Smart Meter Market Size is expected to reach $39.20 billion by 2027, growing at a CAGR of 8.80% during the forecast period

According to a new report published by Report Ocean, titled, “Smart Meter Market By Product, and End Use: Opportunity Analysis and Industry Forecast, 2020–2027”, the global smart meter market size was valued at $21.13 billion in 2019 and is expected to reach $39.20 billion by 2027, growing at a CAGR of 8.80% during the forecast period.

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Smart meter is the next generation of a gas, water, electricity meter that measures how much gas, water and electricity are using. Smart meter shows a digital meter reading and uses a secure smart data network to automatically and wirelessly send the readings to energy supplier at least once a month, so someone will receive accurate, not estimated bills. In addition, smart meters also come with in-home display screen, which shows exactly how much energy are used, in near real time.

Smart gas meters are the electronic devices that measures gas flows and the consumption of the gas, and provides provide the information of how much gas has been consumed and its relevant costing. Smart gas meters are equipped with the shock and leakage detection system increasing the safety to a great extent. The smart gas meter installations helps gas companies with some major operational advantages including the elimination of noting monthly reading manually, availability of real-time data, and continuous monitoring of pipeline.

Electric companies are enhancing the resilience and operations of the energy grid and gaining more detailed visibility into system operations that helps companies to restore power more quickly or avoid outages. U.S. electric companies have installed 98 million smart meters in 2019, and are covering more than 70% of all the U.S. households. They are also installing 107 million smart meters by the end of 2020.

The global smart meter market is segmented on the basis of product, end use, and region. Further, on the basis of product, the market is segmented into smart electricity meters, smart water meters, and smart gas meters. In terms of end use, it is divided into residential, commercial, and industrial. Based on region, the global smart meter market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (France, UK, Spain Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

By region, the smart meter market analysis have been studied across North America, Europe, Asia-Pacific, and LAMEA. The analysis had identified that Asia-Pacific contributed maximum revenue in 2019. The smart meter market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factors such as High adopting of smart technology in power grid infrastructure and rising challenges, such as aging transmission and distribution (T&D) infrastructure, distributed generation, are expected to benefit the growth of smart grid network across Asia-Pacific.

COVID-19 Scenario Analysis

The smart meter market has been significantly impacted by the COVID-19 outbreak. At the start of the outbreak, the main impact faced by many smart meter manufacturers was supply problems, owing to halted production. Due to lockdown measures, non-essential businesses, and the demand for the residential, commercial and industrial use of the smart meters have been decreased. Consequently, the manufacturing and supply of smart meter is returning to normal levels. Several manufacturers have started witnessing recovery in sales.

Key Findings of the Study

In 2019, the electricity meter segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 9.70% during the forecast period.
The residential segment accounted for more than 60.0% of the smart meter market share in 2019.
The industrial segment witness highest growth rate during the forecast period.
U.S. was the major shareholder in the North America smart meter market, accounting for approximately 70.0% share in 2019.
The key players profiled in the report include Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Sensus, and Honeywell International Inc. These key market players have adopted various strategies such as product launch, collaboration, partnership, and agreement to expand their foothold in the smart meter industry.

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This release was published on openPR.