Smart Meters Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028
Global Smart Meters Market is expected to grow at a rapid CAGR, owing to increased advancements in transmission and distribution infrastructure as well as increased investments in smart grid projects. Increasing government restrictions on the use of water, electricity, and gas along with increasing pressure to conserve natural resources are anticipated to have a positive impact on the global smart metres market over the course of the forecast period.
An electronic device known as a smart meter records electric energy consumption at intervals of no more than an hour and transmits that data to the utility at least once per day for billing and monitoring purposes. Smart metres allow for bidirectional communication between the metre and the central system. Smart metres capture location-specific data, enable utilities to set different consumption rates depending on usage at different times of day and throughout the year. Smart Meters is designed to automatically charge customers when electricity generation is restricted for any reason and must be purchased from another generator company (genco).
Due to the rapid adoption of various technologies in environment, the need for power, or electricity, is currently growing exponentially. As a result, the need for quick power outages has been a concern for both developing and developed nations. The solution was inferred as buyers and individuals monitoring daily usage in respective locations.
Blackout and Utility failure driving the market of smart meters
Power systems are among the most complex systems and are crucial to modern life. The modernization, economic, political, and social aspects are all directly impacted. There are several control and protection techniques needed to operate such systems in a stable mode. Power systems still experience emergency and malfunctioning situations, even though modern systems are outfitted with several protection schemes designed to prevent unforeseen events and power outages. Even a small portion of the system is in danger during the most serious emergencies. If the emergency is not handled properly, the power system is likely to experience cascading failures, potentially leading to a blackout. Thus, to avoid the blackout and utility failure there is a need for smart meters. Smart metres reduce power outages and restore time, and they are useful for both single and multiple events. Smart metre data can be used in mapping and analytical applications to ensure that the electrical maps in the OMS are accurate for the most precise predictions and to help prevent future power outages.
Increase in smart city projects
The demand for smart devices has been driven by the acceleration of cloud computing and analytics research as well as a boom in electronics innovation. The market for smart meters has expanded because of the increasing smart city initiatives being undertaken by governments around the world. The smart grid market has been driven by the expansion of remote power grid monitoring and control, which in turn has increased demand for meters. Some of the government initiatives for the smart city are, in India development of "Smart City Mission" initiative in 2015. The initiative received USD 28.31 million total investments in 2020, out of which 5,331 projects worth USD 24.31 billion were put out to bid. As of 2020, 2,122 projects totaling USD 4.83 billion dollars were finished, out of 4,540 projects with work orders totaling 19.33 million dollars.
High installation and deployment cost
The cost of installation and deployment for the new smart metres is high. The deployment is hampered by managing network loss and theft as well as the need to replace the outdated conventional metering infrastructure, which is expensive. Such scenarios result in a quick profit from mass rollouts. Problems such as the need for extensive worker training for installations, the need for cyber security, and a lack of consumer awareness all have a negative impact on the market.
Market Segmentation
Global Smart Meters Market can be segmented by Technology, which is further divided into Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI), By Type it is further divided into Energy, Water and Gas, By Application it is further divided into Industrial, Commercial, and Residential.
Market Players
Some of the leading players in Global Smart Meters Market are Landis+Gyr Group AG, Itron, Inc., Elster Group GmbH, Sensus USA Inc., Hubbell Incorporated, Diehl Stiftung & Co. KG, Emerson Process Management LLP, Badger Meter, Inc., Flonidan A/S, Schneider Electric SE, etc.
Report Scope:
In this report, the Global Smart Meters Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Smart Meters Market, By Technology:
- Automatic Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
- Global Smart Meters Market, By Type:
- Electric
- Gas
- Water
- Global Smart Meters Market, By Application:
- ndustrial
- Commercial
- Residential
- Global Smart Meters Market, By Region:
- North America
- United States
- Mexico
- Canada
- Asia-Pacific
- India
- Japan
- South Korea
- China
- Australia
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Middle East
- Saudi Arabia
- South Africa
- UAE
Company Profiles: Detailed analysis of the major companies present in the Global Smart Meters Market.
