Smart Meters Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
Smart Meters Market is projected to be worth USD 39,442.3 Million by 2030, registering a CAGR of 8.2% during the forecast period (2022 - 2030).
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Attractive Features that Spur Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global smart meters market share.
Increasing Government Investments to Boost Market Growth
The increasing government investments for supporting smart meter installation in end use sectors like commercial, residential, and industrial are likely to boost the smart meters market revenue over the forecast period.
Opportunities
Communication Network Infrastructure Development to offer Robust Opportunities
The continuous and ongoing communication network infrastructure development contributes towards the manufacturing of advanced and innovative level of smart meters. Besides, the availability of network infrastructure like 4G, 5G, radio frequency, and others propels the development of smart meters. Manufacturers are constantly engaged in the production of advanced level of smart meters as per the growing network infrastructure which is likely to offer robust market opportunities in the forecast period.
Restraints
High Installation & Maintenance Cost to act as Market Restraint
The high installation & maintenance cost of smart meters is likely to act as key market restraints over the forecast period. Besides, the device’s compatibility issue is another cause of restraint that may impede market growth.
Challenges
Lack of Awareness to act as Key Market Challenge
The absence of awareness regarding the benefits of smart meters coupled with demand for mobilization may act as a key market challenge over the forecast period.
Market Segmentation
- By Type
By type, the water meters segment will lead the market over the forecast period for the increasing demand to monitor and optimize water consumption, increase need for accurate billing, increase in investment interest in digitalization of electrical systems, efforts to expand grid infrastructures, and increasing demand for electricity from residential and commercial sectors.
- By Technology
By technology, the automatic metering infrastructure segment will dominate the market over the forecast period as this is the most rapidly rising technology.
- By Application
By application, the residential segment will spearhead the market over the forecast period for increasing power consumption, economic and technological advances, and growing government support for mandatory smart meter rollout projects.
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Regional Analysis
APAC to Have Lions Share in Smart Meters Market
The Asia Pacific region will have the lions share in the market over the forecast period. Growing demand in economically powerful countries like Thailand and India, increasing adoption in China, growing emphasis to reduce carbon emissions from utility operations, effective integration of DER like wind and solar power for improved power sector operations, the high adoption of smart technology in power grid infrastructure, increasing challenges like aging T&D infrastructure, growing smart city projects in Thailand, India, and China, the growing need for energy owing to improvements in lifestyles and escalating population level, and increase in investment in T&D are adding to the global smart meters market growth in the region. The region will grow at a 9.91% CAGR.
Key Players
Eminent players profiled in the global smart meters industry report include Siemens AG. (Germany), Landis+Gyr (Switzerland), Schneider Electric (France), Aclara Technologies LLC (U.S.), Zenner (Germany), Xylem, Inc. (U.S.), Honeywell International Inc. (U.S.). Itron Inc. (U.S.), EDMI (Singapore), Apator Group (Poland), Badger Meter, Inc. (U.S.), DIEHL Metering (Germany), and Kamstrup A/S (Denmark) among others.
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