Smart Meters Market size was valued at US$ 20.2 billion in 2021, and anticipated to grow at a CAGR of 9.4 % over the forecast period.
A smart metre is an electronic device that is primarily used to record important information about how much electricity, water, gas, and other types of energy are consumed. These metres have the capacity to transmit the vital data through cellular or power line connectivity. In turn, this aids the utility business in effectively managing its energy consumption. Other benefits that smart metres offer include lower metre reading costs and the elimination of billions of inefficiencies.
Global Smart Meter Market- Key Trends
Favorable government policies to support digitalization of power grids to aid market expansion
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.
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Segments
By Component
- Hardware
- Software
By Type
- Smart Electricity Meter
- Smart Gas Meter
- Smart Water Meter
By Communication
- RF
- PLC
- Cellular
By Technology
- AMI
- AMR
By End Use
- Residential
- Commercial
- Industrial
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Frequently Asked Questions
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