Advanced Metering Infrastructure Playing Key Role in Facilitating Identification of Power Outages to Enable Prompt Responses: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 23, 2024 /EINPresswire.com/ — According to an updated report published by Fact.MR, the global advanced metering infrastructure (AMI) market is estimated to reach a valuation of US$ 21.46 billion and further expand at a CAGR of 9.8% from 2024 to 2034. Global demand for advanced metering infrastructure is on the rise as utility and energy providers increasingly recognize its myriad benefits and versatile applications.
AMI, an intricate system integrating smart meters, communication networks, and data management systems, revolutionizes how energy is monitored, controlled, and utilized, enabling bidirectional communication between utilities and consumers.
Sales of AMI globally are being propelled by their numerous advantages. It streamlines operations and enhances grid reliability through capabilities such as remote meter reading, real-time monitoring, and outage detection. AMI facilitates demand response systems, time-of-use pricing models, and integration of renewable energy, promoting energy savings and sustainability. Clients gain access to comprehensive energy usage data, fostering engagement and responsible consumption.
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AMI is crucial for distribution automation, load forecasting, and theft detection, enabling utilities to optimize revenue streams and resource allocation. As a future-proof infrastructure, AMI supports the seamless integration of new technologies and energy sources, aligning with global shifts toward smarter and more flexible energy grids.
Increasing demand for smarter energy management solutions is driving the global adoption of AMI. Its benefits include enhanced operational efficiency, improved customer service, promotion of energy conservation, and construction of a more resilient and sustainable energy infrastructure worldwide.
Key Takeaways from Market Study
The global advanced metering infrastructure market is forecasted to reach a valuation of US$ 54.66 billion by the end of 2034. East Asia is estimated to hold a share of 23.1% in 2024. The market in the region is evaluated to expand at a CAGR of 10.1% from 2024 to 2034. The market in Canada is forecasted to expand at a CAGR of 9.9% through 2034.
China is projected to hold 47.5% share of the East Asia market by the end of 2034. Based on product type, sales of smart gas meters are expected to reach a value of US$ 6.44 billion in 2024. According to end use, the commercial use segment is set to hold a market share of 30% in 2024.
“Advanced metering infrastructure solutions are helping prevent energy thefts by monitoring unusual consumption patterns. Beyond residential use, AMI adoption is expanding in commercial and industrial sectors,” says a Fact.MR analyst.
Machine Learning and AI Adding to Efficiency of Advanced Metering Infrastructure Solutions
Integration of AMI with machine learning and artificial intelligence systems enables utilities to analyze vast amounts of data from smart meters, yielding insights into load forecasts, predictive maintenance, and consumption trends that were previously inaccessible. Additionally, the introduction of blockchain technology in AMI is transforming secure data management and billing processes, ensuring transparency and instilling confidence among stakeholders.
Furthermore, the integration of IoT devices and sensors into AMI systems opens up new avenues for real-time monitoring and control. These intelligent devices optimize distribution, detect and respond to fluctuations in energy supply, and automate demand response programs, thereby enhancing grid stability and reducing energy wastage.
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Key Companies Profiled
Aclara Technologies LLC; Elster Group GmbH; Schneider Electric SE; Itron Inc.; International Business Machines Corporation; Cisco Systems Inc.; Eaton Corporation; Siemens AG; Renesas Electronics Corp.; Aclara Technologies LLC; Mueller Systems LLC; Schneider Electric SE; Eaton Corporation Plc.
Competitive Analysis
The market for advanced metering infrastructure is extremely fragmented globally. The main suppliers of AMI invest in research and development to produce practical, cost-effective solutions that adhere to regulations and optimize revenue opportunities.
Key players in the advanced metering infrastructure industry are seeking growth strategies to boost market share and sales revenue, such as capacity expansion, partnerships, distribution agreements, and mergers, and adapting themselves to evolving market trends such as mobile metering systems and smart meter data management.
In November 2022, Renesas Electronics Corp. started utilizing NanoLock Security, a technology that provides cyber security protection for smart meter devices at the zero-trust meter level.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the advanced metering infrastructure market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (smart metering devices, solutions, services), device (smart gas meters, smart water meters, smart electric meters), and end use (residential, commercial, industrial), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
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