Smart Meters Market Size Was Valued at US$ 20.2 Billion in 2021, And Anticipated to Grow at A CAGR of 9.4 % Over The Forecast Period

The global smart meter's market size was valued at US$ 20.2 billion in 2021, and anticipated to grow at a CAGR of 9.4 % over the forecast period. Smart metres are technological devices that precisely track how much power, gas, and water are being used. These smart metres can transmit usage data via cellular, RF, and power line communication, assisting the utility provider in efficiently managing energy consumption. Smart metres provide a wide range of advantages, including lower metre reading costs, prevention of disconnection, elimination of billing inefficiencies, and lower reconnection costs for consumers and corporations.

Government regulations and incentives for installing smart metres are the main factors driving the smart metre sector. Utility companies are reluctant to invest in smart metre technology without a government mandate or incentives, according to the US International Trade Commission. Specifically, this is because utilities have low capabilities for capital expenditures. Additionally, utilities might not become aware of the benefits of installing smart metres for a number of years, which would make the investment less attractive in the absence of government incentives. Governments all over the globe have therefore implemented a number of supportive laws and regulations to ensure the successful installation of smart metres and smart grids.

Investments are anticipated to be stimulated by the net-zero objectives, an ambitious strategy for renewable energy, energy utility development plans, and remarkable goals. The International Energy Agency (IEA) reports an increase in global investments in creating or upgrading the digital grid infrastructure. Smart metres are a part of this infrastructure, which is expected to accelerate the market growth.

Compared to traditional metres, the initial expenditure required to build up the infrastructure for smart metres is very high, and it takes more time to achieve high returns on investments. Both energy consumers and utility providers face significant challenges as a result of the enormous capital required. Interoperability difficulties in smart metering devices and components from various OEMs, the need to integrate and upgrade software solutions for better output, and the complexity of smart metre maintenance and repair all raise operational costs and could impede market growth over the course of the forecasted period.

Furthermore, it is anticipated that the market for smart metres will experience profitable expansion over the coming years as a result of rising investment interest in the digitalization of electrical systems and initiatives to enhance grid infrastructures.

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Type Insights

By type, the global smart meters market is classified into smart electricity meter, smart gas meter, and smart water meter. The electric smart meters segment accounted for the largest market share in 2021. The government's initiatives to install smart electric metres in every household are the factors driving the segment growth. By correctly monitoring each household's energy usage, this will allow consumers to reduce it and meet the rising global demand for lowering carbon emissions. With the increase in the charging of electric vehicles and the incorporation of renewable energy into the grid, smart electric metres also aid in maintaining the grid's stability.

Communication Insights

In terms of communication, the global smart meters market is segmented into RF, PLC, and Cellular. The cellular segment dominated the market in 2021. For operation, smart metres make use of cellular-based communication networks like the 3G or 4G GPRS. The technology offers benefits including speedy service, affordable investment, and effective performance. This works best in areas where PLC or RF mesh solutions are unavailable or too expensive.

Several nations in Europe and North America have implemented smart metering projects using 3G and 4G technology. The fundamental benefit of employing cellular technology is that the maintenance of the communication network is no longer the responsibility of the utilities. Furthermore, cellular technology offers data at a faster rate and is particularly advantageous in many cities and regions where competition among telecom service providers ensures lower costs and good network reach.

End Use Insights

In terms of end use, the market is bifurcated into residential, commercial, and industrial. Due to rising energy usage, there is an increasing demand for smart metres in the residential sector. Consumer gadgets are widely used in residential areas. As a result, the demand for smart metres among residential end users is rising rapidly.

The industrial segment is projected to grow at a higher CAGR during the projected period owing to rapid industrialization of smart meters market. The demand for smart meters for industrial end users is being boosted by the expansion of manufacturing and construction sectors.

Regional Insights

In terms of region,  Asia Pacific region accounted for the largest share in 2021 and is anticipated to continue to lead the global market over the forecast period. The region's adoption of upgraded metres will be accelerated by the widespread usage of smart metering technology for more effective operations and by significant private sector investment. Growing public and private sector investments in developing modern energy management systems that adhere to precise and reliable leak detection will further stimulate the industry landscape in countries like China, Japan, and South Korea.

For instance, according to GSMA, China is investing heavily on infrastructure in order to build a new 40,000 kilometre gas pipeline that will connect 470 million additional people. Such investments offer opportunities for the installation of smart gas metres while taking into account the potential functional benefits of the smart metering infrastructure.

Key Companies Insights

Some of the major companies studied under the market scope are as follows: Itron Inc, Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc, Sensus, Honeywell International Inc, Kaifa Technology, Suntront Technology, Kamstrup Company, Aichi Tokei Denkei, Wasion Group, and Others. Major players operating in the ecosystem experiences strong competition owing to the presence of large number of players on global and regional scale. Further, the various strategies are adopted by these players such as merger and acquisition, new product launch, geographic expansion, research & development for expanding their product portfolio, and others.

In 2021, Kamstrup expanded its portfolio with the launch of the new OMNIA e-meter by adding a meter platform that is solely based on cellular IoT to go along with the current OMNIPOWER RF mesh-based meter platform.

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Segments

By Component

· Hardware

· Software

By Type

· Smart Electricity Meter

· Smart Gas Meter

· Smart Water Meter

By Communication

· RF

· PLC

· Cellular

By Technology

· AMI

· AMR

By End Use

· Residential

· Commercial

· Industrial

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Smart Meters market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Smart Meters would help in identifying future applications in this market.

Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

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Objectives of the Study:
• To provide with an exhaustive analysis on the Smart Meters Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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