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The global market for smart electric meter is being driven by the growing adoption of smart grid infrastructure with rapid digitalisation across the utility sector. This can be attributed to the growing focus of individuals on monitoring energy consumption due to the high energy rates, as a result of the heightened energy demands. The demand for energy is constantly increasing as a result of rapid urbanisation. Smart electricity meters aid consumers in tracking their daily energy consumption and assist in the strategic reduction of energy usage to reduce their electricity bills, and also contribute to energy conservation. Furthermore, the government schemes aimed at the electrification of the rural sector are also expected to drive the demand for smart electric meters. In the forecast period, the growing government expenditure in the development of smart city infrastructure is anticipated to bolster the demand for smart electric meters further.
The increasing expenditure by the leading market players in mergers and acquisitions to support the development of new smart electric meters and expand their product portfolio are expected to positively impact the growth of the market in the forecast years. For instance, in September 2021, Landis+Gyr Group AG (OTCMKTS: LDGYY) announced that its subsidiary Landis+Gyr AG entered into a binding agreement to acquire 100% shares of Luna Elektrik Elektronik Sanayi ve Ticaret A.S., a Turkey-based smart metering devices manufacturer. This acquisition was aimed at strengthening the company’s smart electricity and water metering offerings. Meanwhile, in January 2017, Itron, Inc. (NASDAQ: ITRI) announced its partnership with Wasion Group in an endeavour to expand Itron’s OpenWay Riva ecosystem. The companies had agreed to develop and provide OpenWay Riva-enabled Wasion electricity meters to expand their capabilities, while also extending the customer’s choices.
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The major players in the global smart electric meter market are Landis+Gyr AG, Xylem Inc, Elster Group (Honeywell International Inc), Itron Inc., Siemens AG, Aclara Technologies LLC, Microchip Technology Inc., Wasion Group, and Schneider Electric, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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