Smart Meter Market Size, Share,Trend,Industry, Forecast and outlook (2024-2031)

Market Overview :

Consumers are installing smart meters in their homes and office to monitor their energy usage more accurately and in real-time, this empowers them to take decisions about their energy consumption and leads to greater awareness and motivation to reduce their energy reduces and adopt energy-efficient practices.

Government organizes various response programs using smart meters, as these programs encourage consumers to reduce energy consumption during peak hours by offering incentives and the program also guides how to balance the energy grid and prevention from overloads. Many countries set energy efficiency targets and regulations that encourage consumers for the deployment of smart meters.

North America is expected to hold a share of around 1/4th of the global market during the forecast period 2023-2030. In North America, countries like U.S. and Canada smart meter enables to monitor the energy consumption and empowers consumers to manage their energy usage. By adopting smart meters it enhances reliability and resilience of the power grid system. It has the ability to track energy resources and costs in real-time which enhances consumer engagement in energy management systems.

Internet of Things technology has enhanced the capabilities of smart meters in North America. Advanced communication protocols, data analytics and cloud computing enable smart meters to transmit and process real-time data efficiently and this technology evolution not only improves grid management but also lays the foundation for innovative energy services and applications.

For instance, on 11 April 2023, Aetheros, a provider of IoT operating systems entered U.S. smart meter market with its scalable and open-edge intelligence solution and this technology aims to facilitate the deployment of smart meters by enabling distributed intelligence at the edge of the network. By introducing its IoT operating system to U.S. market, Aetheros seeks to enhance the capabilities of smart meters and contribute to the advancement of IoT-driven energy management solutions.

Market Trends :

Government Initiatives Boost the Market

Governments across the world introduced various regulatory mandates that require utilities that deploy smart meters to consumers. In October 2018, Indore's smart city development limited issued a tender for 30,000 smart meters that are installed under Indore smart city projects, these developments in nations boost the growth of the market.

For instance, on 31 May 2023, Government planned to replace all traditional electricity meters across the nation with smart meters, this process started in April 2019 and initiatives were taken by the Ministry of Power for improving the financial health of companies and also make hassle-free bill payments. State governments have also begun installing smart meters under the NDA smart cities missions.

Governments run public awareness campaigns to educate consumers about the benefits of smart meters and encourage their adoption and these campaigns help overcome consumer resistance and promote acceptance. Government allocates funds for development of smart meter technology, these encourages the development of more advanced and cost-effective smart meters.

For instance, on 8 March 2023, the government of Andhra Pradesh plans to install around 18 lakh smart meters on farm electric motors within a year. The initiative, which involves an expenditure of INR 4,000 crore for procuring the necessary materials, aims to combat power theft and offer multiple benefits. The state will adhere to guidelines issued by the Central Government and Central Electricity Authority while implementing this project.

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Market Segmentation :

The global smart meter market is segmented based on product, technology, communication, component, end-user and region.The Accuracy of Smart Electricity Drives the Segment's Growth

The smart electricity segment holds a major share of around 1/3rd of the global smart meter market. Smart electricity meters offer a more accurate result that how much energy is consumed when compared to other traditional meters, these smart electricity meters help to reduce electricity bills, error and disputes and they also provide data on their energy usage patterns and helps consumers to make decisions about their energy consumption.

For instance, on 5 September 2022, Delving Research and Development, a company based in Coimbatore, developed smart electricity meters known as Delsmart IoT meters and these meters will be installed in Madhya Pradesh in part of the pilot project. The project aims to install around 100 meters by December, focusing on service connections and transformers covered under a single feeder in Madhya Pradesh.

Geographical Share :

Governments Plans in Asia-Pacific Boosts the Market

Asia-Pacific is among the growing regions in the global smart meters market covering more than 1/3rd of the market. Countries like China, South Korea and India set ambitious goal energy efficiency and sustainability targets. Smart meters help to manage the demand effectively which enables time-to-time usage of pricing and response programs.

Aging electricity grids require modern techniques to handle the complexity of energy resources and renewable integrations. Governments are implementing regulations and policies that mandate the deployment of smart meters to enhance energy management, reduce losses and achieve carbon reduction goals, this aligns with regional initiatives that promote energy efficiency and energy consumption.

For instance, on 28 April 2023, IntelliSmart Infrastructure Pvt. Ltd. secured a significant contract to install 6.7 million prepaid smart meters in 14 districts of Uttar Pradesh, which fall under the jurisdiction of Pashchimanchal Vidyut Vitran Nigam Limited and this achievement marks the largest competitively bid smart metering project awarded under the Revamped Distribution Sector Scheme in India.

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Major Key Players :

The major global players include Landis+Gyr, Itron, Honeywell International, Siemens AG, Kamstrup, Iskraemeco, Elster Group, ABB, Sensus and Schneider Electric.

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