed manually or were not possible earlier. As an instance, remotely measuring electric use, disconnect and connect services, isolate outages, detect tampering among others are some of these functions possible with this infrastructure. One of the mentionable feature of this system is, it provides with customer technologies like programmable communicating thermostats and in-home displays along with enabling utilities to provide with new time-based rate programs and incentives. The presence of these facilities results in encouraging customers to minimize wastage of energy, efficiently manage the consumption and costs. Some of the other mentionable advantages of this infrastructure are, it increases profit percentage of water, gas, and utility companies by reducing the equipment and maintenance costs, enabling faster restoration of electric service at the time of outages. In regards to region, Europe can be seen to occupy a prominent market position. The market position held by the region is resultant of goals determines by European Union, like 80% of meters to be replaced with smart meters by 2020, which is elevating the demand for the infrastructure in this region.
Key participants include IBM Corporation, Cisco Systems, Inc., General Electric Corporation, Aclara Technologies LLC., Itron Inc., Schneider Electric SE, Elster Group GmbH, Trilliant Inc., Sensus and Tieto Corporation.
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Further key findings from the report suggest
• The AMI market held a market share of USD 9,159.7 Million in the year 2020 and forecasted to grow at a rate of 15.1% during the forecast period.
• In regards to Product Type, the Communication Modules segment can be seen to witness a faster growth rate of 16.4% during the forecast period, which is expected to occupy 35.0% of the market by 2028. The growth rate experienced by the segment is resultant of rising demand for remotely managing metering mechanisms that can be effectively performed by communication modules, which helps in collecting information in real-time.
• In the context of the Service, the Meter Deployment segment held the largest market share of 38.0% in 2020, with a growth rate of 15.3% during the forecast period. A meter is an essential component of the infrastructure; expansion of the market would result in elevating the demand for its deployment, which contributes to the market share occupied by this segment.
• In regards to the End-user, the Commercial segment occupies the largest market share of 48.0% in 2020, with a growth rate of 14.8% during the forecast period. The rise in the number of smart buildings for commercial use and elevated emphasis on the effective use of energy in these buildings contributes to the market share occupied by this segment.
• In context to region, Asia Pacific is projected to witness the fastest growth rate of 16.0% during the forecast period, which is expected to occupy 25.5% of the market by 2028. The growth rate experienced by the region is attributed to its digital transformation and increasing awareness about sustainable use of resources.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/advanced-metering-infrastructure-market
For the purpose of this report, Reports and Data have segmented the global AMI market based on Component, Product Type, Solution, Service, End-user, and region:
Component Type Outlook (Revenue, USD Billion; 2020-2028)
Meter
Collector
Head-end System
Communication infrastructure
Neighborhood Area Network
Wide Area Network
Home Area Network
Others
Product Type Size Type Outlook (Revenue, USD Billion; 2020-2028)
Two-way smart meters
Communication Modules
Solution Type Outlook (Revenue, USD Billion; 2020-2028)
Meter Data Analytics
Meter Data Management
Meter Communication Infrastructure
Advanced Metering Infrastructure Security
Service Type Outlook (Revenue, USD Billion; 2020-2028)
Meter Deployment
System Integration
Program Management and Consulting
End-user Type Outlook (Revenue, USD Billion; 2020-2028)
Commercial
Residential
Industrial
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Regional Outlook (Revenue, USD Billion; 2020-2028)
North America
Europe
Asia Pacific
MEA
Latin America
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