Smart Electricity Meters Market: Future Forecast Assessed On The Basis Of How The Market Is Predicted To Grow

Industry Insights

Efficient usage of energy is currently a trend that all industries are indulged into, as it is paramount to evolve over the dependency on pollution-creating fossil fuel. At the same time, rapid urbanization in a number of countries has propelled the percentage of the development of smart cities, which are equipped with smart electricity meters that can efficiently calculate the consumption of energy and provides details on nodes which can be harnessed to lower the energy costs as well as extend machine’s life.

Smart electric meters are primarily built for the residential building and construction sector, as the installation of these devices help in reducing greenhouse gas emissions by improving peak time savings of energy. European Union has already introduced 20-20-20 policy, which relates to 20 percent increase in energy efficiency, 20 percent reduction in the emission of carbon dioxide, and 20 incremented dependency on renewables by 2020. In addition to that, the growing emphasis on renewable sources of energy is also expected augment the demand in the global smart electricity meters market. Energy extracted from renewables invariably depend on time and other factors and hence require smart meters to identify intervals of intermittent supply and compensate this loss by controlling energy consumption of different components.

On the back of substantial promotional activities to spread the adoption of green energy and integration of value chain, the smart electricity meters market is poised to experience extended demand at a notable CAGR during the forecast period of 2016 to 2024. On the other hand, considerable cost of installation, lack of compatibility with various traditional equipment, and lack of awareness among a large consumer base in Asia Pacific is obstructing the market from attaining its true potential.

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The sensor based gun systems are also known as    sentry guns, is a firearm which automatically aims and fires the intended target. The activation feature prevents the misuse, accidental shooting, and usage against the authorized owner. These sensor based gun systems are integrated with various sensor systems such as fingerprint recognition, radio frequency identification (RFID) chips and mechanical locks, which determine an unauthorized target and authorized owner.

The major factor boosting the market for sensor based gun systems is the growing concerns regarding securing of international borders. The world is facing a huge challenge against increasing terrorism, and in order to secure the international borders from cross-border firing and illegal infiltration, the defense forces in the developed as well as developing countries are adopting these sensor based gun. In addition, these guns are manufactured with composite materials which reduces the weight of the final product, and this in turn allows the user to use these gun easily. This factor has also led in rise in preference of this product among the defense forces, which is propelling the market to grow in future.

The key inhibiting factor for the growth of sensor based gun systems market in future is the risk of malfunction of the systems. These gun systems are integrated with various sensors and if any of the sensor’s malfunction during the operation, the effectiveness and efficiency of the firearm reduces, which has an adverse effect on the user. This factor is retraining the military forces from procuring the sensor based gun systems, which in turn is limiting the growth of the market in future.

The market for sensor based gun systems are poised to expand over the years due to the emergence of smart guns, which has the ability to distinguish between an unauthorized user and an authorized user. The smart guns are anticipated to increase the adoption rate of sensor based gun systems among the defense forces across the globe, which in turn will benefit the growth of the market in the coming years.

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Geographically, the market for sensor based gun systems is categorized on basis of five strategic regions across the globe as North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Europe dominated the global market for sensor based gun systems followed by Middle East and Africa. The increased terrorists’ activities in the Middle East region, many of the European countries are adopting the sensor based gun systems with an objective to secure their borders from illegal infiltration. This has led Europe to dominate the market and due to subsequent increase in terrorists’ activities, Middle East countries are also adopting these smart technologies in order to combat the prevailing terrorism in an efficient way.

The major companies operating in the market for sensor based gun systems are Armatix GmbH (Germany), DoDaam Systems Ltd. (Korea), Hanwha Techwin Co. Ltd. (South Korea), Rafael Advanced Defense Systems (Israel), Saab AB (Sweden), Yardarm Technologies Inc. (U.S), TriggerSmart Technologies (U.S), TrackingPoint, Inc. (U.S), Smart Gun Technologies Inc. (U.S) and iGUN Technology Corp. (U.S) among others.

Pragati Pathrotkar
Pragati Pathrotkar

Pragati Pathrotkar is a specialist in search engine optimized (SEO) content with a wealth of experience gathered from working in leading market research firms. Currently, she is the Team Lead for the SEO department at Transparency Market Research. In the said role, she has actively contributed to building a winning content strategy leveraging right keywords, link building, market research and analysis, and competitor analysis. Pragati has a Bachelor’s Degree in Computer Science from Nagpur University and a Master’s degree in Business Administration.

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