Global Smart Meter Market is expected to foresee significant growth. Asia-Pacific to lead the growth

Global Smart Meter Market is expected to reach the market valuation of US$ 40.6 billion by 2027 expanding at a reasonable CAGR of 7.1% during the forecast period (2021-2027) from US$ 24.6 billion in 2020. Owing to the increased government spending and digitalization of energy sector paired with rising urbanization rate majorly in the developing regions, market for smart metering solutions is expected to grow at a rapid pace during the forecast period.

Power and utility industry is experiencing a technological shift, as the overall demand for traditional metering systems is disappearing away and a massive shift toward digital technologies such as smart meters is taking the center stage. Smart metering solutions have ascertained to be a boon to consumers who get a freedom of monitoring and regulating their power usage. Smart meter rollouts are predominantly driven by governmental support and subsidies, are further driven by the increasing demand for improved billing accuracy and curb non-technical losses. Globally, the overall demand for smart metering solutions is on a rise, with countries around the global are modernizing their power grid. Smart meters are expected to be the desirable solutions for the utility sector for nourishing customer-brand relationships and customers would be befitted as they would be able to monitor their energy consumption patterns on a regular basis. For instance, in 2018, Itron launched Smart Meter named “Intelis gas meter”. The new gas meter transforms the gas distribution network from one-way delivery mechanism to an interactive energy network delivering gas more safely and ef?ciently.   

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The increasing time spent at home due to nationwide lockdown has increased the energy consumption among residential end-users, leading to significant and complex shifts in energy demand. However, with decreased power demand from the industrial sector, it is estimated that there would be very low investments from the utility companies to replace the old age grid infrastructure and new installations of smart metering solutions. Furthermore, the investments for grid modernization are also expected to witness slow growth during this period. As per the IEA Energy Efficiency Report 2020, countries around the world are preferring the use of more efficient energy source. Electricity use among the residential sector in the first half of 2020 witnessed an increase of 20%, compared to a decline of 10% among the commercial sectors. Temporarily postponed meter installations due to Covid-19 had a slightly negative impact on shipment levels in 2020, also the total number of smart meters installed in 2020, declined by 10% compared to the previous year 2019. Annual smart electricity meter shipments amounted to 20.9 million units in 2019 and the corresponding figure for Smart Gas Meters was 8.5 million units

Based on technology the global smart meter market is bifurcated into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). Currently, Automated Meter Reading (AMR) segment dominate the market and is expected to maintain its dominance during the forecast period. Based on type the global smart meter market is segmented into Smart Electric Meter, Smart Gas Meter, Smart Water Mater. In 2020, Smart Electric Meter segment dominated the market.

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Based on communication technology the market is divided into Power line communication, Radiofrequency electromagnetic radiation (RF), Cellular communication.  Based on component, the market is bifurcated into Hardware and software component. Hardware segment dominated the market in 2020. Furthermore, Smart Meter manufactures are focusing more on reducing the hardware component with high level of system integration and simplifying design, this would further accelerate the market growth. Based on end-user the market is bifurcated into residential, commercial, and industrial end-users. Currently residential segment dominates the market and is expected to maintain its dominance during the analyzed period. Developing countries in the North America and European region are deploying Smart Meter on large scale in the households, this would further drive the market for residential Smart Meter.

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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Netherlands, Spain, United Kingdom, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. Europe has emerged as a major hub for smart meter, providing ample growth opportunities for the manufacturers, as smart metering is mandatory in the UK and across Europe. Furthermore, over the forecast period, emerging markets in the MEA region are estimated to be at the forefront of smart meters deployment as a reliable source of energy supply & management. North America and Asia-Pacific (Specifically China) would be the top two market for smart metering solutions, owing to proactive deployment of smart grid solutions in countries such as US, India, and China. Some of the major players operating in the market include Honeywell International, Itron, Landis+Gyr, Apator Group, Diehl Metering, Elster Group, Southern California, Schneider Electric, Siemens AG, Badger Meter.

Global Smart Meter MarketSegmentation

Market Insight, by Technology

  • Automated Meter Reading (AMR)
  • Advanced Metering Infrastructure (AMI)

Market Insight, by Type

  • Smart Electric Meter
  • Smart Gas Meter
  • Smart Water Mater

Market Insight, by Communication Technology

  • Power line communication
  • Radiofrequency electromagnetic radiation (RF)
  • Cellular communication

Market Insight, by Component

  • Hardware
  • Software

Market Insight, by End-User

  • Residential
  • Commercial
  • Industrial

Market Insight, by regions

  • North America Smart Meter Market
    • United States
    • Canada
    • Rest of North America
  • Europe Smart Meter Market
    • Germany
    • United Kingdom
    • France
    • Netherlands
    • Spain
    • Rest of Europe
  • Asia-Pacific Smart Meter Market
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World Smart Meter Market

Top Company Profiles

  • Honeywell International
  • Itron
  • Landis+Gyr
  • Apator Group
  • Diehl Metering
  • Elster Group
  • Southern California
  • Schneider Electric
  • Siemens AG
  • Badger Meter