USD 20.76 billion
Smart Meters Market Size, Share, Growth Analysis, By Type(Smart Electricity Meters, Smart Gas Meters, Smart Water Meters), By Component(Hardware (Power System, Microcontroller, Communication Interface), Software (Customer Information System (CIS)), By Communication Type(Radiofrequency (RF), Power Line Communication (PLC), Cellular), By Technology(Advanced Metering Infrastructure, Auto Meter Reading), By End-User(Residential, Commercial, Industrial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2067 |
Region:
Global |
Published Date: July, 2024
Pages:
257
|Tables:
115
|Figures:
77
Smart Meters Market Insights
Smart meters market was valued at USD 20.76 billion in 2022 and is expected to rise from USD 22.86 billion in 2023 to reach a value of USD 49.35 billion by 2031, at a CAGR of 10.1% during the forecast period (2024–2031).
Global demand for smart meters is rising as a result of urbanization and several smart city initiatives. It is crucial to invest in smart metering systems because of the revolution in the software and cloud computing industries, which has greatly increased demand for smart devices. Electricity, gas, and water usage are typically metered using smart meters. Depending on the need, a smart meter is equipped with features that enable it to track consumer electricity use and provide a daily or monthly report directly to the electricity provider. The main benefit of the meter is its accuracy in reading and the elimination of human labor in producing power bills and noting readings. As recorded power use is provided to customers and utility companies, smart meters encourage openness. With new networks being established, the growing use of renewable energy sources like solar and wind is also propelling the adoption of the smart meter.
There are numerous varieties of smart meters on the market. These are smart gas, smart water, and smart electricity meters. The global market for smart meters is expanding as a result of the rising demand for smart electricity meters. According to research from the Institute for Electric Innovation, by January 2020, more than 70% of residential customers in the United States have access to smart electricity meters installed by U.S. electric companies. The total number of smart energy meters installed worldwide will reach 107 million by the end of 2020.
US Smart Meters Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Advanced Metering Infrastructure
Fastest Growth
Advanced Metering Infrastructure
Growth Rate
10.1% CAGR
Smart Meters Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Smart Meters Market Segmental Analysis
Global smart meters market is segmented based on type, component, communication, technology, end-user, and region. Based on the type, the market is segmented into smart electricity meters, smart gas meters, and smart water meters. Based on the component, the market is segmented into hardware (power system, microcontroller, communication interface), software (customer information system (CIS), meter data management system (MDMS), metering and billing software). Based on the communication, the market is segmented into Radiofrequency (RF), Power Line Communication (PLC), and cellular. Based on the technology, the market is segmented into advanced metering infrastructure and auto meter reading. Based on the end-user, the market is segmented into residential, commercial, and industrial. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Smart Meters Market Analysis by Technology
Based on the technology, the market is segmented into advanced metering infrastructure and auto meter reading. The advanced metering infrastructure segment of the market is projected to hold a substantial share of the market. Due to the benefits offered by the advanced metering infrastructure, the deployment of these meters has increased recently. The primary distinction between advanced metering infrastructure and auto meter reading smart meters is the two-way communication between the consumer and the electric company.
The large smart meter roll-outs will mostly use advanced metering infrastructure, which has contributed to the expansion of this infrastructure. The usage of smart meters for electricity has increased along with the expansion in the use of renewable energy. The main benefit of the smart electricity meter is the requirement to maintain accuracy between the electric company and customers regarding electricity usage. In terms of installations, auto meter readings still make up a larger portion of each region, but the advanced metering infrastructure is replacing it.
Smart Meters Market By Technology (%)
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Smart Meters Market Regional Insights
Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The Asia Pacific accounted for the largest market share and is expected to remain the leader in Smart Meters in the coming years. The regional growth of the market is attributed to the growing deployment of smart meters to reduce unexplained electricity losses and introduce tariff plans based on client usage; the Asia Pacific now owns the greatest market share in the global industry. In the Asia Pacific and worldwide, China has the smartest meters installed. The usage of smart electricity meters is expanding as a result of the abolition of manual meter readings and improved direct interaction between the electric company and end users. Asia Pacific will rule this market during the projection period thanks to the significant smart meter roll-outs planned in South Korea, Japan, India, and Australia.
The market is predicted to grow in North America positively. The replacement of the current electric meter and the massive roll-out of new smart meters planned are the main drivers of growth in the area. The deployment of smart meters has significantly increased during the last few years in North America. The United States has long dominated the region, followed by Canada.
