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Smart Meter Market

Market Insights on Smart Meter covering sales outlook, demand forecast & up-to-date key trends

Smart Meter Market By Product Type (Smart Electric Meter, Smart Gas Meter, Smart Water Meter), Technology (Radio Frequency, Power Liner Carrier) Application (Residential Application, Commercial Application) & Region - Forecast 2022 - 2032

Smart Meter Market Overview

The global smart meter market size was estimated to be worth around US$ 21.1 Billion in 2022. Owing to the rising adoption of smart meters in residential and commercial applications, the overall sales are projected to grow at a robust CAGR of 9.4% between 2022 and 2032, surpassing a valuation of over US$ 42.6 Billion by 2032.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 19.8 Billion

Expected Market Value (2022)

US$ 21.1 Billion

Anticipated Forecast Value (2032)

US$ 42.6 Billion

Projected Growth Rate (2022-2032)

9.4% CAGR

Smart meters are modern electronic devices that measure and record energy, water or gas consumption. They communicate the information to the customer for better clarity of consumption behavior, and electricity suppliers for system monitoring and customer billing. What makes smart meters unique is their ability to enable two-way communication between the meter and the central system.

Deployment of smart meters helps the utility companies to effectively manage energy usage as they (smart meters) can send recorded usage information through power line communication or radiofrequency.

As digitalization and automation begin to take over the world, demand for smart meters is on the rise. They are increasingly replacing traditional meters on account of their ability to provide real time insights of power consumption. Today, smart meters are being installed in majority of the structures whether government or private. They have become essential components of modern smart grid systems.

Smart meters enable homeowners to effectively monitor the power consumption remotely, thereby allowing them to control the power usage and reduce the overall energy bills. Growing focus on developing energy efficient buildings will continue to boost the sales of smart meters.

Exponential growth of building and construction industry across both developed and developing regions due to rapidly growing population is acting as a catalyst for the growth of smart meter market and the trend is likely to continue in the future.

Which are Some Prominent Factors Propelling Growth in Smart Meter Market?

Rising adoption of smart meters in residential and commercial sectors, increasing government initiatives, surge in energy consumption, and growing consumer awareness regarding the importance of home energy management systems (HEMS) are some of the major factors driving the global smart meter market.

Smart meter has gained immense traction on account of their attractive features including automatic meter reading, bill generation, greater transparency, and reduced meter reading costs. They have become essential part of smart grids and are gradually replacing conventional meters in end use verticals such as industries, residential buildings and commercial places.

Different types of smart meters such as smart electric meters, smart gas meters and smart water meters are being deployed to measure electricity consumption, gas flow and water usage. These smart meters also have the ability to detect any fault or leakage in the system. Increasing adoption of these smart meters is a major force behind the robust expansion of smart meter market.

Governments across the world are spending billions of dollars on the installation of smart grids and smart meters, with the aim of improving the efficiency of power networks. Moreover, various new smart city initiatives are being constantly launched worldwide. This will create lucrative growth avenues within the global smart meter market during the forecast period.

Rising energy concerns and increasing electricity bills have prompted people to adopt home energy management systems (HEMS) for managing their energy usage. As smart meters form the core of these systems, increasing deployment of these systems across homes and other building structures will eventually trigger the growth of smart meter market in the future.

Similarly, advancements in software and cloud computing, rising investments in digitalizing grid systems, growing need for addressing energy wastage, and increasing penetration of internet of things are anticipated to support the market growth in the future.

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What are the Challenges Faced by the Smart Meter Industry?

Despite rising penetration of smart meters worldwide, there are certain factors that are becoming impediments for the growth of smart meter market. Some of these factors are regulatory constraints, security concerns, complex nature of smart meters, and rising health concerns of wireless signals used in smart meters.

Many low-income households particularly across Asia and African regions are showing their resistance against the deployment of smart meters due to the high bills. This is also impacting the market growth.

Why is Asia-Pacific Emerging as an Opportunistic Market for Smart Meters?

With rising government initiatives for deploying smart meters across residential and commercial sectors, Asia Pacific is projected to emerge as the most lucrative market for smart meters over the forecast period.

Smart meters are gradually revolutionizing the way consumers use electricity, water ang gas. They enable homeowners and industrialists to manage their usage and save costs.

Leading Asia Pacific Countries such as China and India are continuously installing smart meters in residential and industrial buildings for achieving a cleaner and more efficient energy system. Various new projects are being launched by governments to encourage the adoption of smart meters. For instance, in 2021 Indian government launched the Revamped Distribution Sector Scheme (RDSS), under which 25 crore smart prepaid meters will be deployed till march 2025.

Increasing population and rapid urbanization across Asia Pacific is anticipated to further expand the smart meter market size over the forecast period. In addition to this, privatization of electricity across these regions is also favoring the adoption of smart meters.

Nikhil Kaitwade
Principal Consultant
LinkedIn
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How is Western Europe Contributing to Growth of the Smart Meter Market?

According to Future Market Insights, Western Europe is expected to provide immense growth opportunities for the smart meter providers during the forecast period, owing to the rising government initiatives to replace traditional meters, rapid urbanization, growing consumer awareness and presence of leading market players.

European countries such as France and the U.K. are launching pilot project for the rollout of smart meters. According to the European Commission's study, by 2024, around 225 million smart meters for electricity and 51 million for gas will be rolled out in the EU by 2024. Furthermore, it is estimated that about 77% of European consumers will have smart electric meters and 44% will have smart gas meters by 2024.

Adoption of smart meters helps in the better management of electricity, water and gas consumption and increases transparency in billing.

Market Competition

Some of the key participants present in the global smart meter market include Aclara Technologies LLC., Eister Group GmbH, Echelon Corporation, General Electric, Iskraemeco d.d, Itron, Holley Metering Limited, Kamstrup A/S, Landis+Gyr, and Sensus among others.

The global smart meter market is highly competitive in nature with leading players continuously introducing new products that are more efficient and reliable. They are collaborating with governments to supply smart meters for specific regions.

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Scope Of Report

Report Attribute

Details

Growth Rate

CAGR of 9.4% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Product Type
  • Technology
  • Application
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Aclara Technologies LLC.
  • Eister Group GmbH
  • Echelon Corporation
  • General Electric
  • Iskraemeco d.d
  • Itron
  • Holley Metering Limited
  • Kamstrup A/S
  • Landis+Gyr
  • Sensus

Customization

Available Upon Request

Key Segments Profiled in the Smart Meter Industry Survey

By Product Type:

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

By Technology:

  • Radio Frequency (RF) 
  • Power Liner Carrier (PLC)

By Application:

  • Residential Application  
  • Commercial Application

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

As per FMI, the global smart meter market is anticipated to grow a healthy CAGR of around 9.4% over the forecast period.

Asia Pacific is likely to emerge as the most lucrative market for smart meters during the forecast period.

Aclara Technologies LLC., Eister Group GmbH, Echelon Corporation, General Electric, Iskraemeco d.d, Itron, Holley Metering Limited, Kamstrup A/S are some prominent smart meter manufacturers.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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