USD 20.76 billion
Report ID: SQMIG20D2067 | Region: Global | Published Date: January, 2023 | Pages: 257 | Tables: 115 | Figures: 77
Global Smart Meters Market size was valued at USD 20.76 billion in 2021 and is poised to grow from USD 22.86 billion in 2022 to USD 54.34 billion by 2030, growing at a CAGR of 10.1% in the forecast period (2023-2030).
Global demand for smart meters is rising as a result of urbanization and several smart city initiatives. It is crucial to invest in smart metering systems because of the revolution in the software and cloud computing industries, which has greatly increased demand for smart devices. Electricity, gas, and water usage are typically metered using smart meters. Depending on the need, a smart meter is equipped with features that enable it to track consumer electricity use and provide a daily or monthly report directly to the electricity provider. The main benefit of the meter is its accuracy in reading and the elimination of human labor in producing power bills and noting readings. As recorded power use is provided to customers and utility companies, smart meters encourage openness. With new networks being established, the growing use of renewable energy sources like solar and wind is also propelling the adoption of the smart meter.
There are numerous varieties of smart meters on the market. These are smart gas, smart water, and smart electricity meters. The global market for smart meters is expanding as a result of the rising demand for smart electricity meters. According to research from the Institute for Electric Innovation, by January 2020, more than 70% of residential customers in the United States have access to smart electricity meters installed by U.S. electric companies. The total number of smart energy meters installed worldwide will reach 107 million by the end of 2020.
US Smart Meters Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 20.76 billion
Advanced Metering Infrastructure
Advanced Metering Infrastructure
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Global Smart Meters Market is segmented based on product, communication, type, technology, end-user, and region. Based on the product, the Smart Meters Market is segmented into smart electricity meters, smart gas meters, and smart water meters. Based on the communication type, the Smart Meters Market is segmented into RF, PLC, and cellular. Based on the technology, the Smart Meters Market is segmented into advanced metering infrastructure and auto meter reading. Based on the end-user, the Smart Meters Market is segmented into residential, commercial, and industrial. Based on the region Smart Meters Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Smart Meters Market Analysis by Technology
Based on the technology, the market is segmented into advanced metering infrastructure and auto meter reading. The advanced metering infrastructure segment of the market is projected to hold a substantial share of the market. Due to the benefits offered by the advanced metering infrastructure, the deployment of these meters has increased recently. The primary distinction between advanced metering infrastructure and auto meter reading smart meters is the two-way communication between the consumer and the electric company.
The large smart meter roll-outs will mostly use advanced metering infrastructure, which has contributed to the expansion of this infrastructure. The usage of smart meters for electricity has increased along with the expansion in the use of renewable energy. The main benefit of the smart electricity meter is the requirement to maintain accuracy between the electric company and customers regarding electricity usage. In terms of installations, auto meter readings still make up a larger portion of each region, but the advanced metering infrastructure is replacing it.
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Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The Asia Pacific accounted for the largest market share and is expected to remain the leader in Smart Meters in the coming years. The regional growth of the market is attributed to the growing deployment of smart meters to reduce unexplained electricity losses and introduce tariff plans based on client usage; the Asia Pacific now owns the greatest market share in the global industry. In the Asia Pacific and worldwide, China has the smartest meters installed. The usage of smart electricity meters is expanding as a result of the abolition of manual meter readings and improved direct interaction between the electric company and end users. Asia Pacific will rule this market during the projection period thanks to the significant smart meter roll-outs planned in South Korea, Japan, India, and Australia.
The market is predicted to grow in North America positively. The replacement of the current electric meter and the massive roll-out of new smart meters planned are the main drivers of growth in the area. The deployment of smart meters has significantly increased during the last few years in North America. The United States has long dominated the region, followed by Canada.
The installation of these meters has grown steadily across Europe as well. The region's market has been primarily driven by the rising use of renewable energy sources. New grids are being established as a result of the growing use of renewable energy sources. Smart electric meters are recommended mostly for new installations because they are a novel technology with a few key advantages over conventional meters. The expansion of the market has also been fueled by the presence of significant smart meter manufacturers in the area. Italy, Spain, France, the United Kingdom, Sweden, Norway, the Netherlands, Germany, and Denmark are important markets in the region. This feature is anticipated to stimulate the market for smart electric meters in Europe to grow at a healthy rate in the subsequent years.
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Smart Meters Market Driver
Smart Meters Market Restraint
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The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Smart Meters Market Top Players' Company Profiles
Smart Meters Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, based on the product, the smart electricity meter segment is projected to hold a substantial market share. Based on the communication type, the RF segment is projected to hold a substantial market share. Based on the technology, the advanced metering infrastructure segment is projected to hold a substantial market share. Based on the end-user, the residential segment is projected to hold a substantial market share.
|Market size value in 2021||USD 20.76 billion|
|Market size value in 2030||USD 22.86 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Meters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Meters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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