Smart Meter Market Size to Reach $54.34 Billion By 2030

The significant factors impacting the growth of the global smart meter market include supportive government policies and financial incentives and large scale installations of the smart meters by the utility companies that are focusing on strengthening the distribution of the smart meters. Moreover, various benefits offered by the smart meter market such as automatic meter reading and bill generation are further expected to contribute toward the growth of the market

According to a new report published by Allied Market Research, titled, "Smart Meter Market By Product and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030", the global smart meter market size was valued at $21.79 billion in 2020 and is projected to reach $54.34 billion by 2030, growing at a CAGR of 10.10% from 2021 to 2030. Asia-Pacific is expected to be the leading contributor to the global market during the forecast period, followed by Europe and North America.

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Smart meter is the next generation of a gas, water, electricity meter that measures how much gas, water and electricity are using. Smart meter shows a digital meter reading and uses a secure smart data network to automatically and wirelessly send the readings to energy supplier at least once a month, so someone will receive accurate, not estimated bills. In addition, smart meters also come with in-home display screen, which shows exactly how much energy are used, in near real time.

Smart gas meters are the electronic devices that measure gas flows and the consumption of the gas, and provides provide the information of how much gas has been consumed and its relevant costing. Smart gas meters are equipped with the shock and leakage detection system for increasing the safety to a great extent. The smart gas meter installations help gas companies with some major operational advantages including the elimination of noting monthly reading manually, availability of real-time data, and continuous monitoring of pipeline.

With increasing demand for natural gas, the market for smart gas meters is expected to grow significantly from the perspective of their benefits for reducing environmental impact through the stable supply and improved efficiency of energy. In Europe, member states of the European Union have been promoting the deployment of smart gas meters based on European directives issued following the introduction of the "20-20-20 targets (triple 20)" in 2008. These factors are expected to create lucrative opportunities for market during the forecast period.

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Electric companies are enhancing the resilience and operations of the energy grid and gaining more detailed visibility into system operations that helps companies to restore power more quickly or avoid outages. U.S. electric companies have installed 98 million smart meters in 2019, and are covering more than 70% of all the U.S. households.

By region, the smart meter market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis identified that Asia-Pacific contributed maximum revenue in 2020. The smart meter market growth in Asia-Pacific is expected to grow at a faster rate as compared to other regions. Factors such as high adopting of smart technology in power grid infrastructure and rising challenges, such as aging transmission and distribution (T&D) infrastructure, distributed generation, are expected to benefit the growth of smart mater across Asia-Pacific. The overall smart meter market analysis is determined to understand the profitable trends to gain a stronger foothold,

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Key Findings of the Study

In 2020, the electricity meter segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 10.90% during the forecast period.
The residential segment accounted for more than 45.0% of the smart meter market share in 2020.
The industrial segment is expected to witness highest growth rate during the forecast period.
U.S. was the major shareholder in the North America smart meter market, accounting for approximately 70.0% share in 2020.

The key players profiled in the smart meter market include Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Sensus, and Honeywell International Inc., Kaifa Technology, Suntront Technology, Kamstrup Company, Aichi Tokei Denkei, and Wasion Group. These market players have adopted various strategies such as product launch, collaboration, partnership, expansion, and agreement to expand their foothold in the smart meter industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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