Press release
Global Smart Meter Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Smart Meter Market
How Big Is the Smart Meter Market Size Expected to Be by 2034?
The smart meter market will grow from $26.65 billion in 2024 to $29.29 billion in 2025, showing a CAGR of 9.9%. The growth is due to energy efficiency mandates, grid modernization efforts, consumer and utility focus on cost reduction, integration of renewable energy, growing awareness of energy consumption, and lower manual reading costs.
The smart meter market is projected to grow steadily, reaching $42.17 billion in 2029 at a CAGR of 9.5%. This growth stems from predictive analytics, urbanization, EV infrastructure needs, energy monitoring, and regulatory support. Major trends involve IoT and AI usage, integration with smart grids, AMI system expansion, robust cybersecurity, and consumer energy management platforms.
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What Are the Emerging Segments Within 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
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What Long-Term Drivers Are Shaping Smart Meter Market Trends?
The rising adoption of renewable energy sources is expected to propel the growth of the smart meter market. Renewable energy, including solar and wind power, is increasingly being adopted due to environmental concerns and government incentives. Smart meters optimize energy distribution by providing real-time data on energy consumption and production. The U.S. Energy Information Administration reported in January 2024 that solar power generation in the U.S. is projected to grow by 75%, reaching 286 billion kWh by 2025, boosting demand for smart meters.
Who Are the Top Competitors in Key Smart Meter Market Segments?
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 Latest Developing Trends in the Smart Meter Market?
Major players in the smart meter market are introducing advanced metering infrastructure and data analytics, such as smart meters with grid-edge capabilities, to improve energy efficiency and grid management. These smart meters offer detailed insights into energy consumption patterns. For instance, in December 2023, US-based Xylem launched the Stratus IQ+ electricity meter, which includes grid-edge capabilities to monitor energy use and detect electric vehicle (EV) charging. This meter also aids in capacity planning and off-peak program management.
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Which Regions Are Becoming Hubs for Smart Meter Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Meter Market?
2. What is the CAGR expected in the Smart Meter Market?
3. What Are the Key Innovations Transforming the Smart Meter Industry?
4. Which Region Is Leading the Smart Meter Market?
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