Global Third - Party Logistics (3PL) Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

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New York, May 25, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Global Third - Party Logistics (3PL) market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" -
As a result, smart grids, which include smart electricity meters, are being deployed globally. To combat the negative impacts of pollution on the environment, nations all over the world are enacting emission control rules. This is the main factor driving the market.
Key Highlights
Due to their two-way communication capability, smart meters are being adopted more widely across the globe for various deployments, including electricity, gas, and water. This feature allows both utility suppliers and consumers to track utility usage in real-time and encourages suppliers to start, read, or cut off supply remotely.
Consumer electronics, office equipment, and other plug loads consume nearly 15% to 20% of the total residential and commercial electricity while not in the primary mode. Most of this energy is consumed when they operate in low-power modes (even while they are not in use). Consumers are increasingly tending to install a smart energy management system to track such scenarios.
Smart meters deployment also enables the implementation of a Home Energy Management System (HEMS) or Building Energy Management System (BEMS) that allows visualization of the electric power usage in individual homes or entire buildings.
Further, digitization is accelerating and modernizing energy efficiency measures, due to which the deployment of smart grids is increasing globally, as they are capable of dynamically optimizing supply and fostering supply of large amounts of electricity from renewable energy sources such as solar power.
Moreover, increasing government support and investments are expected to boost smart meters adoption and deployment in the country. For instance, India's state-owned Energy Efficiency Services Limited (EESL) completed the installation of approximately 10 lakh smart meters across India under the Government of India's Smart Meter National Programme. EESL set the target to install 25 crore smart meters over the next few years. Also, the need to establish a manufacturing base of smart electricity meters in the country to ensure an adequate supply of an adequate number of meters to be installed all over the country, by ruling out monopoly, is expected to act as a major driver.
Lockdowns caused by the global COVID-19 epidemic caused a number of operations in many industries to come to a standstill. As a result, there was a decline in smart meter shipments and installations.
However, as the COVID-19 requirements are gradually relaxed, it is anticipated that over time, the installation of smart meters will rise as well. The majority of energy providers are easily encouraging their consumers to update to smart meters in many developed locations.
Smart Meters Market Trends
Smart Electricity Meters Segment is Expected to Witness the Highest Growth
Smart electric meter plays a significant role in the industrial, residential, manufacturing, and commercial sectors, as this meter measures the energy consumed by the consumers. The electric power industry continues to transition toward cleaner energy by modernizing the energy grids with smart meters. It will enable electric companies to enhance the energy grid's resilience and operations and help gain more visibility into the system operations, thereby avoiding outages.
The market witnessed the formation of a strategic alliance by major vendors in the market with the communication technology providers to strengthen its offering and position is also expected to drive the smart electric meter. By utilizing technologies, TATA Power DDL and Siemens have enhanced the energy distribution network in their service area. They can now monitor crucial energy distribution processes in real-time owing to digital technologies, which have increased their operational effectiveness and productivity and allowed them to provide a more reliable and efficient power supply for their customers.
With the rising energy prices and environmental concerns, regarding power generation and distribution, industries are seeking new time-efficient and cost-effective measures to manage power generation and distribution, all over the world.
Increased consumer interest in internet of things (IoT)-based monitoring networks and rising electricity demand across developing nations will support industry expansion. Growing energy conservation awareness and the rapid expansion and modernisation of grid infrastructures will drive the market for smart electric meters. For instance, as part of its Smart Meter National Program, EESL signed agreements with South Bihar Power Distribution Company Ltd. and North Bihar Power Distribution Company Ltd. for the installation of 2.34 million smart prepaid meters in Bihar.
For instance, Japan is investing heavily in the deployment of smart electric meters to keep the energy prices at affordable levels. Moreover, it is focusing on improving the safety issues relating to energy supply, exposed by the environmental catastrophe and massive blackouts brought about by the Fukushima Daiichi disaster.
