European smart electric market is projected to rise at a CAGR of approximately 9.9% during the forecast period. The strict norms and regulations towards adoption of advanced meter system to accurately track electricity consumption will boost the European smart electric meter market share. The European Union Directive 2009/72/EC ordered the member countries to compulsorily take initiatives for adopting advanced electric meters as a means of ensuring efficient electricity consumption. The Europe 2020 energy efficiency targets are pushing smart meter initiatives ahead quickly. The European Commission proposed to update the energy savings target from 20% of the projected primary energy by 2020 to 30% by 2030. Another requirement for energy utilities is to save 1.5% per year by adopting energy-efficient technologies and management strategies. Such energy saving initiatives will boost the demand for smart electric meters in industries as well as household.
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The increasing electricity consumption in Europe is further boosting the demand for smart electric meter to reduce electricity consumption, and save money. Smart electric meters are ideal for smart grid and power quality sensitive applications. They come with a wide variety of features including higher accuracy, and enables in constantly calibrating revenue meters. Smart electric meters also provide data storage for trending power consumption graphs and further enable the analysis.
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The European Energy Services Directive (2006/32/EC) recognizes smart meters as one of the major ways to improve energy efficiency. As per Electricity Directive (2009/72/EC), it is mandatory for 80% of consumers to be equipped with smart meters by 2020, which further enable to have a positive impact on the economy for long term cost and benefits. Government mandates in the UK, France, and Spain are expected to drive the growth of smart electric meter penetration in Europe by 2020. Department for Business, Energy & Industrial Strategy and The Office of Gas and Electricity Markets (OFGEM) in the UK have mandated utility providers to install smart electric meter in every household by 2020.
Market Segmentation
Europe Smart electric meter Market by Communication Technology
- Power Line Communication
- Cellular
- Radio Frequency
Europe Smart electric meter Market by Phase
- Single Phase
- Three Phase
Europe Smart electric meter Market by Application
- Residential
- Commercial
- Industrial
Regional Analysis
- UK
- Germany
- Italy
- France
- Spain
- Rest of Europe
Company Profiles
- Aclara Technologies LLC
- Elster Group
- Itron Inc.
- Iskraemeco, D.D.
- Landis+Gyr AG
- Sagemcom Broadband SAS
- Schneider Electric SE
- Sensus
- Siemens AG
- Silver Spring Networks Inc.
- Toshiba Corp.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