Company Information
- Detailed analysis and profiling of additional market players (up to 10).
- 1. Product Overview
- 2. Research Methodology
- 3. Impact of COVID-19 on Global Smart Meters Market
- 4. Executive Summary
- 5. Voice of Customers
- 6. Global Smart Meters Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Value
- 6.2. Market Share & Forecast
- 6.2.1. By Technology (Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI))
- 6.2.2. By Type (Energy, Water, and Gas)
- 6.2.3. By Application (Industrial, Commercial, and Residential)
- 6.2.4. By Region
- 6.3. By Company (2022)
- 6.4. Market Map
- 7. North America Smart Meters Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Value
- 7.2. Market Share & Forecast
- 7.2.1. By Technology
- 7.2.2. By Type
- 7.2.3. By Application
- 7.2.4. By Country
- 7.3. North America: Country Analysis
- 7.3.1. United States Smart Meters Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.1.1. By Value
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Technology
- 7.3.1.2.2. By Type
- 7.3.1.2.3. By Application
- 7.3.2. Canada Smart Meters Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.1.1. By Value
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Technology
- 7.3.2.2.2. By Type
- 7.3.2.2.3. By Application
- 7.3.3. Mexico Smart Meters Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.1.1. By Value
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Technology
- 7.3.3.2.2. By Type
- 7.3.3.2.3. By Application
- 8. Asia-Pacific Smart Meters Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Value
- 8.2. Market Share & Forecast
- 8.2.1. By Technology
- 8.2.2. By Type
- 8.2.3. By Application
- 8.2.4. By Country
- 8.3. Asia-Pacific: Country Analysis
- 8.3.1. China Smart Meters Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.1.1. By Value
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Technology
- 8.3.1.2.2. By Type
- 8.3.1.2.3. By Application
- 8.3.2. India Smart Meters Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.1.1. By Value
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Technology
- 8.3.2.2.2. By Type
- 8.3.2.2.3. By Application
- 8.3.3. Japan Smart Meters Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.1.1. By Value
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Technology
- 8.3.3.2.2. By Type
- 8.3.3.2.3. By Application
- 8.3.4. South Korea Smart Meters Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.1.1. By Value
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Technology
- 8.3.4.2.2. By Type
- 8.3.4.2.3. By Application
- 8.3.5. Australia Smart Meters Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.1.1. By Value
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Technology
- 8.3.5.2.2. By Type
- 8.3.5.2.3. By Application
- 8.3.6. Singapore Smart Meters Market Outlook
- 8.3.6.1. Market Size & Forecast
- 8.3.6.1.1. By Value
- 8.3.6.2. Market Share & Forecast
- 8.3.6.2.1. By Technology
- 8.3.6.2.2. By Type
- 8.3.6.2.3. By Application
- 8.3.7. Malaysia Smart Meters Market Outlook
- 8.3.7.1. Market Size & Forecast
- 8.3.7.1.1. By Value
- 8.3.7.2. Market Share & Forecast
- 8.3.7.2.1. By Technology
- 8.3.7.2.2. By Type
- 8.3.7.2.3. By Application
- 9. Europe Smart Meters Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Value
- 9.2. Market Share & Forecast
- 9.2.1. By Technology
- 9.2.2. By Type
- 9.2.3. By Application
- 9.2.4. By Country
