Global Smart Meters Market

Global Smart Meters Market Size, Share, Growth Analysis, By Product(Smart Electricity Meter, Smart Gas Meter), By Communication Type(RF, PLC), By Technology(Advanced Metering Infrastructure and Auto Meter Reading), By End-User(Residential, Commercial) - Industry Forecast 2023-2030


Report ID: SQMIG20D2067 | Region: Global | Published Date: February, 2024
Pages: 257 | Tables: 115 | Figures: 77

Global Smart Meters Market Insights

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.

Market snapshot - 2023-2030

Global Market Size

USD 20.76 billion

Largest Segment

Advanced Metering Infrastructure

Fastest Growth

Advanced Metering Infrastructure

Growth Rate

10.1% CAGR

Global Smart Meters Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Smart Meters Market By Technology ($ Bn)
Global Smart Meters Market By Technology (%)

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Global Smart Meters Market Segmental Analysis

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.

Global Smart Meters Market By Technology, 2021 (%)

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Global Smart Meters Market Regional Insights

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.

Global Smart Meters Market By Region, 2023-2030
  • Largest
  • Fastest

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Global Smart Meters Market Dynamics

Smart Meters Market Driver

  • Due to rising electricity demand from more people who have access to rural electrification, prices per unit of electricity have grown globally. The meter offers electric companies several benefits, including the elimination of monthly manual readings, immediate system monitoring, lowering electricity costs based on demand, providing real-time data to prevent power failures, and others. Along with the benefits it offers to electric companies, the meter also offers customers certain perks, such as thorough feedback on their energy usage and the ability to manage their monthly costs. It lessens the frequency of power outages and system breakdowns.
  • Following installation, the meters provide information on energy consumption that might assist customers in locating major energy-consuming appliances. This factor has prompted consumers to purchase energy-efficient appliances that use less electricity and function at their best. Additionally, the smart meter leads to behavioral modifications that reduce energy emissions. Many suppliers now prefer installing smart meters with special tariff plans for family usage as a result of this aspect.

Smart Meters Market Restraint

  • It costs money to replace the outdated conventional metering infrastructure with the new smart meters. The ability to manage network loss and theft is one component that determines the deployment's success. In such cases, the mass roll-outs yield an immediate profit. Additionally, problems including the need for considerable labor training for installations, cyber security requirements, and a lack of consumer awareness negatively impact the industry.

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Global Smart Meters Market Competitive Landscape

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

  • Itron, Inc.
  • Landis+Gyr AG
  • Schneider Electric SE
  • Siemens AG
  • Honeywell International Inc.
  • Kamstrup A/S
  • Sensus USA Inc.
  • Aclara Technologies LLC
  • Holley Technology Ltd.
  • Jiangsu Linyang Electronics Co., Ltd.
  • Wasion Group Holdings Ltd.
  • Iskraemeco d.d.
  • Elster Group GmbH
  • EDMI Limited
  • Toshiba Corporation
  • Echelon Corporation
  • ABB Ltd.
  • Silver Spring Networks, Inc.
  • Trilliant Holdings, Inc.
  • Landis+Gyr Inc.

Smart Meters Market Recent Developments

  • In November 2021, the debut of Itron Smart Pay for utilities and cities in North America was announced by Itron, Inc., a provider of cutting-edge methods for utilities and towns to manage energy and water.
  • In March 2021, Itron, Inc. announced that it had commenced an underwritten public offering, subject to market and other conditions, of $350 million of shares of common stock of the company.
  • In January 2021, A 3% equity share in Sense Labs Inc. was purchased by Landis+Gyr for $2 million. Sense develops and markets electronic tools for monitoring power use in American households as well as the accompanying software.

Global Smart Meters Key Market Trends

  • The need for smart gadgets has been fueled by rapid advancements in cloud computing, analytics, and electronics. The market for smart meters is expanding as a result of governments' increased investments in smart cities. The market for smart grids has been pushed by the expansion of remote power grid monitoring and control, which also drives up demand for meters. India started its "Smart City Mission" effort in 2015 to change the appearance of its cities. The programme received USD 28.31 billion in total investments in 2020, of which 5,331 projects totaling USD 24.31 billion were put up for bid. As of 2020, 2,122 projects totaling 4.83 billion dollars had been finished out of 4,540 projects with work orders.

Global Smart Meters Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 20.76 billion
Market size value in 2030 USD 54.34 billion
Growth Rate 10.1%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter
  • Communication Type
    • RF, PLC, Cellular
  • Technology
    • Advanced Metering Infrastructure and Auto Meter Reading
  • End-User
    • Residential, Commercial, Industrial
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)
Companies covered
  • Itron, Inc.
  • Landis+Gyr AG
  • Schneider Electric SE
  • Siemens AG
  • Honeywell International Inc.
  • Kamstrup A/S
  • Sensus USA Inc.
  • Aclara Technologies LLC
  • Holley Technology Ltd.
  • Jiangsu Linyang Electronics Co., Ltd.
  • Wasion Group Holdings Ltd.
  • Iskraemeco d.d.
  • Elster Group GmbH
  • EDMI Limited
  • Toshiba Corporation
  • Echelon Corporation
  • ABB Ltd.
  • Silver Spring Networks, Inc.
  • Trilliant Holdings, Inc.
  • Landis+Gyr Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Smart Meters Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Smart Meters Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Meters Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Smart Meters Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

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).

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. 'Itron, Inc.', 'Landis+Gyr AG', 'Schneider Electric SE', 'Siemens AG', 'Honeywell International Inc.', 'Kamstrup A/S', 'Sensus USA Inc.', 'Aclara Technologies LLC', 'Holley Technology Ltd.', 'Jiangsu Linyang Electronics Co., Ltd.', 'Wasion Group Holdings Ltd.', 'Iskraemeco d.d.', 'Elster Group GmbH', 'EDMI Limited', 'Toshiba Corporation', 'Echelon Corporation', 'ABB Ltd.', 'Silver Spring Networks, Inc.', 'Trilliant Holdings, Inc.', 'Landis+Gyr Inc.'

Due to rising electricity demand from more people who have access to rural electrification, prices per unit of electricity have grown globally. The meter offers electric companies several benefits, including the elimination of monthly manual readings, immediate system monitoring, lowering electricity costs based on demand, providing real-time data to prevent power failures, and others. Along with the benefits it offers to electric companies, the meter also offers customers certain perks, such as thorough feedback on their energy usage and the ability to manage their monthly costs. It lessens the frequency of power outages and system breakdowns.

The need for smart gadgets has been fueled by rapid advancements in cloud computing, analytics, and electronics. The market for smart meters is expanding as a result of governments' increased investments in smart cities. The market for smart grids has been pushed by the expansion of remote power grid monitoring and control, which also drives up demand for meters. India started its "Smart City Mission" effort in 2015 to change the appearance of its cities. The programme received USD 28.31 billion in total investments in 2020, of which 5,331 projects totaling USD 24.31 billion were put up for bid. As of 2020, 2,122 projects totaling 4.83 billion dollars had been finished out of 4,540 projects with work orders.

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.

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Global Smart Meters Market

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