Smart Meters Market To Generate $20.0 Billion Revenue in 2030

Mounting focus on smart grids and escalating consumer awareness regarding energy conservation will drive the smart meters market at a CAGR of 4.9% during the forecast period (2020-2030). According to the P&S Intelligence, the market generated revenue of $13.1 billion in 2019 and it is projected to reach $20.0 billion in 2030. Moreover, the rising focus of governments on substituting traditional meters with smart meters and the increasing frequency of residential construction activities will stimulate the market growth in the forecast years.

Governments across the world are focusing on modernizing their grid network by replacing conventional meters with smart meters. They are rolling out laws that mandate the installation of smart meters, as a part of their clean energy initiatives. The growing inclination of the governments will, therefore, drive the smart meters market in the coming years. For instance, in January 2020, Saudi Electricity Company (SEC) signed a contract with the Alfanar Group to install 10 million smart meters across Saudi Arabia before March 2021 and complete the entire program by March 2023.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/smart-meters-market/report-sample

Additionally, two-way communication feature of smart meters also plays a vital role in the growth of the smart meters market. These meters are installed by end users to collect information on electricity consumption by all systems at regular intervals, by using a local area network (LAN). The data from each smart meter is gathered by local data aggregators through neighborhood area networks (NANs) and then transferred to the utility center by using a wide area network (WAN). Similarly, the utility center can send information, command, or signals to the smart meters, when required.

Moreover, the adoption of efficient and smart control and monitoring devices to increase the accuracy of billing in the service sector has become a key trend in the smart meters market. For instance, the Energy Efficiency Services Limited (EESL), an energy service company under the government of India, propounded that states having smart meters witnessed an average rise of around 25% in billing, as compared to the states working with traditional meters. This is expected to drive the demand for smart meters.

Categories under the smart meters market include water meter, gas meter, and electric meter. Among these, the electric meter category dominated the market during the historical period (2014-2019), due to the constant encouragement from various governments and jurisdictive bodies to install smart electric meters. These meters offer benefits such as fraud detection, peak consumption knowledge, and energy saving. Whereas, the water meter category is expected to register the fastest growth in the forecast years, due to the surging awareness regarding depleting water sources and importance of precise meter readings.

Browse full report at: https://www.psmarketresearch.com/market-analysis/smart-meters-market

Geographically, Asia-Pacific (APAC) generates the highest revenue in the industry and it is also expected to demonstrate the fastest growth throughout the forecast period. This is attributed to the supportive government initiatives in APAC countries for the adoption of such meters. These nations have realized the need to upgrade their grid network by matching the international standards to improve the utility revenue collection process and address energy challenges. For example, China continues to install a considerable number of smart meters as a part of its five-year nationwide plan to improve the grid infrastructure.

Thus, the growing awareness regarding energy conservation and improved billing accuracy will boost the market growth in the foreseeable future.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.