Europe Smart Meters Market Outlook to 2028

Europe Smart Meters Market Outlook to 2028

In European Union, Government mandates, particularly in the United Kingdom, Spain, and France, are likely to boost growth in the smart meter industry. Furthermore, several eastern European countries are considering smart metering to reduce energy theft acts as ancillary drivers of the market.

The key advantages provided by smart meters are detection of any leakages in the supply, continuous monitoring of the electricity, gas, and water flow, and detection of any theft in the supply, many of which contribute to the overall market growth. Furthermore, smart meters aid in the removal of manual monthly meter readings and maximize profit with current resources.

Great Britain shows statistics that the installed number of smart meters has grown rapidly. The Department for Business, Energy, and Industrial Strategy (BEIS) leads the Smart Metering Implementation Programme, governed by the Office of Gas and Electricity Markets (Ofgem) and distributed by power companies and supplied by energy companies.

The COVID19 outbreak has had a severe impact on the smart meter sector. At the onset of the epidemic, the major issue for many smart meter producers was the lack of supplies due to suspended manufacturing. Nonessential firms and demand for residential, commercial, and industrial usage of smart meters have been reduced due to lockdown measures.

As a result, smart meter manufacture and supply are reverting to normal levels. Several manufacturers have begun to see sales recover. Although the COVID-19 epidemic has temporarily halted fieldwork on some major smart metering projects, the market is anticipated to remain healthy, with the total number of smart meter shipments remaining relatively unaffected.

Key Market Trends:

Itron states that the new eHZ-B smart meter, which fulfills standards and regulations in the German energy market, was created with expanded capabilities to expedite the development of advanced metering infrastructure across Europe.

Lithuania's distribution operator, Energijos skirstymo operatorius (ESO), initiated Smart grid program, which Sagemcom will deliver under a contract worth approximately €75 million ($90 million) supply of 1.2 million smart meters as well as data aggregation and information technology management solutions.

The report explores the existing market demand in European Union and its prospects. The research provides a deep analysis of the major aspects influencing the growth of Europe’s Smart Electric Meter Market.

The report also addresses present and future market opportunities, market trends, developments, and impact of covid-19 on the Smart Meter Market, important commercial developments, regions, and segments poised for the fastest growth, competitive landscape, and impact of Covid-19 on the Smart Meters Market in European Union. Further, the smart meters market size, demand forecast, and growth rates will also be provided in the report.

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