The global smart meters market is estimated to witness a significant growth rate of more than 7% during the period 2019-2028. A smart meter is an electronic device that measures and records electric energy, water, and gas consumption. Smart meters are essential components of modern smart grid systems that communicate the information for better clarity to the resource suppliers for monitoring and billing. As digitalization and urbanization are increasing rapidly across the globe, the demand for resources like water, electricity, and gas is increasing; thereby, propelling the demand for smart meters. The global market for smart meters is primarily expanding on account of increasing electricity consumption globally. Moreover, government policy mandates, high investments in digital electricity infrastructure, and the development of communication infrastructure are some of the major drivers for the growth of the global smart meters market. However, rising health concerns of wireless signals used in smart meters are one of the key restraints of the global smart meter market.
The smart electricity meters segment is expected to dominate the market in the forthcoming years
In recent years, the demand for electricity has increased in households with the use of different appliances. This raises a concern for many developed and developing nations with the demand for an immediate increase in electricity production. There is a need for consumers or people to track their daily power usage in houses. Governments of nations have installed traditional electricity meters and smart meters in place to track energy consumption. The main drawback of previously used traditional meters is that they do not provide information to the consumers, which is accomplished with the help of a smart meter. A smart meter enables the consumer to know the information about the consumption of electricity for appliances in their respective houses.
The smart electric meter is important in the industrial, residential, manufacturing, and commercial sectors since it measures the amount of energy consumed by customers. By upgrading electricity infrastructure to smart meters, the electric power industry continues to move toward cleaner energy. It will allow power companies to improve the resilience and operations of the electricity grid, as well as obtain more visibility into system operations and thereby avoid disruptions. For instance, according to the report of the Institute of Electric Innovation (IEI), the US power companies installed over 98 million smart electric meters in 2019 and the total number of smart electric meters installed in the country was over 107 million by the end of 2020. The smart electric meter market is likely to be driven by the creation of a strategic alliance by leading vendors in the industry with communication technology providers to strengthen their offering and position.
The Asia Pacific is the opportunistic market for smart meters manufacturers
With the rising government initiatives for deploying smart meters across the residential and commercial sectors, the region is expected to be a lucrative market for smart meter manufacturers across the globe. Economies like India and China are continuously installing smart meters in both residential and industrial buildings to have the most efficient energy system. Revamped Distribution Sector Scheme (RDSS) is one of the government schemes that is helping in pushing the regional smart meter market in an upward direction. Under the scheme, 250 million smart prepaid meters will be installed by 2025.
In North America, financial government incentives and extensive installation of smart meters by utility organizations are focusing on encouraging the distribution of smart meters. In Latin America, the market is majorly occupied by residential users while commercial users are observing traction in the electric smart meters market. In Europe, surge in the smart grid investment and an increase in the rate of integration of renewable sources of power generation into the existing grids is expected to propel the demand. The Middle East and Africa (MEA) smart meter market is observing a considerable growth on account of increasing energy consumption. Saudi Arabia and UAE are expected to lead the MEA market owing to an improving economy and increasing incorporation of technology.
Market structure and competition landscape
The global smart meters market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players that contribute significantly to the market include Eaton Corp., Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Technology Ltd., Neptune Technology Group Inc., Sensus, Honeywell International Inc., Kaifa Technology, Suntront Technology, Kamstrup Company, Aichi Tokei Denkei, Wasion Group, Elster Group, General Electric Co., and Genus Power Infrastructure among others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global smart meters market include,
-
- In August 2021, Adani Total Gas Ltd., which manufactures gas meters bought 50% share of Smartmeters Systems Pvt Ltd. to reinforce its regional footprint and gain considerable market share.
- In December 2020, Calisen was acquired by global consortium Coyote Bidco. Through this acquisition, Bidco aimed to invest in the energy transition sector in UK with a strong opportunity to expand into adjacent sectors.
Key Market Segmentation
RationalStat has segmented the global smart meter market on the basis of Product type, Technology, Applications, and region.
- By Product Type
- Electric Meter
- Gas Meter
- Water Meter
- By Application
- Residential
- Commercial
- Industrial
- Transportation
- By Technology
- Radio Frequency (RF)
- Power Line Carrier (PLC)
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Secondary Sources
- Annual reports, company filings, investor presentations, product catalogs and company documents Institute of Electric Innovation (IEI), Energy Information Administration (EIA).
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for smart meters manufacturers, power companies, energy & utilities companies, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The Global Smart Meter market is expected to grow at a CAGR of over 7% during the forecast period 2022-2028.
North America is dominating the Global Smart Meter market in 2021.
The Global Smart Meter market is estimated at around US$ 19.6 billion in 2021.
Increasing electricity consumption globally is the key driver in the Global Smart Meter market.
Major companies operating in the Global Smart Meter market include Eaton Corp., Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Ltd., Neptune Technology Group Inc., etc.