2025-2034 Smart Meter Market Roadmap: Insights for Competitive Advantage

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How Large Will the Smart Meter Market Size By 2025?
The market size of smart meters has experienced a significant expansion in the past few years. Expected to increase from $26.65 billion in 2024 to $29.29 billion in 2025, it will exhibit a compound annual growth rate (CAGR) of 9.9%. The growth witnessed in the historical period is a result of heightened obligations towards energy efficiency and grid modernization, the emphasis on energy conservation and cost-cutting from consumers and utilities alike, the enhanced integration of renewable energy, rising consciousness and demand for transparent energy consumption, along with a decrease in the costs associated with manual reading.

How Big Is the Smart Meter Market Size Expected to Grow by 2029?
The market size of smart meters is projected to witness considerable growth in the coming years. This market is anticipated to reach a value of $42.17 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.5%. The factors contributing to this growth in the forecasted period include improved analytics for predictive upkeep and effectiveness, advancements in developing regions along with urbanization, the necessity for metering solutions to facilitate the adoption of electric vehicles (EVs), the requirement for in-depth energy monitoring and optimization, and government-led initiatives for energy efficiency. Some of the key trends for this time span are the adoption of technologies like IoT and AI, better integration with smart grid technologies, broadening of Advanced Metering Infrastructure (AMI) systems to enhance data collection and analytics, reinforcement of cybersecurity measures to safeguard smart meter data, and the development of consumer tools and platforms for real-time energy usage monitoring and management.

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Which Key Market Drivers Powering Smart Meter Market Expansion and Growth?
The surging uptake of renewable energy is predicted to spark significant expansion of the smart meter market in the future. This form of energy is generated from natural resources such as sunlight, wind, rain, tides, waves, and geothermal heat, all of which regenerate within a human timescale. The increasing preference for renewable energy can be attributed to factors including heightened environmental consciousness, governmental incentives, technological advancements, reducing prices of renewable energy systems, and the urgent need for energy security and sustainability. Smart meters are instrumental in the effective integration and handling of renewable energy sources, gathering real-time data on energy production and use. For example, data from the U.S. Energy Information Administration, a U.S.-based Federal Statistical System Agency, in January 2024 indicated that the solar power output in the United States in 2023 was pegged at 63 billion kilowatt-hours (kWh), with projections for a 75% increase, reaching 286 billion kWh by 2025. Therefore, the escalating transition to renewable energy is set to act as a driving force for the expansion of the smart meter market.

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Which Fast-Growing Trends Are Poised to Disrupt the Smart Meter Market?
Leading corporations in the smart meter market are innovating with advanced metering infrastructure and data analytics, including smart meters equipped with grid-edge functions, to increase energy efficiency, bolster grid reliability, and offer in-depth understanding of energy use behaviors. A smart meter boasting grid-edge functionality is a complex instrument that monitors energy consumption and provides real-time data and insights from the periphery of the power grid, enhancing the observation and control of power distribution. For example, in December 2023, US industrial machine producer Xylem introduced the Stratus IQ+ electricity meter. This device is equipped with grid-edge functions to provide comprehensive data, encompassing EV charging information, to utility companies. The enhanced processor and data options of the meter facilitate comprehensive system check-ups and an improved comprehension of consumers' electricity consumption. It is supportive of the EV market by utilizing edge computing algorithms that track battery EV charging, assisting utilities in capacity planning and management of off-peak programs.

What Are the Emerging Segments in 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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Smart Meter Industry?
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.

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