The global smart meter market size was valued at $21.79 billion in 2020 and is projected to reach $54.34 billion by 2030, growing at a CAGR of 10.10% from 2021 to 2030.
Smart meters are electronic devices that accurately monitor electricity, gas, and water usage. These smart meters can send usage information through power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, helping the utility company to effectively manage the energy usage. Smart meters offer a host of benefits such as reduction of meter reading cost, preventing disconnection, removing inefficiencies in billing, and re-connection costs to corporations and consumers.
Furthermore, surging investment interest in digitalization of electrical systems, and efforts to expand grid infrastructures are expected to create growth opportunities for smart electricity meter market. Increase in electricity demand from commercial and residential sectors also provide opportunities for the market growth. For instance, Reliance Industries has been focusing on the smart electricity meter market after signing multi-billion dollar deals for Jio Platforms and Reliance Retails.
The major factors that drives the smart meter market growth are development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure. In addition, large scale installations of the smart meters by the utility companies are focusing on strengthening the distribution of the smart meters.
However, high cost of installations of the smart meters borne by end users restrain the growth of the market. Various grid operators and other gas utility and water utility providers are effectively managing the demand for smart meters. However, various benefits offered by the market such as automatic meter reading and bill generation are further expected to contribute toward the growth of the market.
In recent times, several factors have been integrated to make smart meters more remarkable, reliable, and affordable. The different connectivity technologies used by the smart meters are further fueling the growth of the market. The major benefits offered by the smart meter includes detection of any leakages in the supply, continuous monitoring of the electricity, gas and water flow, detection of any theft in the supply are helping toward the growth of the market. Also, the smart meters help in elimination of the manual monthly meter reading, and optimizes the profit with existing resources.
By Product
Smart Electricity Meter segment projected to be the most lucrative segment
Segment Overview
The global smart meter market is segmented in terms of product, end use, and region. Further, on the basis of product, the market is segmented into smart electricity meter, smart water meter, and smart gas meter. On the basis of end use, it is divided into residential, commercial, and industrial.
Region-wise, the global smart meter market trend is analyzed across North America (U.S., Canada, and Mexico), Europe (France, UK, Spain Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America and Middle East & Africa). Asia-Pacific is dominating the market, owing to the smart city projects initiatives are being adopted by many emerging and developed countries in Asia-Pacific.
By End Use
Residential segment will generate the highest revenue during the forecast period
Top Impacting Factors
The prominent factors that impact the smart meter market growth are development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure. However, high cost of installations of the smart meter is a major restraint to the market growth. On the contrary, developing smart city project is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global smart meter industry during the forecast period.
By Region
Asia-Pacific region would exhibit the highest CAGR of 10.60% during 2021 - 2030
COVID-19 Scenario Analysis
The smart meter market size has been significantly impacted by the COVID-19 outbreak. At the start of the outbreak, the main impact faced by many smart meter manufacturers was supply problems, owing to halted production. Due to lockdown measures, non-essential businesses, and the demand for the residential, commercial and industrial use of the smart meters have been decreased.
Consequently, the manufacturing and supply of smart meter is returning to normal levels. Several manufacturers have started witnessing recovery in sales. Although the COVID-19 pandemic has forced the field work of several major smart metering projects to pause temporarily, the market is nonetheless expected to remain robust with the cumulative number of smart meter shipments being largely unaffected over a three-year period.
Competitive Analysis
Competitive analysis and profiles of the major smart meter market players Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Sensus, and Honeywell International Inc., Kaifa Technology, Suntront Technology, Kamstrup Company, Aichi Tokei Denkei, and Wasion Group, are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the global smart meter market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall smart meter market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and smart meter market opportunities with a detailed impact analysis.
- The current smart meter market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the smart meter market share of key vendors.
- The report includes the market trends and the market share of key vendors.
Smart Meter Market Report Highlights
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Analyst Review
Smart meters are the electronic devices that records and analyses consumption of electrical energy and sends back the information to the respective electricity supplier for billing and the regulation. The smart meter automatically detects any theft or tampering in the electricity and alerts the company about it. The data gathered through the smart electricity meter permits the energy distributers and the utility companies to enhance the power distribution losses across the grid.
The major factor that drives the smart meter market is supportive government policies and financial incentives. In addition, large scale installations of the smart meters by the utility companies are focusing on strengthening the distribution of smart meters. However, high cost of installations of the smart meters borne by end users restrain the growth of the smart meter market. Various grid operators and other gas utility and water utility providers are effectively managing the demand for smart meters. However, various benefits offered by the smart meter market such as automatic meter reading and bill generation are further expected to contribute toward the growth of the smart meter market.
The report focuses on the growth prospects, restraints, and trends of the smart meter market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers in the smart meter market.
The Smart Meter Market is estimated to grow at a CAGR of 10.10% from 2021 to 2030.
The Smart Meter Market is projected to reach $54.34 billion by 2030.
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Development of communication network infrastructure and high investments in digital electricity infrastructure etc. boost the market growth.
The key players profiled in the report include Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, and many more.
On the basis of top growing big corporations, we select top 10 players.
The Smart Meter Market is segmented on the basis of product, end use, and region.
The key growth strategies of Smart Meter market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
Asia-Pacific region would grow at a highest CAGR of 10.6% during the forecast period.
Smart Electricity Meter segment will dominate the market during 2021 - 2030.
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