The global smart meters market is a continually growing space. Factors driving the market growth include rising government initiatives and mandates to implement smart meters in households and commercial applications in recent times.
Besides, spreading awareness about the advantages of smart meters boosts the market size. Major players such as Landis+Gyr and Itron play a significant role in the development of the market.
According to Market Research Future (MRFR), the global smart meters market valuation to reach USD 40.85 Billion by 2032, registering a CAGR of 8.20% during the review period (2023 – 2032). Vast developments in infrastructure and implementations of smart grids positively impact the growth of the smart meters market.
However, compatibility issues in smart meters adoption are hindering the growth of the smart meters market. Nevertheless, advancements in technology would support the market growth throughout the assessment period, eliminating the issues mentioned above with advanced communication networks.
Global Smart Meters Market - Segments
The smart meters market report is segmented into type, technology, application, and region. The type segment is sub-segmented into electric meters, gas meters, and water meters.
Among these, electric meter is the largest type segment. The segment would grow further at a massive 55.6% CAGR, while the gas meter segment is projected to register at a 9.56% CAGR during the forecast period.
The technology segment is sub-segmented into automatic meter reading (AMR), advanced metering infrastructure (AMI), and others. Of these, the AMI technology segment accounts for the largest market share due to the high utility of these technologies. The segment is likely to grow at a 9.77% CAGR during the review period.
The application segment is sub-segmented into commercial, industrial, and residential. The residential sector segment accounts for the largest market share. The residential segment is estimated to rise at a 9.81% CAGR during the assessment period.
Global Smart Meters Market - Regional Analysis
The Asia Pacific region dominates the global smart meters market. The largest market share attributes to the rise in smart city projects and energy demand due to the rapid economic growth and expanding population across the region. Besides, technological advances and surging T&D and demand levels promote the growth of the regional market. China and India are the largest smart meters market, contributing to the regional market significantly.
Europe seizes the second-highest share in the global smart meters market. Factors such as growing production capacities and smart meter manufacturers in the region drive the growth of the market. Additionally, increasing demand for power, escalating population levels & lifestyle changes, regulatory changes, and increasing consumer capacity and push the regional market growth. The European smart meters market is estimated to grow at a 9.91% CAGR during the assessment period.
The smart meters market in North America is growing rapidly. Factors such as increasing investments in smart meters sectors and the rising grid development projects across the region boost the market growth. Furthermore, power transmission & distribution foster smart meter market growth, increasing smart grid technology. The significant expansion in the industrial sector and government initiatives to increase overall energy generation capacities in the region propel the market growth.
Global Smart Meters Market - Competitive Analysis
The Advanced metering infrastructure market appears highly competitive and diversified, with the presence of many well-established players having a global presence. Mergers & acquisitions, collaboration, expansion, and technology/product launches remain the key trends for leading players in the smart camera market.
Major Players
· 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)
Industry/ Innovation/ Related News:
March 15, 2021 ---- Vertexcom Technologies Inc. (the US), an IoT and smart grid communication chip design company announced its partnership with Pelion, a leading connected device service provider, to support its customers with IoT networks and devices management services.
Vertexcom Wi-SUN FAN certified products include smart electricity meters, water meters, gas meters, smart grid, and smart meter infrastructure (AMI), etc.
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