Smart Meters Market To Reach $20.0 Billion in 2030

The major drivers in the global smart meters market are the rising inclination toward smart grids, extensive government support, and the surging consumer awareness of conserving energy. Moreover, the market is predicted to reach $20.0 billion in 2030. There is a surging integration of smart meters because of the rising popularity of smart grids. However, the outbreak of COVID-19 had disrupted the entire circular economy and this market was no exception.

Amid the pandemic, lockdowns were imposed in numerous nations to follow the protocols of social distancing and curb the spread of novel coronavirus. This affected the entire smart meters market logistical network and resultingly, meter deployment was not in use in the commercial and residential spaces. Because of this recession, the investments in infrastructure development to provide financial assistance and subsidies to citizens. Moreover, the pandemic had exerted a halt on the market growth but the market is recovering gradually to generate higher revenue.

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Within the offering segment, the entire smart meters market can be bifurcated into the software and hardware categories. The former bifurcation is predicted to advance at the higher pace in the coming years. This can be primarily attributed to the skyrocketing requirement for software to ensure error-free billing and detect abnormalities in the utility consumption trends. This software category can be further subdivided into two types: meter data management (MDM) for storing data in smart meters and head-end software (HES) for collecting candid data. Additionally, they assist in the effective management of operations.

The electric meter category continues to hold the biggest smart meters market share, under the meter type category. This is because the surging integration of this category over other categories, such as gas and water meters accounts for the category's domination in the market. This can be credited to extensive government support: governments of several emerging and advanced economies are promoting smart electricity meters on account of their inherent benefits. Moreover, they attempt to meet sustainability standards by conserving energy. Additionally, it also assists in detecting fraud.

Segmented on technology, the advanced metering infrastructure (AMI) bifurcation has been growing at a swifter pace, and this is not predicted to change in the coming years. The automatic meter reading (AMR) is being replaced by AMI because it is an integrated system of smart meters linked with data management systems and communication networks that allow utilities and consumers to communicate in real-time. It helps utilities save money by remotely reading meters and connecting/disconnecting services, creates more accurate invoices faster, and allows customers to obtain their use statistics digitally.

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Being home to some of the most populous nations including Japan, China, and India, APAC will generate the highest smart meters market revenue in the coming years. This is due to the surging investments of the major countries in integrating smart meters in this region. There is an influx of funds in the smart meter infrastructure and smart grid projects, especially from China will propel growth in the market, opening closed opportunities for market players.

Hence, the rising focus on smart grids and extensive government support will create lucrative opportunities for the market players.

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This release was published on openPR.