Smart Meter Market Worth US$ 27.71 billion in 2027
The global smart meter market is projected to be USD 19.1 billion in 2020 and reach USD 27.71 billion in 2027, registering a CAGR of 6.40%, during the forecast period, 2021-2027. The growth of cellular communication type is gaining popularity across the globe, backed by the availability of comprehensive telecommunications networks for smart meter operations. Further, the rising environmental concerns triggered by pollution and carbon emissions and the introduction of smart meters provide the global industry with analysis and energy forecasting capabilities that are missing in traditional metering systems. Over the forecast period, these factors would augment the global smart meter market.
A smart meter records real-time data information such as current consumption, electric energy, power factor, and voltage levels. Smart meters directly connects the data information to the consumer for greater clarity of consumption pattern and electricity suppliers for customer billing and system monitoring.
Factors Affecting the Smart Meter Market over the Forecast Period
Growth in the demand for the formation of smart cities, along with the increased investments in smart meter projects, is a key driver of the global smart meter market growth. Market growth is also boosted by the need and demand for changes in sustainable utility supply and efficiency for all end users.
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Favorable government policies and incentives for the advancement and development of the smart meter market are fueling the market growth. Various grid operators seeking to control and manage the demand power provide ample growth opportunities for the proliferation of smart meters. Difficulties in the installation of smart meters are restraining the market growth.
However, the overall development of the global market is hampered by rising prices of smart meters and security issues, and inappropriate installation and implementation of smart meters pose a major challenge to the smart meters market.
Favorable Government Initiatives
The global smart meter market is primarily driven by various significant government initiatives in developed and developing economies. Moreover, the investment funds from the private investment firms and government, such as the American Recovery and Reinvestment Act (ARRA), are estimated to play a significant role in the market’s growth. The growing demand for replacing the old conventional meters and upgrading the outdated meter infrastructure to save energy consumption and enhance the energy consumption monitoring is equally boosting the market growth. The factors responsible for the market demand in the leading economies include the early smart meters penetration, favorable government initiatives and regulations, and strict mandate policies for installing the smart meters in many states, such as California and Texas. Such favorable government initiative will lead the demand and consumption for smart meters globally during the forecast period.
Growing Demand for the Development of Communication Network Infrastructure
The growing demand for the development of the communication network infrastructure worldwide contributes to the advanced level of smart meters manufacturing. The growing advancements and significantly improving network infrastructure availability such as radiofrequency, 4G, 5G, and others boost the development of the smart meter in the global market. The manufacturers and market players are continuously engaged in the production of smart meters to meet the need and demand for the advanced network infrastructure; thus, contributing to the smart meter industry growth.
Impact of COVID-19 on Smart Meter Market
The global smart meter market has been affected by the COVID-19 pandemic, and several companies and firms have been forced to restructure their strategies to cope with the pandemic. COVID-19 influences the world economy in three primary ways: influencing production and consumption, disturbing supply chain and market, and its financial effect on companies. Using AI can help minimize operational costs, and at the same time, can improve customer satisfaction during the renewal process, claims, and other services.
Scope of the Report
The report outlines the global smart meter market study based on meter type, communication type, component, technology, and end-use.
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Based on the meter type, the smart meter market has been segmented into –
- Electric Meter
- Gas Meter
- Water Meter
Based on communication type, the smart meter market is segmented into –
- RF (Radio Frequency)
- PLC (Power Line Carrier)
- Cellular
Based on component, the smart meter market is segmented into –
- Hardware
- Software
- Service
- Managed Service
- Professional Service
Based on technology, the smart meter market is segmented into –
- AMI (Advanced Metering Infrastructure)
- AMR (Auto Meter Reading)
Based on the end-use, the smart meter market is segmented into –
- Residential
- Commercial
- Industrial
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Smart Meter Market Regional Outlook
The five geographical regions have been segmented into North America, Asia Pacific, South America, Europe and the Middle East and Africa (MEA) for the smart meter market. In 2020, North America had the largest market share in terms of revenue value and volume in the global market for smart meters, followed by Europe and the Asia Pacific. In the region, North America is powered by the increasing focus on lowering carbon emissions from utility operations and successfully integrating DER such as solar and wind power for improved operations in the power sector. Moreover, Asia Pacific is the fastest-growing region and, over the forecast period, is expected to project the highest CAGR in the global market.
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Key Global Smart Meter Market Competitors Includes
The global smart meter market is highly fragmented, with the presence of a large number of small players across the globe. The major companies in the global smart meter market include–
- Schneider Electric SA
- Landis+Gyr Limited
- Itron Incorporated
- Siemens AG
- Wasion Group Limited
- Badger Meter Incorporated
- Sensus (Xylem)
- Honeywell International Incorporated
- Larsen & Toubro Limited
- Kamstrup
- Elster Group GmbH
- ICSA India Limited
- General Electric Company
- Neptune Technology Group Incorporated.
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