Global Smart Meter market is expected to take a strong growth with the CAGR of 8.7% by 2027.

The smart meter is an Internet-based device that measures energy, water and gas consumption of buildings/homes/industries. The traditional meters only measure total consumption, whereas smart meters record when and how much of a resource is consumed. The smart meter acts as the network termination, an ingress router between the utility's network and the building it is monitoring. It is an approach to managing energy distribution and consumption that uses Internet technologies to create bi-directional communication, coordination and control. Nowadays, utility companies are considering smart metering as an efficient method of tracking usage across their customer bases to better determine costs and infrastructure needs. Smart metering can give both utilities and their customers better ideas keep track of how much utility they're using so they can adjust their usage and help them determine new strategies to save money.

According to the report title "Global Smart Meter Market Outlook, 2027", published by Bonafide Research, the Smart Meter market is to reach approx. $20 Billion in the year 2021. It is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2027. Many countries' governments taking a step forward and making smart meter mandates and providing incentives for the installation of the smart meters which drives robust growth in future. Most of the developed countries like the United States, Germany, the United Kingdom, Canada, and France are some of the major early adopters of smart meters.

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The Asia Pacific region is home to 60% of the world's total population - nearly 4.3 billion people and including the world's most populous countries, China and India. It is contributed the highest market share approx. 38% shares of the global market. Country-wise China and Japan are the largest market and India has the fastest-growing countries in the region as well as globally. In August 2021, India's Ministry of Power has issued the timelines for the nationwide replacement of existing meters with smart meters by 2025.

For a different type of utility, it requires different mechanisms and measurements, like smart electric meter records information such as consumption of electric energy, voltage levels, current, and power factor. However, the smart water meter and smart gas meters not only measure and record the consumption but also measure infrastructure maintenance, remote location monitoring and automatic billing and leakages that can increase safety by detecting emergency situation and providing immediate alerts. Furthermore, the smart meter market is segmented into smart water meters, smart gas meters and smart electric meters, among them smart electric meters, contribute more than 55% in the global market and smart water meters are expected to highest growth during the forecast period. By end-user, the market is bifurcated as industrial, commercial and residential. The residential segment contributed the highest in the market with more than 80% and the commercial segment expected the highest market growth in future. Smart meters based on either Automated Meter Reading (AMR) or Advanced Metering Infrastructure (AMI) technology and among these AMI contributed more than 60% in the market and have robust growth in future.

Impact of Covid-19:
COVID-19 pandemic has slowed the growth of the smart meters due to the implement of lockdown in almost all the major countries and halted non-essential operations. This adversely affected the smart meters owing to less focus on development of end user's industry. Apart from this, manufacturing and supply chain delays were also witnessed which poised a challenge to the smart meters.

Major Companies present in the market:
Schneider Electric SE, Landis+Gyr, Itron Inc., Siemens AG, Wasion Holdings Limited, Badger Meter, Inc., Xylem Inc. (Sensus), Honeywell International Limited (Smart Energy), Kamstrup A/S, Aclara Technologies LLC, Osaki Electric Co. (Edmi), Holley Technology Ltd , ZPA Smart Energy, Secure Meter Limited, Xemex, EDMI Limited, EMH Metering GmbH & Co. KG, NEPTUNE TECHNOLOGY GROUP INC., SHENZHEN KAIFA TECHNOLOGY CO., LTD., SUNTRONT TECH CO., LTD., AICHI TOKEI DENKI CO., LTD., Diehl Stiftung & Co. KG, Zenner International GmbH & Co. KG

Considered in this report
• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Smart Meter market with its value and forecast along with its segments
• Region & country wise market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report
• North America - United States, Canada, Mexico
• Europe- Germany, United Kingdom, France, Italy, Spain, Russia
• Asia-Pacific - China, Japan, South Korea, India, Australia
• Latin America- Brazil, Argentina, Columbia
• Middle-East & Africa- UAE, Saudi Arabia, South Africa

By Type of Smart Meter in the report:
• Electricity Meter
• Gas Meter
• Water Meter

By End User of Solid-State Drive in the report:
• Residential
• Industrial
• Commercial

By Technology in the report:
• Automotive Meter Reading
• Advanced Metering infrastructure

By Component in the report:
• Hardware
• Software & Services

By Phase in the report:
• Single Phase
• Three Phase

By Communication Type in the report:
• Cellular Technology
• Radio Frequency
• Power Line communication
• Other Communication Types

Table of Contents
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Smart Meter Market Outlook
5.1. Market Size By Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Type
5.2.5. By End User
5.2.6. By Communication Type
5.2.7. By Phase
5.2.8. By Technology
5.2.9. By Component
…continue

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This release was published on openPR.