1. © Copyright 2004 Frost & Sullivan. All Rights Reserved. North American Utility Meter Market Residential Construction Propels Sales in All Meter Markets Energy Group "Demand for residential water, gas, and electric meters in the Southwest, Mountain, and Mid-West regions of the country, along with the aggressive penetration of advanced power meters into the commercial and industrial markets, is exerting a strong upward pressure on total utility meter market revenues."

2. © Copyright 2004 Frost & Sullivan. All Rights Reserved. Industry Trends Vendors focusing on developing next generation of meters in the mature market Growth bolstered by economic expansion, meter replacement activities, and the adoption of new technologies Significant technological changes taking place in electricity meters Water meters gaining importance as the water utilities and municipalities improve revenue collecting practices Gas meter market remains relatively stable

3. © Copyright 2004 Frost & Sullivan. All Rights Reserved. Market Segmentation By Product Type Electricity Meters (Electromechanical, Digital) Gas Meters (Diaphragm) Water Meters (Small, Large Turbine, Large Compound) By End User Residential Commercial and Industrial (C&I) Utility

4. © Copyright 2004 Frost & Sullivan. All Rights Reserved. Key Features An in-depth analysis of the total North American utility meter market End-user analysis of market Demand, pricing and distribution analysis Market drivers, restraints, and challenges Market trends Market share of major meter manufacturers

5. © Copyright 2004 Frost & Sullivan. All Rights Reserved. What We Offer Market Coverage: North America Proven methodology encompassing extensive primary and secondary data Research covering major utility meter manufacturers, products, and end-user groups Credible revenue forecast based on accurate data and analysis helps you to formulate right market strategies A detailed analysis of current market trends Comprehensive understanding of utility meter market and its dynamics to help you formulate better business decisions

6. © Copyright 2004 Frost & Sullivan. All Rights Reserved. Who Will Benefit? Current Market Participants Find out how you compare to the competition Assess current and future drivers and restraints Understand the dynamics at work in different product and end user segments Determine and exploit new market share opportunities Current Market Participants Suppliers Know the conditions of the North American utility meter market Understand the market position of each supplier Understand the market trends and challenges

7. © Copyright 2004 Frost & Sullivan. All Rights Reserved. Who Will Benefit? Current Market Participants Customers Know the conditions of the North American utility meter market Understand market trends Understand the market challenges Investment Community Assess current and future drivers and restraints Understand market dynamics, strategy and growth initiatives Identify likely prospects of mergers and acquisition Assess attractiveness of investing in the market

8. © Copyright 2004 Frost & Sullivan. All Rights Reserved. Actaris AMCO Water American Meter Co. Badger Meter, Inc. Canadian Meter Co., Inc. Echeleon Corp. Ekstrom Industries, Inc. Elster Electricity E-Mon General Electric Co. Hersey Meters Hialeah Innovatec Integrated Metering Systems, Inc. Invensys Key Market Participants Itron, Inc. Landis + Gyr Master Meter, Inc. McCrommeter Metron-Farnier National Meter Neptune Osaki Meter Sales, Inc. Power Measurement Precision Meters Quadlogic Corp. Schlumberger Sensus Smart Meters Transdata

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