The global Smart Meters Market was worth USD 21.79 Billion in 2020 and is poised to accumulate a valuation of USD 54.34 Billion by 2030 growing at a CAGR of 10.10%
Smart meters are electronic devices that precisely monitor electricity, gas, and water usage. These smart meters can send usage information through power line communication, Radiofrequency electromagnetic radiation (RF), and cellular communication, helping the utility company to efficiently manage the energy usage.
Smart meters offer a host of benefits such as lowering of meter reading cost, preventing disconnection, removing inefficiencies in billing, and re-connection costs to corporations and consumers.
Furthermore, surge in investments of interest in digitalization of electrical systems, and efforts to evolve grid infrastructures are expected to create growth opportunities for smart electricity meter market.
Hike in electricity command from commercial and residential sectors also offer lucrative opportunities for the market growth.
Global Smart Meter Market: Overview
The global smart meter market was worth USD 21.79 Billion in 2020 and is poised to accumulate a valuation of USD 54.34 Billion by 2030 growing at a CAGR of 10.10%.
Prime factors that drive the smart meter market growth are development of communication, network infrastructure, government initiatives, and high investments in digital electricity infrastructure.
Additionally, large scale installations of the smart meters by the utility companies are focusing on strengthening the distribution of the smart meters.
However, high cost of installations of the smart meters borne by end users restrict the growth of the market.
Multiple grid operators and other gas utility and water utility providers are effectively managing the demand for smart meters.
The different connectivity technologies used by the smart meters are further fuelling the growth of the market.
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There has been a steep rise in the number of government policies and investments pertaining to the digitalization of power grids across major nations. This is predominantly aimed at reducing the capital costs of commercial and residential energy utilities. Moreover, many countries are focusing on to reach their net zero emission goals and hence are investing on energy efficient technologies. These factors in turn are creating an upward trend for the marketplace.
Rising Industrialization To Fuel Market Development
With rapid economic developments across the globe, there has been a prompt surge in the number of industries. It is evident that manufacturing industries need continuous power supply for consistent and smooth operations. Therefore, manufacturing firms are deploying smart meters to promote energy efficiency and reduce their energy consumption costs.
Competitive Landscape:
- Schneider Electric
- Landis+Gyr
- Itron
- Siemens
- Wasion Group
- Badger Meter
- Sensus
Segmental analysis of Global Smart Meter Market
Based on Type
- Water
- Gas
- Electric
Based on Component
- Hardware
- Software
Based on Technology
- AMI
- AMR
Based on Communication
- RF
- PLC
- Cellular
Based on End-user
- Residential
- Commercial
- Industrial
Based on Region
NORTH AMERICA (Canada, US), EUROPE (Spain, UK, Germany, Italy, France), ASIA-PACIFIC (India, China, Thailand, Japan, South Korea), LATIN AMERICA (Colombia, Brazil, Mexico, Argentina), MIDDLE EAST & AFRICA (UAE, Saudi Arabia, South Africa)
The Asia Pacific is expected to dominate the smart meter market during the forecast period due to governments mandates for digitization of grid networks, utilities monitoring real-time analysis for grid and consumers usage. The region has been segmented into China, Japan, Australia, India, and the Rest of Asia Pacific. The Asia Pacific is the most populated region in the world and consequently witnesses a high electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
Major Developments:
In November 2021, Itron, Inc. (NASDAQ: ITRI), which offers innovative ways utilities and cities manage energy and water, declared the launch of Itron Smart Pay for utilities and cities in North America.
In March 2021, Itron, Inc. (NASDAQ: ITRI) (the “”Company””), which is innovating the way utilities and cities manage energy and water, today announced that it had initiated an underwritten public offering, subject to market and other conditions, of $350 million of shares of common stock of the company.
Major questions answered in the report:
- What are major growth factors, trends and challenges in the global smart meter market?
- Which top profile companies are contributing in the growth of global smart meter market?
- Which regional segments accounts for the largest revenue share in the global smart meter market?
Key takeaways from the report:
- Major challenges, growth determinants and trends in the market of global smart meter.
- Regional analysis coupled with other segmental analysis providing qualitative and quantitative content.
- The global smart meter market was worth USD 21.79 Billion in 2020 and is poised to accumulate a valuation of USD 54.34 Billion by 2030 growing at a CAGR of 10.10%.
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