Asia Pacific to Witness the Highest Market Growth
The market for smart meters in Asia Pacific is projected to expand at a CAGR of more than 13.7% through 2027. The widespread use of smart metering technologies for more efficient operations and significant private sector investment will accelerate the installation of upgraded meters throughout the region. The industry landscape will be further stimulated by rising investments from both the public and private sectors in nations like China, Japan, and South Korea to build modern energy management systems in accordance with reliable and precise leak detection.
China is making significant infrastructural investments to lay a new 40,000 km new gas pipeline that is expected to connect 470 million new people (according to GSMA). Such investments provide opportunities for the deployment of smart gas meters while considering the functional benefits that the smart metering infrastructure can provide.
The Utility providers are partnering to develop an advanced metering platform in specific regions which is expected to drive the smart gas meter in the forecast period. For instance, Tokyo Gas, TEPCO Power Grid, and the Industrial Technology Research Institute (ITRI) collaborated to jointly conduct a demonstration project to develop a next-generation metering platform in area D of the Shalun Green Energy Science City.
Moreover, ITRI also planned to establish seven energy-efficient smart demonstration houses in Area D. This partnership focuses on providing and installing the metering system, which consists of power meters, water meters, gas meters, gateway, and related servers.
Additionally, the emerging economies of Asia Pacific are witnessing investment for the smart gas metering systems market with attractive regulatory schemes and favorable government policies. For instance, Tata Communications, a leading digital infrastructure provider, and Mahanagar Gas Ltd (MGL), a prominent natural gas distribution company collaborated to install more than 5,000 smart gas meters in Mumbai City, Maharashtra.
Due to improved operational effectiveness and growing awareness of efficient use of energy resources, the market for smart gas meters will grow. Product deployment will be fueled by growing demand for accurate measurement, monitoring, and resource management. Consumers may monitor and quantify their gas usage thanks to the city gas distribution (CGD) network's continual growth, which will further increase demand for the product among residential establishments.
These new smart gas meter installations are expected to give commercial businesses and households exceptional connectivity and control over their gas usages, while enabling MGL to enhance its operational efficiencies.
Further, one of India's leading natural gas distribution company, Indraprastha Gas Limited (IGL), is all set to the roll-out of its pre-paid smart gas metering system, which will be deployed over a LoRaWAN IoT network of Tata Communications. As the first stage of deployment, 5,000 pre-paid genesis smart gas meters have been installed in Rewari by IGL.
Smart Meters Industry Overview
The Global Smart Meters Market is highly competitive and consists of several major players such as AEM, Apator SA, Arad Group, Badger Meter Inc., Elster Group GmbH, and Diehl Stiftung & Co. KG. The market is fragmented, owing to the presence of many small and large players. The major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic innovations and collaborative initiatives to increase their market share and increase their profitability.
August 2021 - Kamstrup's new electricity meter enhances its smart metering system. The firm broadens its portfolio with the launch of the new OMNIA e-meter by adding a meter platform that is solely based on cellular IoT to go along with the current OMNIPOWER RF mesh-based meter platform.
July 2021 - Apator Metrix from Apator Group, a European manufacturer of gas meters, will deliver one million iSMART2 gas meters as part of the tender for the mass implementation of smart meters in Belgium. The devices are based on Phoenix-RTOS, an open, scalable, real-time operating system for the Internet of Things (Edge-IoT) devices.
July 2021 - Apator Metrix from Apator Group, a European manufacturer of gas meters, will deliver one million iSMART2 gas meters as part of the tender for the mass implementation of smart meters in Belgium. The devices are based on Phoenix-RTOS, an open, scalable, real-time operating system for the Internet of Things (Edge-IoT) devices.
June 2021 - Neptune Technology Group Inc. introduces the addition of the 8", 10", and 12"C&I MACH 10 ultrasonic water meters to the previously released 3", 4", and 6"sizes designed for commercial and industrial applications. Neptune's C&I MACH 10 extended low flow range and superior accuracy over its entire operating range is guaranteed for the life of the meter, maximizing revenue from a utility's highest value accounts.
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