USD 9.75 Billion
Energy Meters Market Size, Share, Growth Analysis, By Type(Smart meters and traditional meters), By Application(Residential, commercial, and industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2114 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
61
|Figures:
74
Energy Meters Market Insights
Global Energy Meters Market size was valued at USD 9.75 Billion in 2022 and is poised to grow from USD 10.38 Billion in 2023 to USD 17.19 Billion by 2031, at a CAGR of 6.50% during the forecast period (2024-2031).
The global energy meters market market is being driven by several factors, including the increasing need for efficient energy management systems to optimize energy usage, reduce energy costs, and comply with environmental regulations.
Additionally, the rising demand for renewable energy sources is driving the adoption of energy meters to monitor the generation and distribution of renewable energy.
However, the market may face certain restraints such as the high cost of energy meter installation and maintenance, limited consumer awareness about the benefits of energy management systems, and the lack of standardization in the energy industry.
Key trends in the market include the increasing adoption of smart grid technologies, the growing trend towards home automation and smart homes, and the development of advanced energy meters with enhanced capabilities such as real-time monitoring, predictive maintenance, and remote management.
Opportunities in the market include the development of advanced energy management software, the integration of energy meters with building automation systems, and the increasing focus on energy conservation and sustainability.
The widespread adoption of smart meters, which enable real-time monitoring and data collection. Smart meters offer consumers and utilities greater visibility into energy consumption patterns, facilitating more informed decision-making for efficient energy use. The integration of Internet of Things (IoT) and connectivity features in energy meters has enhanced their capabilities, allowing for remote monitoring and control.
US Energy Meters Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Smart Meters
Fastest Growth
Smart Meters
Growth Rate
6.50% CAGR
Global Energy Meters Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Energy Meters Market Segmental Analysis
Global energy meters market is segmented on the basis of type, end use, and region. By type, the market is segmented into smart meters and traditional meters. By application, the market is segmented into residential, commercial, and industrial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
The smart meters segment dominated the global energy meters market. Smart meters are advanced digital devices that provide real-time data on energy consumption, enable remote management, and support two-way communication between the utility company and the consumer. Smart meters offer several advantages over traditional meters, such as increased accuracy, reduced billing errors, and enhanced energy management capabilities.
The smart meters segment is also the fastest-growing segment due to the increasing adoption of smart grid technologies and the rising demand for advanced energy management systems in residential, commercial, and industrial sectors. For instance, in 2021, the Government of India announced a target to install 250 million smart meters across the country by 2025 to improve energy efficiency and reduce electricity theft. Additionally, the European Union has set a target to replace at least 80% of electricity meters with smart meters by 2020.
Analysis By Application
The commercial segment segment dominated the global energy meters market. This segment includes a variety of buildings such as offices, hospitals, shopping malls, and others. The commercial sector is the largest consumer of energy, accounting for a significant portion of global energy consumption. Therefore, the demand for energy management systems is high in the commercial sector, which is driving the growth of the energy meters market. The commercial segment is expected to continue dominating the energy meters market, with significant growth opportunities in emerging economies such as China, India, and Brazil. For instance, the Indian government has launched several initiatives such as the Perform, Achieve, and Trade (PAT) scheme and the National Mission for Enhanced Energy Efficiency (NMEEE) to promote energy efficiency in the commercial sector.
The fastest-growing segment in the energy meters market is the residential segment. The increasing adoption of smart home technologies, rising consumer awareness about energy conservation, and government initiatives promoting the deployment of smart meters in residential buildings are driving the growth of the residential segment. For instance, in the UK, the government has set a target to replace all traditional gas and electricity meters with smart meters by 2024 to improve energy efficiency and reduce carbon emissions.
Global Energy Meters Market Size By Type 2022(%)
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Energy Meters Market Regional Insights
The Asia-Pacific region dominated the global energy meters market, accounting for the largest market share in 2021. The region's dominance is attributed to the increasing adoption of smart grid technology and government initiatives to improve energy efficiency. Furthermore, the rise in urbanization and industrialization in countries such as China and India have significantly contributed to the growth of the energy meters market in the region.
On the other hand, the fastest-growing region in the global energy meters market is expected to be the Middle East and Africa (MEA). The region is witnessing a surge in demand for energy meters due to the increasing investments in energy infrastructure and the growing need for efficient energy management systems. Moreover, the shift towards renewable energy sources and smart grid technology is expected to drive the demand for energy meters in the MEA region.
Global Energy Meters Market Size By Geography, 2022-2030
- Largest
- Fastest
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Energy Meters Market Dynamics
Energy Meters Market Drivers
Increasing adoption of smart grid technologies
- The adoption of smart grid technologies is a major driver for the energy meters market. Smart grid technologies enable efficient power transmission and distribution, optimize energy consumption, and improve grid reliability. Smart meters are a key component of smart grid technologies as they allow for real-time monitoring and control of energy usage. For instance, in the UK, the government's Smart Metering Implementation Program aims to replace 53 million traditional gas and electricity meters with smart meters by 2024 to enable energy suppliers to manage energy demand more effectively.
