Smart Meter Market Is Projected To Reach $54.34 Billion By 2030, Growing At A CAGR Of 10.10% From 2021 To 2030

The global smart meter market size was valued at $21.79 billion in 2020 and is projected to reach $54.34 billion by 2030, growing at a CAGR of 10.10% from 2021 to 2030.

Smart metres are technological tools that precisely track how much power, gas and water are used. These smart metres may transmit usage data via cellular, radiofrequency electromagnetic radiation (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 businesses and households.

Drivers and Challenges:

Smart metres minimise the cost of reading metres, stop disconnections, make metre readings more accurate, and waive reconnection fees for both the utility company and the end customer. The distribution network for smart metres has been strengthened by utility companies' extensive installations. Furthermore, the market is projected to advance due to governments' focus on lowering AT & C losses in power grids in order to lower carbon emissions. The intricate metre design necessitates the use of highly experienced labour to fix small problems. Smart metres must protect the vast amounts of consumer data they collect from undesirable elements. Demand for smart metres is also anticipated to increase as people increasingly purchase electric and hybrid automobiles.

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Opportunities & Restraints:

Market expansion potential for smart electricity metres are anticipated to result from increased investor interest in the digitalization of electrical systems and initiatives to upgrade grid infrastructures. The market can expand due to an increase in electricity demand from the business and residential sectors. The market for smart metres is constrained by the expensive initial installment fee that consumers must pay, data privacy concerns, and the large capital expenditure required by utilities to install smart metres in place of regular metres. However, during the course of the forecast period, autonomous metre reading with real-time use monitoring and bill production is anticipated to drive market expansion. Smart metre rollouts in developing nations are anticipated to offer market participants lucrative prospects during the forecast period.

Segmentations:

Global Smart Meter Market: Major Players
Honeywell International Inc
Hubbel Incorporated
Honeywell
Schneider Electric
Landis+Gyr
Itron
Sensus
Xylem Inc
Siemens

Global Smart Meter Market: By Types
Smart Energy Meters
Smart Water Meters
Smart Gas Meters

Global Smart Meter Market: By Applications
Industrial
Commercial
Residential

Global Smart Meter Market: Regional Analysis
All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Smart Meter market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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Market expansion potential for smart electricity metres are anticipated to result from increased investor interest in the digitalization of electrical systems and initiatives to upgrade grid infrastructures. The market can expand due to an increase in electricity demand from the business and residential sectors. The market for smart metres is constrained by the expensive initial installment fee that consumers must pay, data privacy concerns, and the large capital expenditure required by utilities to install smart metres in place of regular metres. However, during the course of the forecast period, autonomous metre reading with real-time use monitoring and bill production is anticipated to drive market expansion. Smart metre rollouts in developing nations are anticipated to offer market participants lucrative prospects during the forecast period.

Due to the fact that the smart metre market is one of the non-essential enterprises, the pandemic has a negative impact on connected industries. Lockdowns were implemented, which delayed the start-up of electricity distribution systems all around the world. Smart metre shipments and installations also experienced a decline. Companies and governments put off plans and investments for new power infrastructure. With increased investments, it has switched to contactless and remote metering technologies. Smart metering was postponed due to decreased infrastructure development spending and a poor return on investment.

Recently, a number of features have been combined to improve the remarkableness, dependability, and affordability of smart metres. The industry is expanding thanks in part to the many connectivity technologies utilised by smart metres. The main advantages provided by the smart metre include the detection of any supply leaks, ongoing monitoring of the flow of electricity, gas and water, and the detection of any supply theft that contributes to the market's expansion. Additionally, smart metres aid in the abolition of manual monthly metre readings and maximise profit from available resources.

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