Decline in demand following the accelerated rollout of smart meters
First written in FY2017. 7 of 22 entries say "Materialised", first in FY2020-Q1. Latest entry: 2026-08-04.
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- 2026-08-04MitigatedFinancial Results Presentation
「● 第２世代スマートメーターの出荷拡大」
第2世代スマートメーターの出荷拡大により、導入までの需要減少局面からの移行が進んでいる。 - FY2026MitigatedAnnual report
「In addition to steadily capturing final demand for first-generation smart meters ahead of the full-scale introduction of second-generation smart meters, full-scale shipments of second-generation smart meters also began in the fourth quarter of fiscal 2025.」
Although demand was in a trough until the introduction of second-generation smart meters, final demand for first-generation models remained firm and full-scale shipments of second-generation models began, mitigating the impact of the demand decline. - 2026-05-12MitigatedFinancial Results Presentation
「第１世代スマートメーターの最終需要を取り込む一方、第2世代スマートメーターの販売も計画通り進捗し売上拡大」
旧世代から第2世代への切替局面で、第1世代の最終需要と第2世代の販売がともに売上へ寄与し、需要の谷間による影響が緩和された。 - FY2026-H1MitigatedAnnual report
「Revenue increased year on year, mainly because final demand for current-generation smart meters remained firm ahead of the full-scale rollout of second-generation smart meters from fiscal 2025.」
Contrary to the previous view that demand would remain in a trough until the introduction of second-generation smart meters, final demand for current-generation smart meters was firm during the interim period and contributed to higher domestic revenue. - FY2025-H1RestatedAnnual report
「Revenue in the smart meter business declined slightly because demand remains in a trough until the introduction period for second-generation smart meters」
The company continues to recognise that the domestic smart meter business declined slightly as the demand trough continues until the introduction of second-generation smart meters. - FY2024ReframedAnnual report
「The company is preparing for the full-scale introduction of second-generation smart meters in Japan from fiscal 2026 and the expansion of solutions and services in Japan and overseas」
The timing and terminology were revised from the previous reference to the introduction of next-generation smart meters from fiscal 2025 to the full-scale introduction of second-generation smart meters beginning in fiscal 2026. - FY2024-Q3MitigatedAnnual report
「In the domestic measurement and control business, revenue increased 3.7% year on year to ¥38,897 million, driven by higher revenue from the smart meter and switchboard businesses.」
Revenue in the domestic measuring and control business, including the smart meter business, increased, mitigating the impact of the demand trough on results compared with previous fiscal years. - FY2024-Q2MitigatedAnnual report
「In the domestic measurement and control business, revenue increased 3.1% year on year to ¥25,022 million, owing to higher revenue from the smart meter business.」
Despite the continued trough in demand, revenue in the domestic smart meter business increased, and total revenue in the domestic measuring and control business also rose 3.1%, mitigating the impact of declining demand on results compared with previous fiscal years. - FY2023-Q1MaterialisedAnnual report
「In the domestic measurement and control business, smart meter revenue declined slightly year on year, but total revenue increased 11.6% to ¥11,842 million, owing to higher revenue from the solutions and switchboard businesses.」
Revenue in the smart meter business declined slightly year on year, and the continued demand decline during the trough in replacement demand was reflected in the results. - FY2022-Q3MaterialisedAnnual report
「In the domestic measurement and control business, revenue declined 4.6% year on year to ¥32,248 million, owing to lower smart meter revenue and a decline in revenue from smart locks for rental properties, which had been shipped in significant volume in the same period of the previous year.」
Revenue continued to decline amid the trough in smart meter demand, and the risk of declining demand materialised as lower smart meter revenue. - FY2022-Q2RestatedAnnual report
「The Group is preparing for replacement demand for smart meters in Japan from fiscal 2024 and the expansion of solutions and services overseas」
Taking into account the trough in replacement demand for smart meters, the company continues to look ahead to replacement demand from fiscal 2024 as the next demand opportunity. - FY2022-Q1RestatedAnnual report
「The Group is preparing for replacement demand for smart meters in Japan from fiscal 2024 and the expansion of solutions and services overseas」
Taking into account the trough following the peak in replacement demand for smart meters, the company continues to look ahead to replacement demand from fiscal 2024 as the next demand opportunity. - FY2021-Q3WorsenedAnnual report
