Smart Meter Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Smart Meter Market

The smart meter market size was valued at USD 24.53 billion in 2018, and the market is now projected tgrow USD 65.28 billion in 2032 exhibiting a CAGR of 7.23% during the forecast period of 2019-2032.

The Smart Meter Market was affected by the pandemic due tdisrupted production and distribution channels and delayed projects. That said, it alsfostered the development of smart metering solutions since the utility providers aimed at decreasing the number of physical interactions. The Covid pandemic exposed the need for better collection of data for managing resources and billing issues, forcing organizations tlook for contact-free and automated technologies. Since at first, the market is likely tbe slow the demand is expected tgrow in the future because utilities are bound tinvest in digital technologies. This trend is forecasted tincrease with rising interest of governments and industries in sustainable energy systems and development of smart grid.

The ever-rising need for energy and population disposal of the conventional energy resources is pushing governments intembracing sustainable energy management especially smart meters. Such meters act treduce energy wasteful usage, detect faults, and ensure their rectification as soon possible. They alsinform consumers of usage rates and hours of high-power consumption, and they encourage conservation. They give better control over the amount of energy being consumed throughout the supply chain hence enhancing billing. Consequently, many service providers are integrating smart metering systems leading tthe growth of the market.

This has raised the question of diversification towards different forms of power such as renewable sources, cogeneration power plants and district heating, distribution of which requires new grid constructions as well as extend and modifications. New customer segments dictate that utilities have begun deploying smart meters as a way of optimally managing energy usage data flows. These meters are particularly useful for the storage of data, billing, detection of leaks and avoiding energy losses that are of importance tboth users and producers. Therefore, the global market for smart meters is expected texpand at a faster pace in the future years. This trend is due tincreasing needs for advanced energy management solutions as well as cheap solutions.

Comprehensive Analysis of Smart Meter Market

The smart meter market growth is alsincreasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near tthe industry considering the leading supply and demand forces. These segmentations are methodically segregated by type analysis, by technology analysis and by application analysis. By type analysis incudes smart electric meter, smart gas meter, and smart water meter. By technology analysis incudes autmeter reading and advanced metering infrastructure. By application analysis incudes residential, commercial, and industrial.

The Asia Pacific region lead the smart meter market share by benefitting a market size of USD 12.23 billion in 2018 due trapid urbanization.

Top players in the market have their responsibility of power & energy industrial prospectus growth of the retailing industry and the markets. These players include, Siemens, ABB, Kamsturp, Itron, Landis + Gyr, Badger Meter, Diehl, Secure Meter Limited, Aclara Technologies, Sensus, BMETER, Jabil, Honeywell, ZENNER these market players provide a level-playing competitive landscape.

In April 2021, Aclara Technologies LLC announced the implementation of its RF network service for end-to-end advanced metering infrastructure solutions by Austin Utilities, offering service across electric, gas, and water distribution meters with the lowest total cost of ownership.

Segmentation Table

ATTRIBUTE DETAILS

Study Period - 2015-2026

Base Year - 2018

Forecast Period - 2019-2026

Historical Period - 2015-2017

Unit - Value (USD Billion)

Segmentation By Type

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

By Technology

• Automatic Meter Reading
• Advanced Meter Infrastructure

By Application

• Residential
• Commercial
• Industrial

By Geography

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico,and Rest of Latin America)
• Middle East& Africa (South Africa, GCC, and Rest of Middle East & Africa)

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