Increasing Adoption Of Renewable Energy Drives Growth In The Smart Meter Market Driver: Leading Transformation in the Smart Meter Market in 2025

What Are the Projected Growth and Market Size Trends for the Smart Meter Market?
In recent times, the size of the smart meter market has expanded robustly. The market, which stood at $26.65 billion in 2024, is projected to swell to $29.29 billion in 2025, showcasing a compound annual growth rate (CAGR) of 9.9%. The historic growth of this market has been propelled by stronger regulations for energy efficiency and grid modernization, a heightened focus by consumers and utilities on conserving energy and cutting costs, a climb in the integration of renewable energy, amplified awareness and need for transparency in energy consumption, and a reduction in the costs associated with manual readings.

There is anticipation for robust expansion in the smart meter market, with projections estimating a market size of $42.17 billion by 2029, rising at a compound annual growth rate (CAGR) of 9.5%. This positive outlook aligns with the growing demand for improved analytics for predictive maintenance and efficiency, urbanization and development in various regions, the necessity for metering systems to expedite the adoption of electric vehicles (EV), comprehensive energy monitoring, optimization necessity, and the drive from government policies enforcing energy efficiency schemes. Trends projected for this growth period encompass the adaptation of internet of things (IoT) and artificial intelligence (AI), a deeper integration of smart grid technologies, the expansion of advanced metering infrastructure (AMI) systems to further improve data collection and analytics, cybersecurity measures to safeguard data from smart meters, and consumer-oriented tools and platforms enabling real-time energy usage monitoring and management.

What Is Driving the Growth Trajectory of the Smart Meter Market?
The smart meter market's expansion is anticipated to be driven by the rising adoption of renewable energy. Renewable energy is a concept that refers to power that is generated from natural resources that are continually regenerated on a human timescale, such as sunlight, wind, tides, geothermal heat, rainfall, and waves. A variety of factors, including escalating environmental concern, governmental incentives, technological improvements, decreasing expenses associated with renewable energy systems, and the necessity for energy security and sustainability, are prompting the uptake of renewable energy. Smart meters are instrumental in the efficient integration and management of renewable energy resources by offering up-to-the-minute data on energy use and production. As per the U.S. Energy Information Administration, a US federal statistical agency, the U.S. solar power generation in 2023 was 63 billion kWh, with an expected growth rate of 75% reaching 286 billion kWh in 2025, as reported in January 2024. Consequently, the increasing uptake of renewable energy is expected to stimulate the smart meter market's growth.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17256&type=smp

Which Leading Companies Are Shaping the Growth of the Smart Meter Market?
Major companies operating in the smart meter market are 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

What Are the Major Trends Shaping the Smart Meter Market?
Major companies in the smart meter market are emphasizing on the development of advanced metering infrastructure and data analytics such as smart meters with grid-edge capabilities. The goal is to boost energy efficiency, ensure the reliability of the grid, and provide comprehensive insights into energy consumption habits. A smart meter with grid-edge capabilities is a high-end device that monitors energy usage, providing real-time data and insights from the periphery of the electricity grid. It enhances the tracking and regulation of the power distribution. In December 2023, for example, Xylem, an American industrial machinery manufacturing company, introduced the Stratus IQ+ electricity meter. This special meter, equipped with grid-edge capabilities, provides vast data, inclusive of EV charging details, to utility providers. It possesses an advanced processor and diverse data options, promoting extensive system diagnostics and a better interpretation of consumer's electricity usage. The meter also supports the electric vehicle market by using edge computing algorithms to recognize battery EV charge, aiding utilities with capacity planning and off-peak program management.

What Are the Key Segments of the Smart Meter Market?
The smart meter market covered in this report is segmented -

1) By Type: Smart Electric Meter, Smart Gas Meter, Smart Water Meter
2) By Component: Hardware, Software
3) By Technology: Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)
4) By Communication: Radio Frequency (RF), Power Line Communication (PLC), Cellular
5) By End Use: Residential, Commercial, Industrial

Subsegments:
1) By Smart Electric Meter: Advanced Metering Infrastructure (AMI) Electric Meters, Prepaid Electric Meters, Two-Way Communication Electric Meters
2) By Smart Gas Meter: Ultrasonic Gas Meters, Diaphragm Gas Meters, Rotary Gas Meters
3) By Smart Water Meter: Mechanical Smart Water Meters, Electromagnetic Smart Water Meters, Ultrasonic Smart Water Meters

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/smart-meter-global-market-report

Which Region Dominates the Smart Meter Market?
Asia-Pacific was the largest region in the smart meter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Smart Meter Global Market Report?

- Market Size Analysis: Analyze the Smart Meter Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Meter Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Meter Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Meter Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17256

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.