Global Smart Electricity Metering Growth Opportunities

Global Smart Electricity Metering Growth Opportunities

This global smart electricity meter market research provides insights into the latest developments in the market, including forecasts on unit shipment and associated revenue for all major regions. The global smart meter market was affected in 2020 and 2021 by pandemic-induced delays and disruptions and supply chain bottlenecks brought on by a global shortage in electronic and technical components. However, the market is expected to recover and grow beyond pre-COVID levels by 2023, with accelerated rollouts of smart meter implementation projects underway in several regions across the globe. China occupies a leading position in smart meter implementation, accounting for more than half of the global market as it proceeds with its eight-yearly replacement cycle. Various pockets of Europe have already launched large-scale pilots and begun installing second-generation smart meters.

Key European markets for this industry are Italy, France, and the United Kingdom, followed by Germany and Austria. Europe leads the second wave of metering, with Italy and Sweden in line to replace existing meters and Finland and Denmark in the initial stages of second-generation rollouts. Second-generation metering in the United States, Canada, Japan, Italy, the Netherlands, Slovenia, Spain, and the Nordic countries will drive market growth. India will feature prominently among the Asian markets, registering significant growth, while Malaysia and Singapore will be mature markets before the end of the decade.

Smart meters enable real-time information for home energy management and analytics, electric vehicle (EV) integration, local consumption management, detailed monitoring of low voltage grid, voltage and power information, optimized power management, and predictive asset maintenance. These solutions will be crucial to justify the big data and artificial intelligence (AI) investments being made by utilities and generate timely and actionable insights.

The study lists the countries that are the key to growth and pinpoints the factors that will drive and restrain the development of this market. It concludes by identifying the key growth opportunities emerging from this market for market stakeholders to leverage.

KEY ISSUES ADDRESSED:

What are the key drivers and restraints for the growth of the smart meter market? What will be their impact during the forecast period?
What is the current penetration level of smart metering in key global markets?
Which regions and countries offer the best prospects for growth during the forecast period?
What are the predominant communication technologies in key markets, and what is the potential for change in the future?
Who are the key participants in the global and regional markets?