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Prominent Smart Meter Market Trend for 2025: Advanced Smart Meter With Grid-Edge Capabilities Enhances Energy Efficiency And Grid Reliability
Smart Meter Market
The increasing use of renewable energy is expected to boost the smart meter market. Smart meters help integrate and manage renewable energy sources by providing real-time data on consumption and production. For example, in 2023, U.S. solar power generation was 63 billion kWh, with projections for a 75% rise by 2025. This growing reliance on renewable energy will drive the demand for smart meters.
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What growth opportunities are expected to drive the smart meter market's CAGR through 2034?
The smart meter market has grown significantly in recent years. It will rise from $26.65 billion in 2024 to $29.29 billion in 2025, at a CAGR of 9.9%. This growth is fueled by energy efficiency mandates, the focus on energy conservation and cost reduction, the integration of renewable energy sources, growing demand for transparency in energy consumption, and reduced costs in manual meter reading.
The smart meter market is forecast to grow strongly, reaching $42.17 billion by 2029 with a CAGR of 9.5%. Growth will be driven by predictive maintenance and efficiency analytics, urbanization, electric vehicle adoption, energy monitoring and optimization, and government policies supporting energy efficiency. Trends include IoT and AI integration, smart grid technologies, advanced metering infrastructure (AMI) systems, cybersecurity measures, and platforms for real-time energy monitoring.
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What are the emerging trends shaping the future of the smart meter market?
Companies in the smart meter market are creating advanced metering solutions, such as smart meters with grid-edge capabilities, to optimize energy efficiency. For instance, in December 2023, Xylem launched the Stratus IQ+ electricity meter, which delivers real-time data and insights, including EV charging details. Its grid-edge capabilities and edge computing help utilities monitor and manage electricity distribution more efficiently.
Which growth-oriented segments of the smart meter market are leading the industry's development?
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
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Which regions are key players in the growth of 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 companies are at the forefront of innovation in 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
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What Is Covered In The Smart Meter Global Market Report?
•Market Size Forecast: Examine the smart meter market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart meter market for a structured understanding.
•Key Players Overview: Analyze major players in the smart meter market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart meter market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart meter market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart meter market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart meter market.
•Competitive Landscape: Review strategic developments in the smart meter market, including expansions, agreements, and new product launches.
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