U.S. Smart Meter Data Management Market to Reach USD 7.69 Billion | Fueling Sustainability and Customer Satisfaction

As per the report published by Allied Market Research, the U.S. smart meter market was accounted for $3.73 billion in 2019, and is estimated to reach $7.69 billion by 2027, growing at a CAGR of 10.47% from 2020 to 2027.

Development of communication network infrastructure, high investment in digital electricity infrastructure, and several government initiatives have boosted the growth of the U.S. smart meter market. However, high cost of installation of smart meters hinders the market growth. On the contrary, developing smart city projects is expected to open lucrative opportunities for the market players in the future.

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The expansion of communication network infrastructure stands out as a key driver for the growth of the smart meter market. The energy industry has been among the pioneers in embracing digital technologies. Over the coming years, digital technologies are anticipated to enhance the global energy systems, making them more interconnected, efficient, dependable, and environmentally friendly. The ongoing and consistent enhancement of communication network infrastructure plays a significant role in the production of advanced smart meters.

Furthermore, the U.S. smart meter market is poised for significant growth, driven by a range of government initiatives within the country. Notably, the American Recovery and Reinvestment Act (ARRA) has played a pivotal role in fostering the expansion of the U.S. smart meter market. This growth is further propelled by the replacement of traditional, outdated meters and the modernization of aging infrastructure.

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Moreover, the ongoing digitization of electricity infrastructure is already enhancing the efficiency, safety, accessibility, and sustainability of energy systems. For instance, according to a report from the International Energy Agency (IEA), the utilization of smart lighting and thermostats has the potential to reduce total energy consumption in both commercial and residential buildings by 10% by 2040. Additionally, substantial investments in digital electricity infrastructure create opportunities for the U.S. smart meter market.

In addition to this, numerous grid operators, gas utility providers, and water utility companies are effectively managing the demand for smart meters. Furthermore, smart city initiatives are embracing digital technologies, including smart retail, the Internet of Things (IoT), smart mobility, and smart meters, in their pursuit of creating sustainable urban environments. Consequently, these factors are expected to drive market growth. However, it's worth noting that the high installation costs of smart meters, which are typically shouldered by end users, do act as a constraint on market expansion.

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Pandemic's Influence: Impact of Covid-19 Pandemic

1. The Covid-19 pandemic and the followed lockdown resulted in supply chain disruptions and a steep hike in raw material prices.

2.Moreover, several companies halted the production of smart meters to curb the spread of infection. The Covid-19 pandemic led to postponement of several smart meter projects across the world.

The U.S. smart meter market is segmented on the basis of component and end use.

Based on components, the product/solution segment held the largest share in 2019, accounting for nearly two-thirds of the market. However, the connectivity segment is estimated to portray the highest CAGR of 11.01% during the forecast period.

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Based on end use, the residential segment dominated the market in 2019, contributing to more than three-fifths of the market. However, the industrial segment is projected to manifest the highest CAGR of 12.18% during the forecast period.

Leading Market Players:

➢ Landis+Gyr
➢ Itron Inc
➢ Siemens AG
➢ Schneider Electric SA
➢ Mueller Systems LLC
➢ Badger Meter
➢ Neptune Technology Group Inc
➢ Aclara Technologies LLC
➢ Sensus
➢ Honeywell International Inc.

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