(MENAFN- GlobeNewsWire - Nasdaq) New York, May 26, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Reports Insights, the Global advanced metering infrastructure (ami) market was valued at USD 18,980.62 Million in 2022 and is projected to exceed USD 45,764.06 Million by the year 2030 , exhibiting a strong CAGR of 11.9% . This substantial market growth can be attributed to the increasing need for efficient energy management and the growing adoption of smart grid technologies. Key Market Highlights
The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa. North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in advanced metering infrastructure Globally, advanced metering infrastructure are divided based on the type into smart metering devices, solutions, and services. On the basis of end user, the market is classified into residential, commercial, and industrial.
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Advanced metering infrastructure (AMI) provides a range of functionalities including remote automated meter reading, rapid detection and location identification of outages, remote service connection and disconnection, and voltage and power quality monitoring, among others. Advanced metering infrastructures offer various benefits such as accurate data measurement, constant billing and faster billing resolution, higher scalability, and operational efficiency through advanced data analytics. The aforementioned benefits of advanced metering infrastructure are key determinants for increasing its adoption in residential, commercial, and industrial sectors. The market for advanced metering infrastructure is highly competitive, with a large number of players offering a wide range of solutions. The market is projected to continue to grow in the coming years, driven by the increasing demand for advanced metering infrastructure systems in the commercial, industrial, and residential sectors among others.
The increasing utilization of advanced metering infrastructure in the commercial sector is one of the key factors driving the market growth. In June 2021, Securonix Inc. launched its new commercial office space in Tokyo, Japan with the motive of expanding its presence in the Asia-Pacific region. The features of advanced metering infrastructure including verification of power outages and service restoration, facilitation of prepaid metering, and others are increasing its utilization in the commercial sector for advanced utility metering solutions. The deployment of advanced metering infrastructure in the commercial sector offers several benefits such as automated net metering for utility consumption, reduced energy costs, consistent billing, and others. Thus, the rising investment in commercial construction sector is a prime factor driving the adoption of advanced metering infrastructure, in turn proliferating the market growth.
Further, the rising application of advanced metering infrastructure in the industrial sector is a significant factor spurring the growth of the advanced metering infrastructure market. Advanced metering infrastructures are used in the industrial sector for monitoring and controlling utilities such as electricity, water, and gas. Moreover, advanced metering infrastructure fosters the measurement and visualization of time-specific data in real-time, in combination with remote control capabilities, which further helps industrial companies to reduce overhead costs and precisely track resource consumption. In addition, factors including the rapid pace of industrialization and the growing demand for automated metering solutions in industrial buildings to monitor utility consumption are among the key factors driving the application of advanced metering infrastructure.
Advanced Metering Infrastructure (AMI) Market Growth Drivers:
Increasing utilization of advanced metering infrastructure in residential sector is driving the market growth Rising application of advanced metering infrastructure in industrial sector is spurring the market growth
Restraints
High implementation cost of advanced metering infrastructure is restraining the market growth
Global Advanced Metering Infrastructure (AMI) Market Segmentation Details:
Based on Type, the smart metering devices segment contributed to a substantial share in the market growth in 2022. Smart metering devices mainly includes water, electricity, and gas meters that provide a bi-directional communication feature to enable real-time monitoring of utility usage by consumers and utility suppliers. Moreover, factors including the rising investments in smart city projects and government initiatives for the deployment of smart grids are major factors boosting the growth of the smart metering devices segment.
Based on End User, the residential segment is anticipated to offer substantial shares to the Global Advanced Metering Infrastructure Market growth during the forecast period. Advanced metering infrastructure offers a range of benefits such as improved network efficiency, enhanced operational efficiency, automated net metering, and reduced energy costs, among others. The above benefits of advanced metering infrastructure are prime determinants for increasing its utilization in the residential sector. Moreover, factors including the increase in residential construction activities and growing demand for energy-efficient solutions are expected to fuel the market growth during the forecast period.
Based on Region , North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant advanced metering infrastructure providers in North America such as Itron Inc., IBM Corporation, Aclara Technologies LLC, Trilliant Inc., and others lead to significant innovations in advanced metering infrastructure in the region. In addition, factors such as rising investments in building and construction projects and growing deployment of smart grids in North America are expected to drive market growth in the region during the forecast period.
Recent Developments
In September 2022, Vi Business, and Vodafone Idea entered a partnership with Energy Efficiency Services Limited with the aim of providing IoT-enabled advanced metering infrastructure in Haryana and Uttar Pradesh states of India.
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Advanced Metering Infrastructure Market Report Coverage:-
| Report Attributes | Report Details |
| Market Size By 2030 | |
| Forecast Period | |
| CAGR (2023-2030) | |
| Base Year | |
| Study Timeline | |
| Key Players | Itron Inc., IBM Corporation, Sensus Solutions, General Electric, Siemens AG, Tieto Corporation, Aclara Technologies LLC, Mueller Systems LLC, Trilliant Inc., Schneider Electric SE, and Honeywell International Inc. |
| By Type | Smart Metering Devices Solutions Services |
| By End User | Residential Commercial Industrial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
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List of Major Global Advanced Metering Infrastructure Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment -
Itron Inc. IBM Corporation Sensus Solutions General Electric Siemens AG Tieto Corporation Aclara Technologies LLC Mueller Systems LLC Trilliant Inc. Schneider Electric SE Honeywell International Inc.
Global Advanced Metering Infrastructure Market Segmentation:
By Type Smart Metering Devices Solutions Services
By End User Residential Commercial Industrial
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