Smart Meters Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Technology (Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI)), By Type (Energy, Water, and Gas), By Application (Industrial, Commercial, and Residential), By Region, By Competition

  • Industry : Power
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 27.62 Billion

CAGR (2023-2028)

9.31%

Fastest Growing Segment

Residential

Largest Market

Asia-Pacific


Global Smart Meters Market is expected to grow at a rapid CAGR of 9.31% during forecast period, 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.

Key developments from key players

In January 2020, Honeywell and Verizon collaborated to create LTE Managed Connectivity solution into smart meters and other edge devices to create the next generation of the smart grid. Through this collaboration, Honeywell offer a wireless network platform as part of its smart energy software, hardware, and services. It enables secure and dependable IoT communication for utility applications.

In October 2018, Portland General Electric Co. built smart grids to deliver advanced automation distribution technologies to improve service quality and the adoption of smart electric meters.

In August 2017, Aclara Technologies LLC, acquired the majority equity in General Electric Philippines Meter and Instrument Co., Inc., to develop a joint venture called GEPMICI, to expand electric distribution in the Philippines.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023 – 2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Technology

Type

Application

Region

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Italy, Spain, Colombia, Brazil, Argentina, Peru, Chile, Africa, Saudi Arabia, South Africa, UAE

Key companies profiled

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

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

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:

o   Automatic Meter Reading (AMR)

o   Advanced Metering Infrastructure (AMI)

  • Global Smart Meters Market, By Type:

o   Electric

o   Gas

o   Water

  • Global Smart Meters Market, By Application:

o   Industrial

o   Commercial

o   Residential

  • Global Smart Meters Market, By Region:

o   North America

§  United States

§  Mexico

§  Canada

o   Asia-Pacific

§  India

§  Japan

§  South Korea

§  China

§  Australia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Italy

§  Spain

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Peru

§  Chile

o   Middle East

§  Saudi Arabia

§  South Africa

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Smart Meters Market.

Available Customizations:

Global Smart Meters Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to 10).

Global Smart Meters Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

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 & Disclaime

Figures and Tables

Frequently asked questions

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Key players in Global Smart Meters Market are Landis+Gyr, 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, and others.

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With a smart meter, all of that data is automatically transmitted to the supplier, providing them with accurate readings and bills.

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High blackouts and utility failures driving Smart Meters Market globally.

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High deployment and installation cost is a major challenge for the Smart Meters Market

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