Smart Meters Market to reach USD 42.58 Bn by 2029, Technological Advancements and Growth Opportunities

Pune 09, May 2023: The global Smart Meters market is set to grow at a CAGR of 8.3 percent to reach USD 42.58 Bn by 2029. According to a new report by MMR, the market was valued at USD 22.50 Bn. in 2021.

Smart Meters Market Report Scope and Research Methodology

Smart meters are digital devices that communicate with consumers' utility over the internet, eliminating the need for a separate device. These meters help users monitor their electricity consumption and adjust their behaviors to lower electricity bills, resulting in greater usage. Furthermore, stringent government laws and regulations across the globe to reduce water and electricity waste, along with rising environmental concerns, are expected to encourage the implementation of smart meters during the forecast period.

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Smart Meters Market Dynamics

The report analyzes the market dynamics, drivers, restraints, regional insights, market scope, and research methodology. The study found that the supportive government policies and financial incentives are driving the smart meters market. However, the high cost of installations of the smart meters is expected to hamper the growth of the smart meter market. The demand for smart meters is being properly managed by various grid operators as well as other gas and water utility providers. However, the smart meter market's multiple benefits, including automatic meter reading and bill generation, are projected to add to the smart meter industry's growth.

Based on type, the smart meters market is segmented into electric, gas, and water. The electric segment accounted for the largest market share in 2021, owing to the growing emphasis on active pricing and integration of growing DER into the existing power system operations across the globe. Based on the end-user, the smart meters market is segmented into residential, commercial, and industrial. The residential segment held the largest market share in 2021, driven by technological and economic advancements along with the growing government support for mandatory smart meters across developing countries.

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Smart Meters Market Regional Insights

The report also provides regional insights, with the Asia Pacific region holding the largest market share in 2021, accounting for 37 percent of the market. The report found that China is investing heavily in infrastructure to build a new 40,000-kilometer gas pipeline that will connect 470 Mn people, allowing for the implementation of smart gas meters. In India, the Smart Meter National Program aims to replace 250 Mn traditional meters with smart meters. In the US, electric providers deployed over 98 million smart electric meters in 2021, reaching more than 70 percent of US households, as of January 2021.

Smart Meters Market Segmentation

By Type:

• Electric
• Gas
• Water

By Communication type:

• RF
• PLC
• Cellular

By End-User:

• Residential
• Commercial
• Industrial

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Smart Meters Market Key Competitors include:

• Aclara Technologies LLC
• Wasion Group Holdings
• Elster Group SE
• Jiangsu Linyang Energy Co. Ltd
• Ningbo Sanxing Electric Co. Ltd
• Kamstrup A/S
• Hexing Electric Company Ltd
• Itron Inc.
• Holley Metering Limited
• Sensus USA Inc.
• Shenzhen Hemei Group Co. Ltd
• General Electric Ltd
• Diehl Stiftung & Co. KG
• Hangzhou Beta Gas Meters Co. Ltd
• Pietro Fiorentini
• Sagemcom SAS
• Apator S.A
• Honeywell International
• EDMI
• Neptune Technology Group Inc.
• Badger Meter

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Table of Content for Smart Meters Market

Global Smart Meters Market: Research Methodology

Global Smart Meters Market: Executive Summary

Market Overview and Definitions
Introduction to Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry

Global Smart Meters Market: Competitive Analysis

MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact

Global Smart Meters Market Segmentation

Global Market, by Type (2021-2029)
Global Market, by Communication type (2021-2029)
Global Market, by End-User (2021-2029)

Regional Smart Meters Market (2021-2029)

Regional Market, by Type (2021-2029)
Regional Market, by Communication type (2021-2029)
Regional Market, by End-User (2021-2029)
Regional Market, by Country (2021-2029)

Company Profile: Key players

Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Type, Communication type and End-User
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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