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Smart Meter Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033
Smart Meter Market Outlook
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According to The Business Research Company's, The smart meter market size has grown strongly in recent years. It will grow from $24.34 billion in 2023 to $26.65 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increased mandates for energy efficiency and grid modernization, consumer and utility focus on energy conservation and cost reduction, increasing renewable energy integration, growth in awareness and demand for energy consumption transparency, and reduced manual reading costs.
The smart meter market size is expected to see strong growth in the next few years. It will grow to $38.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to enhanced analytics for predictive maintenance and efficiency, growth in developing regions and urbanization, the need for metering solutions to support electric vehicle (EV) adoption, the demand for comprehensive energy monitoring and optimization, and government policies driving energy efficiency initiatives. Major trends in the forecast period include utilization of the internet of things (IoT) and artificial intelligence (AI), enhanced integration with smart grid technologies, expansion of advanced metering infrastructure (AMI) systems for improved data collection and analytics, implementation of robust cybersecurity measures to protect smart meter data, and tools and platforms for consumers to monitor and manage their energy usage in real-time.
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Market Drivers and Trends:
The increasing adoption of renewable energy is expected to propel the growth of the smart meter market going forward. Renewable energy refers to energy generated from natural resources that are replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat. The adoption of renewable energy is rising due to several factors, such as increasing environmental awareness, government incentives, advancements in technology, decreasing costs of renewable energy systems, and the need for energy security and sustainability. Smart meters are used for the efficient integration and management of renewable energy sources by providing real-time data on energy consumption and production. For instance, in January 2024, according to the U.S. Energy Information Administration, a US-based Federal Statistical System Agency, the U.S. solar power generation in 2023 stood at 63 billion kilowatt-hours (kWh), and it is expected to rise at a rate of 75% and will reach 286 billion kWh in 2025. Therefore, increasing adoption of renewable energy will drive the growth of the smart meter market.
Major companies operating in the smart meter market are developing advanced metering infrastructure and data analytics such as smart meters with grid-edge capabilities, to enhance energy efficiency, improve grid reliability, and provide detailed insights into energy consumption patterns. A smart meter with grid-edge capabilities is a sophisticated device that tracks energy use and offers real-time data and insights from the edge of the power grid, improving monitoring and management of electricity distribution. For instance, in December 2023, Xylem, a US-based industrial machine manufacturing company, launched the Stratus IQ+ electricity meter. It features grid-edge capabilities to deliver extensive data, including EV charging details, to utilities. Its enhanced processor and data options allow thorough system diagnostics and a better understanding of customer electricity usage. The meter also supports the EV market by using edge computing algorithms to detect battery EV charging, aiding utilities in capacity planning and off-peak program management.
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Major Key Players of the Market:
Siemens AG, Honeywell International Inc, ABB Group, Larsen & Toubro, Sensus Technologies Private Limited, Sagemcom SAS, Shenzhen Kaifa Technology Co. Ltd., Itron Inc., Landis Gyr Limited, Wasion Holdings Limited, Osaki Electric Co. Ltd., Hexing Electrical Co.Ltd., Badger Meter Inc, Pietro Fiorentini Db India Private Limited, Aclara Technologies LLC, Kamstrup Metering Solutions Pvt. Ltd., Neptune Technology Group Inc., Genus Power Infrastructures Ltd., Iskraemeco Group, Jiangsu Linyang Energy Co. Ltd., Secure Meters Ltd, Suntront Tech Co. Ltd, EDMI Limited, Networked Energy Services Corporation, Holley Metering Limited
Smart Meter Market 2024 Key Insights:
• The smart meter market size is expected to see strong growth in the next few years. It will grow to $38.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Increasing Adoption Of Renewable Energy Drives Growth In The Smart Meter Market
• Advanced Smart Meter With Grid-Edge Capabilities Enhances Energy Efficiency And Grid Reliability
• Asia-Pacific was the largest region in the smart meter market in 2023
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