All updated as on -
The market size for smart metres was estimated at USD 20.1 billion in 2022. According to projections, the market for smart metres will increase from USD 21.74 billion in 2023 to USD 40.85 billion in 2030, with a compound annual growth rate (CAGR) of 9.20% over the forecast period (2023 - 2030). Government programmes that are supportive and rising investment in smart grid projects are the main factors boosting industry expansion.
The increased need for energy among consumers is what is driving the market CAGR for smart metres. In the industrial, residential, manufacturing, and commercial sectors, the smart electric meter—which tracks consumer energy consumption—is essential. Smart metres are assisting the electric power industry in its transition to renewable energy sources. Electric companies will be able to increase the functioning and resilience of the power grid and contribute to getting better visibility into system operations, which will assist stop outages.
The strategic partnership that major market vendors have established with communication technology providers to advance their offerings and position is also projected to be a driving force behind the smart electric metre. Through the use of technology, TATA Power DDL and Siemens have enhanced the energy distribution network in their service area. They now operate more productively and effectively, and they are able to give their customers a more dependable and effective power supply thanks to digital technology. Now they have real-time access to crucial energy distribution procedures. Smart metres are widely used in commercial, residential, and industrial settings in both emerging and developed countries. 148 million smart metres are expected to be installed worldwide in the upcoming years.
Increased investor interest in the digitalization of electrical systems and attempts to modernise grid infrastructure are predicted to have a positive impact on the market expansion potential for smart electricity metres. The market may grow as a result of an increase in residential and commercial electricity demand. The high initial installment price that consumers must pay, worries about data privacy, and the significant capital expenditure necessary by utilities to install smart metres in place of conventional metres all create restrictions on the market for smart metres. However, it is projected that autonomous metre reading with real-time use monitoring and bill generation will spur market growth throughout the course of the projection year. Rollouts of smart metres in developing countries are likely to offer market participants appealing opportunities over the forecast period.
For instance, Japan is spending a lot of money installing smart electric metres in an effort to keep energy prices low. Additionally, it is focusing on addressing the energy supply security gaps that the environmental catastrophe and widespread outages caused by the Fukushima Daiichi tragedy exposed. As a result, the market for smart metres is driven by lead.
Leading market players are spending a lot of money on R&D in order to diversify their product offerings, which will drive the Smart Metres market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. The smart metres market needs to provide affordable products if it is to grow and thrive in a more competitive and challenging environment.
Report Coverage
Global Smart Meters research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Smart Meters report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Smart Meters competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Smart Meters market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Smart Meters market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Smart Meters market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem Inc. (US), Badger Meter Inc. (US), Itron Inc. (US), Honeywell International Inc. (US), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), Zenner (Germany)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Smart Meters market based on the below-mentioned segments:
Global Smart Meters Market, By Type
Electric Meters
Gas Meters
Water Meters
Global Smart Meters market, By Application
Residential
Commercial
Industrial
Global Smart Meters Market, By Technology
Automatic Meter Reading (AMR)
Advanced Metering Infrastructure(AMI)
Global Smart Meters market, Regional Analysis
The increased need for energy among consumers is what is driving the market CAGR for smart metres. In the industrial, residential, manufacturing, and commercial sectors, the smart electric meter—which tracks consumer energy consumption—is essential. Smart metres are assisting the electric power industry in its transition to renewable energy sources. Electric companies will be able to increase the functioning and resilience of the power grid and contribute to getting better visibility into system operations, which will assist stop outages.
The strategic partnership that major market vendors have established with communication technology providers to advance their offerings and position is also projected to be a driving force behind the smart electric metre. Through the use of technology, TATA Power DDL and Siemens have enhanced the energy distribution network in their service area. They now operate more productively and effectively, and they are able to give their customers a more dependable and effective power supply thanks to digital technology. Now they have real-time access to crucial energy distribution procedures. Smart metres are widely used in commercial, residential, and industrial settings in both emerging and developed countries. 148 million smart metres are expected to be installed worldwide in the upcoming years.
Increased investor interest in the digitalization of electrical systems and attempts to modernise grid infrastructure are predicted to have a positive impact on the market expansion potential for smart electricity metres. The market may grow as a result of an increase in residential and commercial electricity demand. The high initial installment price that consumers must pay, worries about data privacy, and the significant capital expenditure necessary by utilities to install smart metres in place of conventional metres all create restrictions on the market for smart metres. However, it is projected that autonomous metre reading with real-time use monitoring and bill generation will spur market growth throughout the course of the projection year. Rollouts of smart metres in developing countries are likely to offer market participants appealing opportunities over the forecast period.
For instance, Japan is spending a lot of money installing smart electric metres in an effort to keep energy prices low. Additionally, it is focusing on addressing the energy supply security gaps that the environmental catastrophe and widespread outages caused by the Fukushima Daiichi tragedy exposed. As a result, the market for smart metres is driven by lead.
Leading market players are spending a lot of money on R&D in order to diversify their product offerings, which will drive the Smart Metres market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organisations. Market participants are also engaging in a number of strategic initiatives to increase their presence. The smart metres market needs to provide affordable products if it is to grow and thrive in a more competitive and challenging environment.
Report Coverage
Global Smart Meters research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Smart Meters report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Smart Meters competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Smart Meters market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem Inc. (US), Badger Meter Inc. (US), Itron Inc. (US), Honeywell International Inc. (US), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), Zenner (Germany) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Smart Meters Market from 2021 to 2030.
- Market Forecast for Smart Meters Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Smart Meters competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Smart Meters
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Smart Meters market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Smart Meters market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem Inc. (US), Badger Meter Inc. (US), Itron Inc. (US), Honeywell International Inc. (US), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), Zenner (Germany)
Primary Target Market
- Market Players of Smart Meters
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Smart Meters market based on the below-mentioned segments:
Global Smart Meters Market, By Type
Electric Meters
Gas Meters
Water Meters
Global Smart Meters market, By Application
Residential
Commercial
Industrial
Global Smart Meters Market, By Technology
Automatic Meter Reading (AMR)
Advanced Metering Infrastructure(AMI)
Global Smart Meters market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive smart meters market market research and competitor analysis for your business to help you develop more profound insights into the smart meters market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the smart meters market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.