Europe Smart Meter Market is expected to grow at an impressive CAGR

Supportive government regulations, increasing awareness of smart grid projects, and the need for improved energy efficiency are the major drivers for Europe smart meter market during the forecast period of 2024-2028.

According to TechSci Research report, “Europe Smart Meter Market - By Country, Competition Forecast & Opportunities, 2018-2028,” the Europe Smart Meter Market is expected to register a robust CAGR during the forecast period, 2023-2028.

A workable solution is provided by the smart meter for both utilities and customers. These meters include benefits including precise billing, hassle-free communication between the service provider and the end user, and little maintenance. These meters support customer costs and energy reductions as well. The simple billing process, which can serve as a catalyst for the market expansion of smart meter, has recently drawn many clients to install the meter.

The International Energy Agency (IEA) predicts that between 2012 and 2040, the global demand for energy would rise by almost 80%. A number of market dynamics are anticipated to change in the global scenario as a result of the expansion, modernization, digitization, and decentralization of the electricity infrastructure for increased resilience and a planned investment from groups like the World Economic Forum (USD7.6 trillion allocated for smart grids for the next 25 years). With growing government backing and initiatives, utilities in the European region are embracing technology like artificial intelligence and digital twinning more frequently, luring investment in smart grid projects.

The Smart Metering Implementation Program was started by the UK government in 2020 to replace more than 53 million conventional energy and gas meters in more than 30 million residential buildings. It is anticipated that the country's rapid progress towards the implementation of smart meters shall support market expansion. 

To improve the effectiveness of the power network, Italian energy distributor Acea teamed up with Sirti, a centre for innovation, and Nokia, a provider of communication technologies. These initiatives will create smart grids in Rome and throughout Italy. For quick, dependable, and secure grid device connectivity as well as the utility's communication with scattered intellectual assets, a new smart grid connectivity network will be created. The deployment, operation, and maintenance of the smart grid project will be helped by the corporations. The growing installations of smart electric meters are driving the demand for smart meters across the region.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Europe Smart Meter Market."

Europe Smart Meter Market is segmented into product type, application, technology, and country. Based on product type, the market is segmented into smart energy meters, smart water meters, and smart gas meters. Based on application, the market is bifurcated into industrial, commercial, and residential. Based on technology, the market is further bifurcated into automatic meter reading and advanced metering infrastructure. Based on country, the market is bifurcated into Germany, United Kingdom, France, Italy, and Spain.

During the projected period, Smart Energy Meters dominated the market in 2022 and is also expected to show its dominance during the forecast period. One of today's fundamental needs is electricity, and major nations have set goals to have 100% of their population using smart meter. Smart energy meters allow for real-time tracking of utility usage, which can help consumers better understand their energy consumption and make more informed decisions about how to reduce their energy usage. which is expected to further increase the demand for smart energy meters across the region. The Smart energy meters are able to help in decentralizing electricity by allowing for more efficient distribution of energy and reducing the need for centralized power plants.

During the projected period, advanced metering infrastructure is expected to grow the fastest during the forecast period. The capacity for two-way communication is what distinguishes advanced metering infrastructure from automatic meter reading. Considering that utilities prefer its installation, this shall undoubtedly play a significant role in the years to come. Accuracy, cost savings, and simplicity of communication in the event of a malfunction are further operational benefits.

Key market players in the Europe Smart Meter Market: -

• General Electric (GE)
• Apator SA
• Badger Meter Inc. 
• Diehl Stiftung & Co. KG
• Elster Group GmbH (Honeywell International Inc)
• Itron Inc
• Kamstrup A/S 
• Zenner International GmbH & Co. KG
• Sensus (Xylem Inc.) 
• Arad Group 

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"Installation of Smart Grids and impact by the quick development of new wireless technologies for IoT communications has a major effect on the smart meter market in Europe. Smart Energy Meters is expected to dominate the market during the forecast period as major nations have set goals to have 100% of their population using smart meter.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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