The global Smart Meter market is estimated to reach USD 62 billion in 2030 with a growth rate of 8.57% during the forecast period, 2022-2030. It was valued at USD 28 billion in 2022.
The global smart meter market is predicted to grow rapidly because of the rising demand for gadgets. Because of their accuracy in providing greater information, smart meters quickly replace traditional meters. Fiscal incentives, relevant government regulations, and mandates are only a few variables influencing the market’s growth. Furthermore, increased government investments to encourage smart meter installation in end-user sectors like industrial, residential, and commercial are driving the global smart meter market forward. Furthermore, rising investment interest in the digitalization of electrical systems and initiatives to build grid infrastructures are projected to drive the smart electricity meter market forward. Increased electricity demand from the business and residential sectors also presents market growth potential.
A smart meter is an electronic device that keeps track of data like electric energy use, voltage levels, current, and power factor. Smart meters transmit data to consumers to better understand consumption patterns and power suppliers for system monitoring and customer invoicing. Smart meters often monitor energy in near-real-time and send out reports at regular intervals throughout the day. Smart meters allow the meter and the central system to communicate in two directions. In contrast to automatic meter reading (AMR), advanced metering infrastructure (AMI) allows two-way communication between the meter and the supplier.
Government regulations and incentives for smart meter installation hiking the market for smart meters. According to the US International Trade Commission (ITC), utilities are hesitant to engage in smart meter technology without government incentives. This is primarily due to utilities’ limited capital expenditure capacity. Furthermore, utilities may not know the benefits of installing smart meters for several years, making the investment less appealing in the absence of government incentives. As a result, governments worldwide have established various laws and mandates to install smart meters and grids. Investments are expected to be grown by net-zero ambitions, an ambitious renewables plan, and remarkable development plans by energy providers. According to the International Energy Agency (IEA), global investments in establishing or improving digital grid infrastructure are expanding. According to the International Energy Agency (IEA), smart meters are part of this infrastructure, expected to drive market growth.
Due to the volatility in fossil fuel costs, governments worldwide focus on lowering carbon emissions and embracing alternative fuels to less aggregate technical and commercial (AT&C) losses in their power networks. AT&C’s losses are the result of both technical and commercial factors. Technical losses can be avoided by strengthening grid infrastructure, but they can only be reduced to a certain extent. On the other hand, commercial losses can be minimized with effective data management and billing. Smart meters track usage and load surges, allowing for more efficient invoicing. They are also impenetrable to tampering. Smart grid meters are being used by businesses to comply with legislative obligations and regulations.
Compared to traditional meters, the initial investment in smart meter infrastructure is very significant, and it takes a long time to consume substantial returns on investments. As a result, utility companies have a difficult time breaking even. Both energy customers and utility suppliers face significant challenges due to the high capital requirements. The entire initiative is dependent on the utility’s ability to complete the rollout, and hence funding is a significant hurdle. Interoperability concerns in smart metering devices and components from many OEMs, the need to integrate and upgrade software solutions for greater output, and the complexity of smart meter maintenance and repair add to operational costs.
Before the pandemic, increasing global power demand has created a need for better power consumption monitoring to cut electricity bills, which will drive the development of smart metering systems. Furthermore, the electric power business is advancing toward greener energy through updating energy grids and implementing smart meters. It will allow electric firms to enhance the resilience and operations of the electricity grid and obtain more visibility into system operations, thereby reducing disruptions.
The COVID-19 outbreak has had a severe impact on the smart meter sector. At the onset of the outbreak, the biggest impact on many smart meter makers was supply issues due to suspended production. Non-essential enterprises and demand for smart meters in residential, commercial, and industrial settings have fallen due to the lockdown measures. As a result, smart meter manufacturing and supply are reverting to normal levels. Sales have begun to recover for many manufacturers. Even though the COVID-19 epidemic has temporarily halted fieldwork on some major smart metering projects, the market is likely to stay strong, with the total number of smart meter shipments largely unaffected over the next three years.
Following the epidemic, smart meters can also help with voltage and power quality monitoring and real-time data collecting and storage in the central system. As a result, clients can check their energy consumption statistics and implement appropriate energy-saving actions. Furthermore, following the lockout, the global smart meter industry is back on track, and it is likely to generate consistent demand for smart meters from the industrial sector.
Based on Type, the global Smart Meter market is classified into Electric, Gas, and Water. The Electric is expected to hold the largest share in the global Smart Meter market during the forecast period by 2030. The electric smart meters segment is expected to account for a larger market share, owing to government initiatives to roll out smart electric meters to every household to reduce energy consumption by accurately monitoring it and the growing demand for carbon emissions globally. With the rise in electric car charging and the incorporation of renewable energy into the grid, smart electric meters also help to preserve grid stability.
