Smart Meter Manufacturing in the US Industry Market Research Report Now Available from IBISWorld

The Smart Meter Manufacturing industry has surged ahead in the past five years, fueled by growing demand for smart meters as utilities convert to smart grids, and over the next five years, rapid growth will continue as more utilities embrace smart meter and smart grid technology and as new housing construction continues to recover aggressively. For these reasons, industry research firm IBISWorld has added a report on the Smart Meter Manufacturing industry to its growing industry report collection.

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Rising housing starts and a need to reduce energy consumption will spur strong industry demand.

New York, NY (PRWEB) August 06, 2014

The Smart Meter Manufacturing industry has surged ahead during the past five years, fueled by growing demand for smart meters and aggressive adoption of the technology in states such as Texas and California. In addition to improving housing and construction activity, demand for industry products has benefitted from a greater number of utilities converting to smart grids. Grid modernization is quickly becoming the industry standard in energy, buoyed by strong government support and funding. As a result, in the five years to 2014, Smart Meter Manufacturing industry revenue is expected to increase at an average annual rate of 12.9% to $1.5 billion, including growth of 17.7% in 2014 alone.

According to IBISWorld Industry Analyst Darryle Ulama, “The ability to monitor energy consumption in real time has encouraged utilities of all sizes to embrace smart meters.” Smart meter-based infrastructure allows utilities to improve and personalize customer service. Additionally, utilities can reduce labor costs by remotely connecting and disconnecting power, detecting outages and resolving other power-delivery issues. Realizing their benefit, the federal government provided $3.4 billion to jump start grid modernization, boosting demand for industry products. In 2009, only 13 million smart meters were reported in the United States; by mid-2013, estimates had grown to over 46 million. Rising electricity consumption has also contributed to strong industry demand. Overall, electricity consumption is expected to rise 0.9% per year on average during the five years to 2014. Utilities and the federal government have sought ways to reduce increasing energy consumption, and smart meters have proven to be an effective tool in regulating consumption during peak periods, if paired with the appropriate technology.

“Similar trends are expected in the five years to 2019, as a greater number of states and regions adopt smart grid utilities,” says Ulama. IBISWorld forecasts that smart meter adoption rates will increase by nearly half during the five years to 2019. The industry's rapid expansion will be reinforced by renewed housing construction and certain regions catching up to mature smart grid markets. In addition, emerging market growth will prompt healthy external demand, allowing for export revenue growth. Countries that anticipate high levels of urbanization are expected to upgrade their grid infrastructure, increasing demand for industry products.

For more information, visit IBISWorld’s Smart Meter Manufacturing in the US industry report page.

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IBISWorld industry Report Key Topics

The Smart Meter Manufacturing industry manufactures smart meters, which are electrical, gas or water meters that record consumption information in intervals of an hour or less and communicate this information back to the utility for monitoring and billing purposes. Smart meters enable two-way communication between the meter and the central system.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.


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    IBISWorld
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