Government initiatives promoting energy efficiency
- Several government initiatives and regulations are driving the adoption of energy-efficient solutions and technologies, including energy meters. For instance, in the US, the Department of Energy has established regulations for energy meters that set minimum accuracy standards and requirements for testing and certification. Similarly, the European Union has set targets to reduce energy consumption by 20% by 2026, which has driven the adoption of energy-efficient technologies such as smart meters.
Energy Meters Market Restraints
High initial costs of deployment
- The high cost of deploying smart meters and related infrastructure is a significant restraint for the energy meters market. This is particularly true in developing countries, where the high costs of deploying smart meters may be a barrier to adoption. For instance, in India, the high cost of deploying smart meters has been a challenge, with the government seeking ways to reduce costs and make smart meters more affordable.
Data privacy concerns
- The widespread adoption of smart meters has raised concerns about data privacy and security. Smart meters collect large amounts of data about energy usage, which could be sensitive information. There is a risk that this data could be accessed by unauthorized parties or used for purposes other than energy management. As a result, data privacy concerns are a significant restraint for the energy meters market.
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Energy Meters Market Competitive Landscape
Global Energy Meters Market is highly competitive and fragmented, with several key players competing for market share. The market is characterized by intense competition, rapid technological advancements, and changing customer requirements. Some of the leading players in the global energy meters market are focusing on strategies such as mergers and acquisitions, partnerships, and collaborations to strengthen their market position and expand their product portfolio. In addition to established players, there are several new entrants in the market, particularly in the smart meter segment. These companies are focusing on developing innovative solutions to meet the changing customer requirements and gain a foothold in the market.
Top Player’s Company Profiles in Energy Meters Market
- Itron Inc. (US)
- Wasion Group Holdings Limited (China)
- Siemens AG (Germany)
- Honeywell International Inc. (US)
- Schneider Electric SE (France)
- General Electric Company (US)
- Iskraemeco d.d. (Slovenia)
- Elster Group GmbH (Germany)
- Aclara Technologies LLC (US)
- Kamstrup A/S (Denmark)
- Holley Technology Ltd. (China)
- Ningbo Sanxing Electric Co., Ltd. (China)
- Sensus USA Inc. (US)
- Jiangsu Linyang Energy Co., Ltd. (China)
- EMH metering GmbH & Co. KG (Germany)
- Badger Meter, Inc. (US)
- Circutor, SA (Spain)
- Landis+Gyr Limited (UK)
- Carlo Gavazzi Holding AG (Switzerland)
Energy Meters Market Recent Developments
-
In September 2021, Schneider Electric SE announced the launch of its new energy management platform, EcoStruxure Energy Expert, to help businesses optimize their energy usage and reduce their carbon footprint.
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In May 2021, Siemens AG announced the acquisition of the Australian software company, Tribe Technology, to enhance its portfolio of energy management solutions.
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In April 2021, Itron Inc. announced the acquisition of Silver Spring Networks, a provider of smart grid solutions, to expand its portfolio of smart energy solutions and strengthen its position in the market.
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In February 2021, Honeywell International Inc. announced the acquisition of a leading energy management solutions provider, Rocky Research, to expand its capabilities in energy efficiency and sustainability.
Energy Meters Key Market Trends
- Integration with advanced energy management systems: The integration of energy meters with advanced energy management systems is a growing trend in the market. Advanced energy management systems leverage data from smart meters to optimize energy consumption, improve energy efficiency, and reduce costs. For instance, some energy management systems use machine learning algorithms to predict energy usage and optimize energy consumption in real-time.
- Use of blockchain technology: The use of blockchain technology in the energy meters market is a growing trend. Blockchain technology can enable the secure and transparent sharing of energy data between different stakeholders, including energy suppliers, consumers, and regulators. This could lead to more efficient and reliable energy management systems. For instance, a project in Brooklyn, New York is using blockchain technology to enable peer-to-peer energy trading between residents, which is made possible by smart meters that monitor energy usage.
Energy Meters Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Energy Meters Market analysis, the market is expected to witness significant growth in the coming years, driven by factors such as increasing demand for energy-efficient solutions, rising adoption of smart grid technology, and government initiatives to improve energy efficiency. Moreover, the shift towards renewable energy sources and the growing need for accurate energy measurement and management systems are expected to further fuel the growth of the energy meters market. The Asia-Pacific region is expected to dominate the market, with the Middle East and Africa emerging as the fastest-growing region. The market is highly competitive, with major players focusing on product innovation and strategic collaborations to expand their market share.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.75 Billion |
| Market size value in 2031 | USD 17.19 Billion |
| Growth Rate | 6.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Energy Meters Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Energy Meters Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Energy Meters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Energy Meters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Energy Meters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Energy Meters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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