Smart Meters Market by Growing Investment in Smart Grid Projects
New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Meters Market Research Report: Information, by Type, Application, Technology, and Region- Forecast till 2027, the market is anticipated to acquire a valuation of approximately USD 31,181.3 million by the end of 2027. The reports further predict the market to flourish at a robust CAGR of over 8.15% during the assessment timeframe.
Smart Meters Market Overview:
Smart meters refer to the next-generation meters for electricity and gas. They are known to be an alternative to standard meters using technology generated decades ago. They need households to monitor their readings and deliver them to suppliers if they want accurate bills. Smart meters installment has allowed the deployment of a Building Energy Management System (BEMS) or Home Energy Management System (HEMS), allowing the visualization of the electric power use in entire buildings or individual homes. The global smart-meter market has increased in the last few years. The central aspect supporting the growth of the smart meters market is the increasing investment in smart grid projects.
The list of prominent leaders across the global market for smart meters includes companies such as:
Apator SA. (Poland)
EDMI Limited (Australia)
Schneider Electric (France)
Itron, Inc. (US)
Siemens AG (Germany)
Badger Meter, Inc. (US)
ZENNER International GmbH & Co. KG (Germany)
Honeywell International Inc. (US)
Diehl Stiftung & Co. KG (Germany)
Aclara Technologies LLC (US)
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Furthermore, the growing number of supportive government initiatives is another prime aspect boosting the growth of the market. Moreover, the rising demand for efficient energy use is also likely to catalyze the growth of the regional market over the coming years. scope across the emerging economies and developments in the technology are also predicted to boost the growth of the demand for smart meters across the globe over the review timeframe. On the other hand, the high initial capital investment may restrict the market's growth over the assessment era.
Revenue forecast in 2027
USD 31,181.3 Million
CAGR of 8.15% from 2022 to 2027
Key Market Opportunities
Key Market Drivers
Growing investment in smart grid projects
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Market USP Covered
The global smart meters market has grown massively in recent times, given the aspects such as rising investments in smart grid projects, technological developments, scope across emerging countries, a growing number of supportive government initiatives, and requirements for efficient energy usage.
On the other hand, the high initial capital investment may restrict the market's growth over the review era.
The global health crisis in the form of the COVID-19 pandemic has impacted the majority of the industry sectors across the globe. The social distancing norms and travel restrictions imposed by the governments across the globe led to causing massive disruptions in the manufacturing operations of various industries. On the other hand, with the rapid vaccination rates, the global market for smart meters is anticipated to witness substantial growth over the coming years.
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Smart Meters Market Segment Analysis
Among all the phases, the three-phase sub-segment is predicted to secure the top position across the global market for smart meters over the review timeframe. The rising deployment in industrial and commercial applications is the central aspect supporting the segment's growth. These meters can handle more load and offer the flexibility to split the load into three different phases. Moreover, the rising number of industries and commercial buildings is another prime parameter boosting the deployment of three-phase electric meters. In addition, the advantages of flexibility offered by the three-phase electric meters are another way to boost industrial applications.
Among all the end-users, the residential end-use segment is anticipated to dominate the global market for smart users over the assessment era. The commercial end-use section comprises aligned infrastructures and commercial buildings like small to large shopping complexes, offices, residential lodges, and hotels. On the other hand, the commercial end-use segment is predicted to witness the highest CAGR over the coming years. the segment's growth is credited to the aspects such as regulatory and administrative framework and growing awareness regarding reducing energy consumption.
Among all the technologies, the AMI systems segment is predicted to lead the global smart meters market over the assessment era. The segment's growth is credited to the aspects like rising investments across the expansion of renewable energy networks, continuing efforts toward developing grid infrastructure, and numerous key features.
Smart Meters Market Regional Analysis
The global market for smart meters is studied across five major regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
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According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top position across the global smart meters market over the coming years. the region is comprised of nations such as South Korea, India, Japan, China, and the Rest of Asia-Pacific. The prime aspect supporting the growth of the regional market is the growing number of smart city projects across nations such as Japan, China, and India. Furthermore, the growing demand for energy across the region, given the rising population and improvement in lifestyle across the region, is anticipated to boost the growth of the regional market over the review era. In addition, these aspects have caused a rise in investment in T&D (Transmission & Distribution), boosting the market's demand across the region. Moreover, the rising electricity theft rates across the nations like Japan and India have been dealt with to defeat the problem by installing smart meters. In addition, the presence of leading players such as EDMI, Landis+ Gyr, and other local firms is included in collaboration with international and domestic metering vendors, thus providing the potential for the smart meters market.
The South American and, Middle East & Africa smart meters market will likely exhibit substantial growth over the review timeframe. The regions are at a primary level of adoption of smart meters, as the majority of the nations across the region are not entirely developed. The electricity meters are primarily implemented across the region, followed by water and gas meters. Furthermore, the growing technology usage across various end users is anticipated to generate smart meters market growth.
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