Press release
Smart Meter Market Expected to Reach USD 38.96 Billion by 2032 with a 7% CAGR Driven by Energy Conservation and Smart Grid Adoption
Smart Meters Market
Smart meters are advanced metering technologies that provide accurate and timely information on electricity usage by monitoring and recording energy usage in real-time. The demand for smart meters is increasing rapidly due to the need for cost and energy-saving measures, rising consumer demand for sustainability and energy efficiency, and government policies that encourage their deployment.
Governments around the world are promoting the use of smart meters to reduce energy use, cut carbon emissions, and improve the efficiency and reliability of energy delivery. Furthermore, the market revenue growth is also expanding due to the rising demand for smart grid technology. Smart grid technologies combine energy generation, transmission, distribution, and consumption, allowing utilities to better manage their networks and increase the dependability of energy delivery.
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Segments Covered in the Report
The global smart meters market can be categorized by type and end-use outlook.
In terms of type, the market is segmented into advanced meters, AMI meters, and others. Advanced meters and AMI meters are the most widely used types of smart meters. They are used for real-time energy consumption monitoring and offer accurate data to both utilities and consumers. The other type of smart meters includes automated demand response meters, which help utilities to manage their energy demand more effectively.
When considering end-use outlook, the market is categorized into residential, commercial, and industrial segments. Residential end-use is the largest segment, as smart meters are widely used in homes for real-time energy monitoring and management. Commercial end-use is the second-largest segment and includes offices, retail stores, and public buildings. Smart meters are used in commercial buildings to monitor energy usage, reduce energy consumption, and improve overall energy efficiency.
The industrial segment is the third-largest end-use segment, where smart meters are used for monitoring energy usage in manufacturing plants, factories, and other industrial settings. Smart meters help to reduce energy consumption, manage peak demand, and improve the efficiency of energy usage in industrial settings.
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Strategic development:
In 2020, Siemens AG acquired C&S Electric Ltd., an Indian company that specializes in energy metering solutions and electrical switchgear. The acquisition aims to expand Siemens' presence in the Indian smart meter market and enhance its product portfolio.
Honeywell International Inc. acquired Enovatek Energy Services, a provider of smart building solutions and energy data analytics, in 2020. The acquisition aims to broaden Honeywell's offerings in the smart building and energy management market.
Landis+Gyr AG launched the Gridstream Connect Gateway in 2021, which is a new smart metering solution designed for large-scale deployment in the European market. The solution features advanced communication capabilities and supports multiple communication technologies.
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Competitive Landscape:
Landis+Gyr AG
Itron Inc.
Siemens AG
Honeywell International Inc.
Schneider Electric SE
Kamstrup A/S
Aclara Technologies LLC
Sensus USA Inc.
Iskraemeco d.d.
Holley Technology Ltd.
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