Market Overview
The smart-meter market size was estimated to be worth $ 20.1 billion in 2022. It is anticipated to increase to $ 40.85 billion by 2032, with a CAGR of 8.20% between 2023 and 2032.
Smart meters are technological tools that track how much power, gas, and water are used. These smart meters may transmit usage data via cellular, radiofrequency electromagnetic radiation (RF), plus power line communication, assisting the utility provider in efficiently managing energy consumption.
Smart meters provide a wide range of advantages, including lower meter reading costs, prevention of disconnection, elimination of billing inefficiencies, and lower reconnection costs for businesses and households.
Key Companies in the Smart Meters market include
- 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)
Market Segmentation
By Type
Electric Meter
The utility system receives this information through the electric meters, which track electricity consumption. As consumers' propensity for energy savings during peak hours grows, installing these devices reduces CO2 emissions worldwide.
Gas Meter
Smart ultrasonic gas meters and smart diaphragm gas meters are the two different varieties of smart gas meters. The growth of residential plus light commercial structures contributes to the popularity of smart diaphragm gas meter types.
Water Meter
A smart water meter is an integrated device that allows users to monitor and diagnose consumption issues, spot maintenance difficulties continuously, and offer information to track usage trends properly.
By Technology
Advanced Metering Infrastructure (AMI)
Smart meters, data management systems, and communication networks are all integrated by advanced metering infrastructure (AMI). It facilitates two-way communication between utilities and customers.
Automatic Meter Reading (AMR)
AMR transfers consumption information to the utilities by automatically gathering it from a water meter or energy metering device. Instead of using estimations based on past consumption, AMR billing could be based on the use occurring in close to real-time.
By Application
Residential
The residential sector greatly benefits from smart electric meters, which track consumer energy. Apartments within suburban and metropolitan locations and standalone autonomous homes are two application areas for smart meters in the residential market.
Commercial
Another significant commercial application use has been addressed in the industry's application segment. Governments are increasingly concentrating on building better infrastructure to benefit the entire nation and the general populace. The stream of investment begins with infrastructure building & construction reasons.
Industrial
Construction is in more demand due to the quick industrialization of nations like India, China, and Brazil. This increased demand for smart metering technology because of its added advantages, like improved electricity transmission efficiency and decreased peak demand, contributing to cheaper electricity rates.
Regional classification
Smart Meters Market Size North America, Europe, Asia-Pacific, as well as the Rest of the World make up the regional segments of the worldwide smart meter market.
Asia-Pacific
South Korea, China, India, Japan, and the rest of Asia-Pacific make up Asia-Pacific. The smart meter market's growth is driven by the expansion of smart city projects in nations like India, China, and Japan.
Rest of the World
The Middle East, Africa, plus South America are included in the rest of the world. Due to the underdeveloped state of the majority of the nation in this area, smart meters are adopted there.
Industry news
Government regulations and incentives for installing smart meters are the main factors driving the smart meter business. Investments are anticipated to be stimulated by energy utilities' remarkable expansion plans, net-zero aspirations, and ambitious renewables plans.
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