Smart Meters Market report by RationalStat evaluates the market for smart meters in the world and regions based on product type, technology, region, and application. The comprehensive report includes trend analysis and historical market data. This report focuses on the market’s competition, strategic imperative, and installed capacity of smart meters. It also provides information about growth avenues and competition assessment for all the players involved the in smart meters market.
Market Overview and Dynamics
Smart meters market value will grow at a rate of about 7-8% over the forecast period 2022-2028. The smart electricity meters market is driven by a variety of factors, including mandates from the government and fiscal incentives.
Increasing global smart meter penetration is driving market growth. The growing demand for smart meters in the residential sector is driven primarily by increasing power requirements of households for lighting, air conditioners and ceiling fans, televisions, refrigerators and washing machines, computers, heating, and other home appliances.
According to the study by RationalStat, Global smart meter installations are estimated at 450 million units in 2021. This figure is expected to rise to 840 million units by 2028.
Government mandates, energy usage, and investments made in smart cities are all factors that have contributed to the growth of the smart meters market. Smart metering solutions that are manufactured for electricity have been mandated by the European Union countries. According to the plans of regional governments, over 400 million smart meters are expected to be installed in China, India, and South Korea between 2021 and 2028. Some key takeaways from the reports include
- With a nearly 65% market share, smart electricity meters dominate the global smart meters market. Smart gas meters have evolved from mechanization to intelligence, network, and upgradation through technological advancements.
- A significant market share will be held by residential and commercial segments in 2021, depending on the application segment.
- Because of the high adoption of smart meters, North America will be the dominant region in the smart meters market. Smart meters penetration in the US reached 65% by 2020. This country is a leader in the global smart meter market. Thus, the installed base of smart meters grew by 9% between 2017-2020.Competition Analysis: Regional Players Dominate the Domestic Markets
The global smart meters market observes significant competition as a result of a presence of a large number of manufacturers. Nevertheless, leading global players dominate the smart meters market with more than 50% share. Prominent companies are making significant investments to gain market share in the market. Key developments observed in the last few years include
- In September 2021, Landis+Gyr acquired the Turkey-based Luna Elektrik Elektronik Sanayi ve Ticaret, engaged in smart metering business.
- In August 2021, Adani Total Gas acquired 50% stake in Smartmeters Technologies Pvt. Ltd,. (SMTPL).
Some of the leading players involved in the sales of smart meters include Itron Inc., Enel S.p.A., Eaton Corp., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, Inc., EDMI Ltd., Holley Metering Ltd., Neptune Technology Group Inc., Sensus, Honeywell International Inc., HPL Electric & Power Ltd, among others. HPL India has a market share of more than 18% in India’s smart meters market and has an installed capacity of 10.1 million smart meters per year.
RationalStat has segmented the global smart meters market by the product type, technology, technology, application, and region
- By Product Type
- Electricity Meter
- Gas Meter
- Water Meter
- By End User
- Radio Frequency (RF)
- Power Line Carrier (PLC)
- By Application
- Residential
- Commercial
- Industrial
- Transportation
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the clients’ needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.
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