「In the domestic measuring and control business, smart meter demand had passed its peak, while installations were delayed due to the spread of COVID-19, resulting in lower orders. As a result, revenue was ¥33,804 million, a decrease of ¥3,326 million, or 9.0%, year on year.」
In addition to smart meter demand having passed its peak, the decline in orders due to delayed installations continued, and revenue in the domestic measuring and control business fell 9.0% year on year. - FY2021-Q2WorsenedAnnual report
「In the domestic measuring and control business, amid the expected trough in smart meter demand from the previous fiscal year through the fiscal year ending March 2024, installations were delayed mainly due to the impact of the spread of COVID-19, resulting in customers postponing orders and lower revenue. As a result, revenue was ¥22,308 million, a decrease of ¥1,843 million, or 7.6%, year on year.」
In addition to the trough in smart meter demand, customers postponed orders because installations were delayed, and revenue in the domestic measuring and control business fell 7.6% year on year. The impact of the demand decline risk is becoming more pronounced in the results. - FY2021-Q1MaterialisedAnnual report
「Amid the expected trough in smart meter demand from the previous fiscal year through the fiscal year ending March 2024, revenue declined mainly because customers postponed smart meter orders due to the spread of COVID-19.」
In addition to the trough in demand following the peak in replacement demand for smart meters, customers postponed orders, and the risk of declining demand materialised as lower revenue in the domestic measuring and control business. - FY2020MaterialisedAnnual report
「In Japan, as the plan to complete the installation of smart meters in all households by fiscal 2024 progresses, revenue declined mainly because replacement demand for the core smart meter product had passed its peak.」
The concern over declining demand after the accelerated introduction materialised in full-year results as the peaking of replacement demand for smart meters and lower domestic revenue. - FY2020-Q3MaterialisedAnnual report
「In Japan, as the plan to complete the installation of smart meters in all households by fiscal 2024 progresses, revenue declined because replacement demand for the core smart meter product had passed its peak and prices had also fallen.」
The concern over declining demand after the accelerated introduction has materialised in the cumulative third-quarter results as lower domestic revenue due to the peaking of replacement demand and falling prices. - FY2020-Q2MaterialisedAnnual report
「In the measurement and control equipment business segment, revenue declined in Japan as demand to replace the Group’s main product, smart meters, passed its peak while the nationwide smart meter rollout was progressing toward completion by fiscal 2024, with lower prices also having an impact.」
The concern over declining demand after the accelerated introduction has materialised in the cumulative second-quarter results in the form of lower domestic revenue due to the peaking of replacement demand and falling prices. - FY2020-Q1MaterialisedAnnual report
「Revenue declined due to the peak in replacement demand for smart meters, our Group's core product, having passed, as well as the impact of lower prices.」
The concern over declining demand after the accelerated introduction has materialised in the form of lower domestic revenue due to the peaking of replacement demand and falling prices. - FY2019WorsenedAnnual report
「In Japan, demand to switch from mechanical electricity meters to smart meters has peaked, and difficult market conditions are expected between the peak in replacement demand and replacement demand for smart meters from the fiscal year ending March 2025, 6 years later.」
The concern over future demand declining after the accelerated introduction was specified as the peaking of replacement demand and difficult market conditions through the fiscal year ending March 2025. - FY2018RestatedAnnual report
「Although demand is expected to decline several years from now due to the impact of the accelerated introduction, the company will minimise the decline in revenue by maintaining its high market share.」
The company continues to identify the concern over declining demand several years after the accelerated introduction of smart meters and is addressing it by maintaining a high market share and offering energy management-related products and services. - FY2017First statedAnnual report
「Although demand is expected to decline several years from now due to the impact of the accelerated introduction, the company will work to create new sources of revenue, including in the energy management field.」
The possibility of a decline in demand several years from now due to the accelerated introduction of smart meters was explicitly identified as a new risk.