- 9.3. Europe: Country Analysis
- 9.3.1. Germany Smart Meters Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.1.1. By Value
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Technology
- 9.3.1.2.2. By Type
- 9.3.1.2.3. By Application
- 9.3.2. United Kingdom Smart Meters Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.1.1. By Value
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Technology
- 9.3.2.2.2. By Type
- 9.3.2.2.3. By Application
- 9.3.3. France Smart Meters Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.1.1. By Value
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Technology
- 9.3.3.2.2. By Type
- 9.3.3.2.3. By Application
- 9.3.4. Italy Smart Meters Market Outlook
- 9.3.4.1. Market Size & Forecast
- 9.3.4.1.1. By Value
- 9.3.4.2. Market Share & Forecast
- 9.3.4.2.1. By Technology
- 9.3.4.2.2. By Type
- 9.3.4.2.3. By Application
- 9.3.5. Spain Smart Meters Market Outlook
- 9.3.5.1. Market Size & Forecast
- 9.3.5.1.1. By Value
- 9.3.5.2. Market Share & Forecast
- 9.3.5.2.1. By Technology
- 9.3.5.2.2. By Type
- 9.3.5.2.3. By Application
- 9.3.6. Poland Smart Meters Market Outlook
- 9.3.6.1. Market Size & Forecast
- 9.3.6.1.1. By Value
- 9.3.6.2. Market Share & Forecast
- 9.3.6.2.1. By Technology
- 9.3.6.2.2. By Type
- 9.3.6.2.3. By Application
- 9.3.7. Denmark Smart Meters Market Outlook
- 9.3.7.1. Market Size & Forecast
- 9.3.7.1.1. By Value
- 9.3.7.2. Market Share & Forecast
- 9.3.7.2.1. By Technology
- 9.3.7.2.2. By Type
- 9.3.7.2.3. By Application
- 10. South America Smart Meters Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Value
- 10.2. Market Share & Forecast
- 10.2.1. By Technology
- 10.2.2. By Type
- 10.2.3. By Application
- 10.2.4. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Smart Meters Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.1.1. By Value
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Technology
- 10.3.1.2.2. By Type
- 10.3.1.2.3. By Application
- 10.3.2. Argentina Smart Meters Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.1.1. By Value
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Technology
- 10.3.2.2.2. By Type
- 10.3.2.2.3. By Application
- 10.3.3. Colombia Smart Meters Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.1.1. By Value
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Technology
- 10.3.3.2.2. By Type
- 10.3.3.2.3. By Application
- 10.3.4. Peru Smart Meters Market Outlook
- 10.3.4.1. Market Size & Forecast
- 10.3.4.1.1. By Value
- 10.3.4.2. Market Share & Forecast
- 10.3.4.2.1. By Technology
- 10.3.4.2.2. By Type
- 10.3.4.2.3. By Application
- 10.3.5. Chile Smart Meters Market Outlook
- 10.3.5.1. Market Size & Forecast
- 10.3.5.1.1. By Value
- 10.3.5.2. Market Share & Forecast
- 10.3.5.2.1. By Technology
- 10.3.5.2.2. By Type
- 10.3.5.2.3. By Application
- 11. Middle East & Africa Smart Meters Market Outlook
- 11.1. Market Size & Forecast
- 11.1.1. By Value
- 11.2. Market Share & Forecast
- 11.2.1. By Technology
- 11.2.2. By Type
- 11.2.3. By Application
- 11.2.4. By Country
- 11.3. Middle East & Africa: Country Analysis
- 11.3.1. Saudi Arabia Smart Meters Market Outlook
- 11.3.1.1. Market Size & Forecast
- 11.3.1.1.1. By Value
- 11.3.1.2. Market Share & Forecast
- 11.3.1.2.1. By Technology
- 11.3.1.2.2. By Type
- 11.3.1.2.3. By Application
- 11.3.2. South Africa Smart Meters Market Outlook
- 11.3.2.1. Market Size & Forecast
- 11.3.2.1.1. By Value
