Smart Meters Market: BRICS Product Intelligence Study 2027

 The Infinium Global Research analyzes the BRICS Smart Meters Market over the period of 2021 to 2027. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in brics smart meters market. It will help a lot of decision makers to develop strategies and find new opportunities in the brics markets of smart meters. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the smart meters market during the period. The BRICS smart meters market is projected to grow at a CAGR of 6% over the forecast period of 2021-2027.

"We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026." 

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Growing Demand for Energy-Efficient Buildings is Majorly Driving the Growth of the BRICS Smart Meters Market

Residential, commercial, and industrial buildings are installed with smart meters to measure the consumption of utilities more accurately and send this information of consumption to the utility companies. With the help of this communicated data, the utility companies manage utility distribution. Smart meters also transmit the usage data with the smart grids and provide reminders and alerts to consume utilities during off-peak periods. The growing demand for energy-efficient buildings is majorly driving the growth of the BRICS smart meters market. The smart meters are designed to use utilities more efficiently by connecting to the smart grids, and automatically scheduling the work cycles using time-based electricity programs to manage the consumption around off-peak hours, when energy prices are cheaper. Moreover, government initiatives to promote the installation of smart meters is anticipated to augment the market growth. Several governments are encouraging utility companies, as well as consumers to adopt smart meters to boost the efficiency of cities, and towns.

The coronavirus pandemic had a severe effect on the BRICS smart meters market. The BRICS smart meter market is heavily dependent on suppliers from countries such as China, Taiwan, and Vietnam. Government restrictions in these countries led to large demand-supply gaps in the market. The gap in demand and supply hindered the growth of the BRICS smart meter market. Moreover, the effect of COVID-19 on small and middle-sized manufacturers was more grave owing to interruptions in production caused by transport restrictions and stringent lockdown.

Furthermore, the residential end-users paused their business or lost their jobs during the pandemic. On the other hand, many commercial end-users closed their businesses during the pandemic. This further hampered the demand for smart meters among commercial end-users. However, over the long term, the market is likely to grow at a constant rate, as many BRICS countries reopened their economies and eased down travel restrictions. Additionally, the government initiatives to boost the economic conditions by offering several monetary and non-monetary packages are further anticipated to boost the market growth over the forecast period.

Growing Disposable Income of Consumers is Augmenting the Adoption of Smart Meters in the Residential Sector

In terms of application, the BRICS smart meter market is segmented into commercial, residential, and industrial. The residential segment among the applications accounted for the largest share in the BRICS smart meters market in 2020. Several residential consumers are beginning to install smart meters, while the newly constructed residential buildings come with preinstalled smart meters. Moreover, the rise in spending capability and the growing acceptance of smart homes are further driving the growth of the smart meters market in BRICS.

Additionally, the government policies to promote smart homes and smart meters are anticipated to influence consumers to adopt domestic meters that can be used with smart grids. This, in turn, augments the adoption of smart grids in residential areas and provides customers with an easy interface to monitor their electricity use. Smart meters are accountable for significantly controlling residential electricity consumption, while on the other hand offer promising opportunities for demand shifting.

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The Smart Meters Market is Anticipated to Witness Several Product Launches Over the Forecast Period

The smart meter market is highly competitive and fragmented in nature. The market is characterized by the presence of several multinational and local players competing for market share. Enel, Neoenergia Group, PJSC Rosseti, BETAR, Incotex Electronics Group, Maven Systems, Analogic, Melange Systems, Acrel, Hexing Electrical, are the major players in the BRICS smart meter market. The key market players are focusing on acquiring government deals to maintain consolidation in the market. For instance, in November 2021 Enel got selected for Brazilian electricity regulatory agency Aneel’s research and development program. Enel is expected to manufacture and install 300,000 smart meters in the São Paulo metropolitan region as per the agreement. Similarly, IntelliSmart secured an order for installing 600,000 smart pre-paid meters from Assam Power Distribution Company Ltd. (APDCL).

Moreover, the market players are launching new solutions. For instance, Enel deployed augmented reality and thermography technologies in their Electrician 4.0 concept and advance the operations of its grid network. Infinium Global Research’s recent report on the BRICS smart meters market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

China Region to Generate the Largest Revenue in the Smart Meters Market

In terms of region, China accounted for the largest share in the BRICS smart meters market. China is expected to grow at the fastest rate over the forecast period. The China market is majorly driven by the growing adoption of advanced technologies and rise in the internet penetration in the country. Furthermore, the growing adoption of the smart grid and rapid urbanization with a significant rise in consumer spending power propel the revenues in the smart meters market in India. On the other hand, India holds the second-largest market share for the BRICS smart meters market. The major smart meters manufacturers present in India are expected to boost the market growth for smart meters market in Europe.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the smart meters.

=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.