Figure: Global Smart Meter Market, by Type, Market Share, 2021
Based on technology, the global Smart Meter market is segregated into AMI and AMR. The AMI segment accounts for the largest global Smart Meter market share over 2022-2030. AMI allows for near-real-time gathering and transmission of energy and utility usage data. The backbone of smart grid projects is AMI smart meters, and the growing investment in smart grid projects is a key driver for the AMI smart meter market. Smart meters based on AMI technology are made up of several hardware and software components that work together to measure energy consumption and transfer data about it to utility companies and customers. AMI technology has all advantages of improved meter reading accuracy, utility theft detection, and faster response to power outages.
Based on the regional segmental analysis, the Smart Meter market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific accounts for the dominant share in the global Smart Meter market from 2022-to 2030. Due to government regulations for grid network digitization and utilities monitoring real-time analysis for the grid and consumer usage, the Asia Pacific will likely lead the smart meters market over the forecast period. Because the Asia Pacific is the world’s most populous region, it has a significant electricity demand.
Schneider Electric, Landis+Gyr, Diehl, Itron, Wasion Group, Sensus (Xylem), Triton Process Automation Pvt. Ltd., Advance Metering Technology Ltd., Maven Systems Pvt. Ltd., Genus Power Infrastructures Ltd. ITI Ltd., Siemens Ltd., Other prominent players.
Key Stakeholders
Report Attribute | Details |
---|---|
Revenue in 2021 | USD 18 billion |
The revenue forecast in 2028 | USD 32 billion |
CAGR | 8.57%. |
Historical data | 2017 – 2020 |
Base Year | 2021 |
Forecast period | 2022 – 2028 |
Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
Key companies Profiled | Schneider Electric, Landis+Gyr, Diehl, Itron, Wasion Group, Sensus (Xylem), Triton Process Automation Pvt. Ltd., Advance Metering Technology Ltd., Maven Systems Pvt. Ltd., Genus Power Infrastructures Ltd. ITI Ltd., Siemens Ltd., Other prominent players. |
By Type
By Technology
By End-user
By Region
Variable Frequency Drive Market
Global Gaming Peripherals Market
Embedded Boards & Modules Market
Middle East Cyber Security Market
A smart meter is an electronic device that keeps track of data like electric energy use, voltage levels, current, and power factor. Smart meters transmit data to consumers to better understand consumption patterns and power suppliers for system monitoring and customer invoicing.
The global Smart Meter market is estimated to reach USD 62 billion in 2030 with a growth rate of 8.57% during the forecast period, 2022-2030. It was valued at USD 28 billion in 2022.
As the automobile industry recognizes the benefits of this new technology, it is one of the key drivers of increased demand for servo presses. End-users have been forced to shift to servo presses by the evolution of high-strength steels and advanced materials and the necessity of producing parts that meet shape and tolerance requirements in the automotive and other industries, which are major factors driving the Smart Meter market.
High setup and operational costs of skilled professionals in the forecasted Years are predicted to create an obstacle to the growth of the global market over the forecasted period by 2030.
The Asia Pacific region is expected to dominate share in Smart Meter Market and continue this growth rate.
Schneider Electric, Landis+Gyr, Diehl, Itron, Wasion Group, Sensus (Xylem), Triton Process Automation Pvt. Ltd., Advance Metering Technology Ltd., Maven Systems Pvt. Ltd., Genus Power Infrastructures Ltd. ITI Ltd., Siemens Ltd., Other prominent players.
Analyst support
After evaluating your requirements and addressing your technical problems, the expert analyst will resolve your query directly.
Customer satisfaction
According to your needs, our expert team will assist you with the capabilities, services, and proper research needs to be required and customize the report accordingly.
Inimitable expertise
Our expert team will create unrivaled reviews to provide you with a deep understanding of the reports.
Assured quality
We have created a systematic way to determine standards and satisfy your expectations.
Instant delivery
Unlike others, we provide you a great deal of instant delivery in the form of PDF/PPT/Word Doc directly to your email address within 24 hours after receiving full payment.
Privacy policy
We understand the inkling of your privacy, we will never misuse your email address.
Custom research service
We are giving you an opportunity through which you can directly ask our expert analyst to customize an exclusive study of the report to serve your research needs.
Quality & accuracy
We provide you with the accurate quality of the customized study of an exclusive report according to your research need.
Data visualization
As the business world’s growing faster every day, we understand the value of data management. We will create the reports by keeping all the visual data sets and metrics in the charts.
Information security
We truly respect your privacy and promise to keep your personal and confidential information safe and secure.