Smart Meters Market – Global Industry Analysis and Forecast (2023-2029)

Smart Meters Market was valued at US $ 24.36 Bn. in 2022, and Global Smart Meters market size is estimated to grow at a CAGR of 8.3% to reach US $ 42.58 Bn. by 2029.
Smart Meters Market Overview:
Meters have long been used by utilities to track electricity usage in individual homes. These devices keep track of how much energy each household consumes so that the utility may bill its consumers. The smart meter, on the other hand, is a digital device that communicates with consumers' utility over the internet. It will communicate consumer usage data to your utility every 15 to one hour, obviating the necessity for a separate device.To know about the Research Methodology :- Request Free Sample Report
Smart Meters Market Dynamics:
The global smart meters market is showing a continuous northward direction growth, thanks to the rapid technological advancements and growing residential and commercial sector. Smart meters in residential and business complexes can assist users in monitoring their electricity consumption and adjusting their behaviors to lower electricity bills, resulting in greater usage. Furthermore, the stringent government laws and regulations across the globe to reduce water and electricity waste, along with rising environmental concerns, are expected to encourage the implementation of smart meters during the forecast period.

A smart meter is an electronic device that tracks utility usage and communicates information with service providers. Smart meters use two-way communication to record data at the point of use and transfer the information to the utility companies. The smart meter system has various advantages over traditional metering, including the ability to communicate in both directions. Smart meters are progressively replacing traditional electric meters, particularly in industrialized countries, allowing the electricity system to experience significant efficiency and reliability improvements. These factors are driving the market across the globe.

According to the International Energy Agency (IEA), the global energy demand is expected to grow by about 60% by 2030. In the last 25 years, almost 1 billion people in developing countries, such as India and China have gained access to modern energy fuels like coal, electricity, kerosene, liquefied petroleum gas (LPG), and natural gas. However, more than 1.6 billion people across the globe still lack access to electricity or sophisticated energy services. The growing electricity demand is expected to boost the market growth across the globe.

The supportive government policies and financial incentives are driving the smart meters market. However, the high cost of installations of the smart meters is expected to hamper the growth of the smart meter market. The demand for smart meters is being properly managed by various grid operators as well as other gas and water utility providers. However, the smart meter market's multiple benefits, including automatic meter reading and bill generation, are projected to add to the smart meter industry's growth.
Global Smart Meters Market Segment Analysis:
Based on the Type, the Smart Meters Market is segmented into Electric, Gas, and Water. The Electric-type segment held the largest market share, accounting for xx% in 2022. The segment’s growth is attributed to the growing emphasis on active pricing and integration of growing DER into the existing power system operations across the globe. The smart electric meter is important in the industrial, residential, manufacturing, and commercial sectors since it measures the amount of energy consumed by customers. By upgrading electricity infrastructure to smart meters, the electric power industry continues to move toward cleaner energy. It will allow electric firms to improve the resilience and operations of the electricity grid, as well as obtain more visibility into system operations and thereby avoid disruptions.

Based on the End-User, the Market is segmented into Residential, Commercial, and Industrial. The Residential segment held the largest market share, accounting for 48% in 2022. The segment growth is attributed to technological and economic advancements along with the growing government support for mandatory smart meters across developing countries like China and India. The increased usage of household appliances such as air conditioners, televisions, lighting, refrigerators, ceiling fans, fabric washers, dishwashers, personal computers, and heating and air-conditioning equipment at residential buildings is driving demand for smart meters in the residential sector.
Regional Insights:
Asia Pacific region held the largest market share accounted for 37% in 2022. According to GSMA, China is investing heavily in infrastructure to build a new 40,000-kilometer gas pipeline that will connect 470 million people. Such expenditures allow for the implementation of smart gas meters. As of the end of September 2022, over 290,000 advanced meters had been installed in Singapore residences. Within the next five years, sophisticated meters will be deployed in the remaining 1.1 million residences.

In India, the Smart Meter National Program intends to replace 250 million traditional meters with smart meters. Smart meters are linked via a web-based monitoring system, which will assist utilities to reduce commercial losses, increase revenues, and act as a key element in power sector reforms.

North America region is expected to grow at a significant rate at a CAGR of xx % during the forecast period. According to a report published by the Institute for Electric Innovation (IEI), US electric providers deployed over 98 million smart electric meters in 2022, reaching more than 70% of US households, as of January 2022. In U.S., 115 million smart meters are expected to be deployed by the end of 2022, which is an increase of 108 million units compared to 2007.

The objective of the report is to present a comprehensive analysis of the Smart Meters Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Meters Market dynamic, structure by analyzing the market segments and projecting the Smart Meters Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Meters Market make the report investor’s guide.
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Smart Meters Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 24.36 Bn.


Forecast Period 2023 to 2029 CAGR:
8.3%
Market Size in 2029:
US $ 42.58 Bn.


 Segments Covered:
by Type
Electric
Gas
Water


by Communication type
RF
PLC
Cellular


by End-User
Residential
Commercial
Industrial



 Global Smart Meters Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. Aclara Technologies LLC
2. Wasion Group Holdings
3. Elster Group SE
4. Jiangsu Linyang Energy Co. Ltd
5. Ningbo Sanxing Electric Co. Ltd
6. Kamstrup A/S
7. Hexing Electric Company Ltd
8. Itron Inc.
9. Holley Metering Limited
10. Sensus USA Inc.
11. Shenzhen Hemei Group Co. Ltd
12. General Electric Ltd
13. Diehl Stiftung & Co. KG
14. Hangzhou Beta Gas Meters Co. Ltd
15. Pietro Fiorentini
16. Sagemcom SAS
17. Apator S.A
18. Honeywell International
19. EDMI
20. Neptune Technology Group Inc.
21. Badger Meter

Frequently Asked Questions:

1] What segments are covered in the Smart Meters Market report?
Ans. The segments covered in the Smart Meters Market report are based on Type, Component type, and End-User.

2] Which region is expected to hold the highest share in the Smart Meters Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Smart Meters Market.

3] What is the market size of the Smart Meters Market by 2029?
Ans. The market size of the Smart Meters Market by 2029 is US $ 42.58 Bn.

4] What is the forecast period for the Smart Meters Market?
Ans. The Forecast period for the Smart Meters Market is 2023-2029.

5] What was the market size of the Smart Meters Market in 2022?
Ans. The market size of the Smart Meters Market in 2022 was US $ 24.36 Bn.