Smart Meter Market

Global Smart Meter Market Size (2023 to 2028)

The global smart meters market is expected to be worth 19.6 billion USD in 2023. It is expected to grow at a CAGR of 9.0% during the forecast period and reach a value of 30.16 billion USD by 2028.

Smart meters are electronic devices that track how much power, gas, and water are used. These intelligent meters may convey usage data via power line communication, radiofrequency electromagnetic radiation (RF), and cellular connection, allowing the utility to regulate energy consumption better. Smart meters provide organizations and consumers with several advantages, including lower meter reading costs, the prevention of disconnection, the elimination of billing inefficiencies, and lower reconnection expenses. Smart meters are also being adopted globally for various developments. Their two-way features allow both the utility supplier and the user to track utility usage in real time and encourage the supplier to start/read/cut off supplies remotely. These technologically advanced meters show real-time energy consumption and provide deeper insights into energy consumption. They employ a secure, innovative data network to communicate measurements to the energy supplier automatically and wirelessly, resulting in correct bills rather than projected costs. According to the current market trend, the smart electric meter plays a vital role in the industrial, residential, manufacturing, and commercial sectors since it measures the amount of energy consumed by customers. By upgrading the power infrastructure to smart meters, the power industry is moving further towards clean energy. This allows utilities to improve the resilience and operation of the grid and gain more insight into system operation, thus avoiding confusion.

Market Drivers:

There are several factors that proved to be the market drivers for the Smart Meter Market; the primary market driver for the Smart Meter Market is cost savings. Smart Meters can reduce the cost of bills and help in savings; this can be done by keeping a detailed track of the resources and energy consumption using which the energy-intensive appliances can be monitored and regulated, which will affect the costs. This also helps to understand if there are any leakages in the system if unusual numbers show on the reading scale of the Smart Meter. Due to these factors of utility management, the acceptance and adoption of Smart Meters are rising, which propels the market shares. Initiative steps by government bodies to reduce carbon emissions are accelerating the market growth rate to an extent.  

Market Restraints:

The major restraint for the Smart Meter Market is the high initial cost of installation and maintenance. This includes configuring the Smart Meter system to the existing infrastructure, which can be costly despite helping to save the costs after the installation. Consumer acceptance is also another problem for the Smart Meter Market, as people are unaware of the use and benefits of the Smart Meters, which causes resistance by the consumers, which is a major restraint for the Smart Meter Market. The outdated infrastructure can be another reason that might impact the shares of the Smart Meter Market. Smart Meter Market Opportunities: The Smart Meter Market is still relatively new and growing, to the increase in adoption of these technologies has opened new opportunities for the Smart Meter Market. The use of AI and machine learning can be integrated to make the Smart Meter track and automatically manage the consumption of resources and energy with real-time live tracking and send notifications and updates to the main system. This system can then interact with other smart features and appliances.

REPORT COVERAGE:

This research report on the global smart meter market has been segmented and sub-segmented into the following categories.

Global Smart Meter Market - By Product Type:

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

In 2022, Smart Electric Meters accounted for the largest share of the Smart Meter Market, owing to government initiatives to roll out smart electric meters to every household in order to reduce energy consumption by closely monitoring it, as well as growing demand for reducing carbon emissions globally. With the rise in electric car charging and the incorporation of renewable energy into the grid, smart electric meters also help to preserve grid stability.

Global Smart Meter Market - By Technology:

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

The market is divided into advanced metering infrastructure (AMI) and auto meter reading (AMR). Because of the benefits given by advanced metering infrastructure, the deployment of these meters has increased in recent years. The main distinction between advanced metering infrastructure and auto meter reading smart meters is two-way communication between customers and the electric business. AMR still has a higher percentage of installations in each Region; however, it is being phased out in favor of AMI.

Global Smart Meter Market - By End User:

• Residential
• Commercial
• Industrial

In 2020, the residential category held the most significant share of the smart meter market by end-user. The increased usage of household appliances such as air conditioners, televisions, lighting, refrigerators, ceiling fans, fabric washers, dishwashers, personal computers, and heating and air-conditioning equipment in residential buildings is driving demand for smart meters in the residential sector. Utilities are investing in smart meters to improve grid resiliency and operations by addressing the dynamic market for electricity from the activities of this equipment. Smart meters also aid in the home sector's integration of distributed energy resources (DERs), energy storage technologies, and EV charging stations.

Global Smart Meter Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Due to the increasing deployment of smart meters to reduce unexplained electricity losses and introduce tariff plans based on client usage, Asia Pacific now owns the most significant market share in the global industry. China has the Smartest Meter implementation in the Asia Pacific area and globally. Smart electricity meters are becoming more popular with the removal of manual meter readings and direct connection between the electric provider and the end-user.

The market in North America is expected to rise at a rapid pace. The key reason driving growth in the Region is replacing existing electric meters and the widespread deployment of new smart meters. North America has experienced a tremendous increase in the implementation of smart meters in recent years. The United States has dominated the Region, followed by Canada. The increased adoption of renewable energy sources in Europe is also making it a promising market. The strong presence of top players in the smart meter market also drives the demand for smart meters over traditional ones.

KEY MARKET PLAYERS:

Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDM, Holley Metering Limited, Neptune Technology Group Inc., Sensus, Honeywell International Inc.

RECENT HAPPENINGS IN THE MARKET:

• After clinching multibillion-dollar deals for Jio Platforms and Reliance Retails, Reliance Industries Ltd.’s sights on the smart power meter industry. The company's Advanced Metering Infrastructure (AMI) business model follows the world's largest power smart metering scheme, which is now underway in India.
• Smart meters are part of the Advanced Metering Infrastructure (AMI) solution, which measures and records users' electricity usage at various times and sends this data to the energy supplier using over-the-air communication technology.