Smart Meters Market by Type (Electric, Gas, and Water), Communication Type (RF, PLC, and Cellular), Technology (AMR and AMI), End user (Residential, Commercial, and Industrial): Global Market Size Estimates and Forecast (2022-2030)
The smart meters market is expected to cross US$ 20 billion mark in 2022 and is projected to hit US$ 33 billion by 2030, recording a CAGR of 10.5% during the forecast period.
The rising investment in digitization of electric system is fueling the growth of smart meters market
The rising electricity demand from the residential and commercial sectors is one of the key factors driving the adoption of smart meter, and in turn driving the smart meters market growth. Various features offered by the smart meters such as flexible energy tariffs, high billing accuracy, and wireless communication is boosting their demand across different end users. In addition, increasing need to monitor energy consumption to achieve carbon neutrality is another factor contributing towards the smart meters market.
By type segment, electric smart meter segment is projected to have largest market share due to rising government initiatives toward the rollout of smart electric meters at every household. Further, other segment such as gas and water are also expected to gain momentum during the forecasted year.
Within the report, the smart meters market is segmented into type, communication type, technology, end user, and geography. By type, the smart meters market is further segmented into electric, gas, and water. On the basis of communication type, the smart meters market is bifurcated into RF, PLC, and cellular. By technology, the smart meters market is categorized into AMR and AMI. Based on end user, the smart meters market is divided into residential, commercial, and industrial. Geographically, the smart meters market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing need for real time monitoring of utility system is accelerating the consumption of smart meters
A smart meter is a digital meter that is used to record information such as consumption of electricity and flow of water and gas. The meter electronically transmits the related data to the network operator and the customer. It also provides alert to the operator in case of any suspicious activities. It also provides other benefits such as monitor daily and actual consumption and better security of supply and great accuracy.
The growing power consumption by home appliances is rising the demand for residential smart meters in the market.
The end user of smart meters is consisting of residential, commercial, and industrial. Among mentioned end users, the demand for residential smart meters accounts for largest market share due to the growing use of different home appliances such as air conditioners, lighting, refrigerators, televisions, washing machines, dishwashers, PCs, and others. Use of aforesaid consumer appliances leads to the rise in power consumption which will in turn boost the growth of smart meters.
Recent strategic developments in smart meters market
The smart meters market has undergone several significant developments, and a few of these have been mentioned below:
- In March 2021, Itron, Inc. announced the launch of its eHZ-B residential smart meter for cities in Germany. This smart meter has advance functionality which can support Germany’s ongoing energy transition to a low carbon, and environmentally sound, reliable and affordable energy supply.
- In August 2021, Siemens Ltd and Tata Power Delhi Distribution announced that they have deployed 200,000 smart meters in North Delhi. This will help to reduce power theft and help distribution utilities to become more efficient.
The smart meters market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Schneider Electric SE, Landis+Gyr, Itron, Siemens AG, Wasion Group, Badger Meter, Sensus, Honeywell International Inc., EDMI Limited and Neptune Technology Group Inc. are among the prominent players operating in the smart meters market.
Target audience for the report:
- Raw material and component providers of smart meters
- Smart meters providers
- Smart meters-related service providers
- Smart meters-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Smart meters distributors and intermediators
- End users of smart meters
- Research institutes
Scope of the report:
In this report, the smart meters market has been segmented on the basis of:
- Type:
- Electric
- Gas
- Water
- Communication Type
- RF
- PLC
- Cellular
- Technology:
- AMR
- AMI
- End user:
- Residential
- Commercial
- Industrial
- Region
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa
- Companies profiled
- Schneider Electric SE
- Landis+Gyr
- Itron
- Siemens AG
- Wasion Group
Companies profiled
- Schneider Electric SE
- Landis+Gyr
- Itron
- Siemens AG
- Wasion Group