The installation of these meters has grown steadily across Europe as well. The region's market has been primarily driven by the rising use of renewable energy sources. New grids are being established as a result of the growing use of renewable energy sources. Smart electric meters are recommended mostly for new installations because they are a novel technology with a few key advantages over conventional meters. The expansion of the market has also been fueled by the presence of significant smart meter manufacturers in the area. Italy, Spain, France, the United Kingdom, Sweden, Norway, the Netherlands, Germany, and Denmark are important markets in the region. This feature is anticipated to stimulate the market for smart electric meters in Europe to grow at a healthy rate in the subsequent years.
Smart Meters Market By Region
- Largest
- Fastest
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Smart Meters Market Dynamics
Smart Meters Market Driver
- Due to rising electricity demand from more people who have access to rural electrification, prices per unit of electricity have grown globally. The meter offers electric companies several benefits, including the elimination of monthly manual readings, immediate system monitoring, lowering electricity costs based on demand, providing real-time data to prevent power failures, and others. Along with the benefits it offers to electric companies, the meter also offers customers certain perks, such as thorough feedback on their energy usage and the ability to manage their monthly costs. It lessens the frequency of power outages and system breakdowns.
- Following installation, the meters provide information on energy consumption that might assist customers in locating major energy-consuming appliances. This factor has prompted consumers to purchase energy-efficient appliances that use less electricity and function at their best. Additionally, the smart meter leads to behavioral modifications that reduce energy emissions. Many suppliers now prefer installing smart meters with special tariff plans for family usage as a result of this aspect.
Smart Meters Market Restraint
- It costs money to replace the outdated conventional metering infrastructure with the new smart meters. The ability to manage network loss and theft is one component that determines the deployment's success. In such cases, the mass roll-outs yield an immediate profit. Additionally, problems including the need for considerable labor training for installations, cyber security requirements, and a lack of consumer awareness negatively impact the industry.
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Smart Meters Market Competitive Landscape
The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Smart Meters Market Top Players' Company Profiles
- Itron, Inc.
- Landis+Gyr AG
- Schneider Electric SE
- Siemens AG
- Honeywell International Inc.
- Kamstrup A/S
- Sensus USA Inc.
- Aclara Technologies LLC
- Holley Technology Ltd.
- Jiangsu Linyang Electronics Co., Ltd.
- Wasion Group Holdings Ltd.
- Iskraemeco d.d.
- Elster Group GmbH
- EDMI Limited
- Toshiba Corporation
- Echelon Corporation
- ABB Ltd.
- Silver Spring Networks, Inc.
- Trilliant Holdings, Inc.
- Landis+Gyr Inc.
Smart Meters Market Recent Developments
- In March 2024, Secure partnered with north Bihar Power Distribution company limited (NPBDCL) and installed around 1 million smart prepaid meters in Bihar. The partnership lines up with the government of India's digital India plan and revamped distribution sector scheme by transforming the power sector by providing digital services to the customers.
- In Jnauary 2024, Adani Energy Solutions Limited (AESL) has formed a joint venture of 49:51 with Esyasoft Holdings for the implementation of smart metering projects in India and other countries.
- In January 2024, Bharti Airtel announced its strategic partnership with smart metering and digital solutions provider, IntelliSmart and focuses on providing power services of around 20 million smart meters. It will enable Telecom to considerably expand its presents in different sectors with its IT solutions.
Smart Meters Key Market Trends
- The need for smart gadgets has been fueled by rapid advancements in cloud computing, analytics, and electronics. The market for smart meters is expanding as a result of governments' increased investments in smart cities. The market for smart grids has been pushed by the expansion of remote power grid monitoring and control, which also drives up demand for meters. India started its "Smart City Mission" effort in 2015 to change the appearance of its cities. The programme received USD 28.31 billion in total investments in 2020, of which 5,331 projects totaling USD 24.31 billion were put up for bid. As of 2020, 2,122 projects totaling 4.83 billion dollars had been finished out of 4,540 projects with work orders.
Smart 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.
As per our analysis, based on the product, the smart electricity meter segment is projected to hold a substantial market share. Based on the communication type, the RF segment is projected to hold a substantial market share. Based on the technology, the advanced metering infrastructure segment is projected to hold a substantial market share. Based on the end-user, the residential segment is projected to hold a substantial market share.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 20.76 billion |
| Market size value in 2031 | USD 49.35 billion |
| Growth Rate | 10.1% |
| Base year | 2023 |
| 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 Smart 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 Smart 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 Smart 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 Smart 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 Smart Meters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart 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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