- 11.3.2.2. Market Share & Forecast
- 11.3.2.2.1. By Technology
- 11.3.2.2.2. By Type
- 11.3.2.2.3. By Application
- 11.3.3. UAE Smart Meters Market Outlook
- 11.3.3.1. Market Size & Forecast
- 11.3.3.1.1. By Value
- 11.3.3.2. Market Share & Forecast
- 11.3.3.2.1. By Technology
- 11.3.3.2.2. By Type
- 11.3.3.2.3. By Application
- 11.3.4. Iraq Smart Meters Market Outlook
- 11.3.4.1. Market Size & Forecast
- 11.3.4.1.1. By Value
- 11.3.4.2. Market Share & Forecast
- 11.3.4.2.1. By Technology
- 11.3.4.2.2. By Type
- 11.3.4.2.3. By Application
- 11.3.5. Turkey Smart Meters Market Outlook
- 11.3.5.1. Market Size & Forecast
- 11.3.5.1.1. By Value
- 11.3.5.2. Market Share & Forecast
- 11.3.5.2.1. By Technology
- 11.3.5.2.2. By Type
- 11.3.5.2.3. By Application
- 12. Market Dynamics
- 12.1. Drivers
- 12.1.1. Increasing need for energy security
- 12.1.2. Increased need to monitor energy consumption
- 12.1.3. High blackouts and utility failures
- 12.2. Challenges
- 12.2.1. Shortage of highly skilled workforce
- 12.2.2. High deployment cost
- 13. Market Trends & Developments
- 13.1.1. Increase in smart city development
- 13.1.2. Increase in developments by key industry players
- 13.1.3. Increasing government investments
- 13.1.4. Adoption of electric vehicles
- 13.1.5. Integration of AI and ML technologies in smart meters
- 14. Company Profiles
- 14.1. Landis+Gyr
- 14.1.1. Business Overview
- 14.1.2. Key Revenue and Financials (if available)
- 14.1.3. Recent Developments
- 14.1.4. Key Personnel
- 14.1.5. Key Technology/Services
- 14.2. Itron, Inc.
- 14.2.1. Business Overview
- 14.2.2. Key Revenue and Financials (if available)
- 14.2.3. Recent Developments
- 14.2.4. Key Personnel
- 14.2.5. Key Technology/Services
- 14.3. Elster Group GmbH
- 14.3.1. Business Overview
- 14.3.2. Key Revenue and Financials (if available)
- 14.3.3. Recent Developments
- 14.3.4. Key Personnel
- 14.3.5. Key Technology/Services
- 14.4. Sensus USA Inc.
- 14.4.1. Business Overview
- 14.4.2. Key Revenue and Financials (if available)
- 14.4.3. Recent Developments
- 14.4.4. Key Personnel
- 14.4.5. Key Technology/Services
- 14.5. Hubbell Incorporated
- 14.5.1. Business Overview
- 14.5.2. Key Revenue and Financials (if available)
- 14.5.3. Recent Developments
- 14.5.4. Key Personnel
- 14.5.5. Key Technology/Services
- 14.6. Diehl Stiftung & Co. KG
- 14.6.1. Business Overview
- 14.6.2. Key Revenue and Financials (if available)
- 14.6.3. Recent Developments
- 14.6.4. Key Personnel
- 14.6.5. Key Technology/Services
- 14.7. Emerson Process Management LLP
- 14.7.1. Business Overview
- 14.7.2. Key Revenue and Financials (if available)
- 14.7.3. Recent Developments
- 14.7.4. Key Personnel
- 14.7.5. Key Technology/Services
- 14.8. Badger Meter, Inc.
- 14.8.1. Business Overview
- 14.8.2. Key Revenue and Financials (if available)
- 14.8.3. Recent Developments
- 14.8.4. Key Personnel
- 14.8.5. Key Technology/Services
- 14.9. Flonidan A/S
- 14.9.1. Business Overview
- 14.9.2. Key Revenue and Financials (if available)
- 14.9.3. Recent Developments
- 14.9.4. Key Personnel
- 14.9.5. Key Technology/Services
- 14.10. Schneider Electric SE
- 14.10.1. Business Overview
- 14.10.2. Key Revenue and Financials (if available)
- 14.10.3. Recent Developments
- 14.10.4. Key Personnel
- 14.10.5. Key Technology/Services
- 15. Strategic Recommendations
- 16. About Us & Disclaimer
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