ID: MRFR/E&P/3150-CR | October 2020 | Region: Global | 117 pages
Smart Meters Market is projected to be worth USD 43.31 Billion by 2027, registering a CAGR of 8.93% during the forecast period (2021 - 2027), The market was valued at USD 21.25 billion in 2020.
Global Smart Meters Market is expected to witness magnificent growth due to the rise in demand for devices in every sector. Smart meters are rapidly replacing traditional meters due to their accuracy in terms of proving better information. There is a number of factors influencing the growth of the market including fiscal incentives, appropriate policies of the government, and mandates. Furthermost, the rise in the investments from the government to support the smart meter installation in the end-user sectors such as industrial, residential, and commercial are increasing the growth of the global smart meter market. The global market value was $21.13 Billion in the year 2019, the advanced feature in the smart meters like automatic meter reading and generation of the bill is likely to boost the growth of the market further.
This report contains all the information on the global market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global market and forecast to 2027 is also included in the report.
Covid 19 Analysis
The outbreak of the global pandemic covid 19 has grievously hit the smart meters market industry which has tremendously brought down the installation of the devices by 27% in the year 2020. This is the biggest fall down the industry has ever witnessed since 2017. The manufacturer of the device has faced several problems under which the postponed of the installation is the biggest impact along with that the unavailability of the required components for making smart meters and delays in the deliveries of the final products are some other major issues.
According to the market analysis, the lockdown phase had put a pause on the production of the devices which is the cause for the hike in the prices and eventually lowers the market demand. Furthermost, the global smart meter market is back on track after the lockdown and it is expected to create a steady demand from the industrial sector for the smart meters.
The smart meters market outlook is exceedingly competitive due to the deep-rooted market players of the global market. They are constantly looking for opportunities to upgrade the value chain and their main focus is on R&D investments, along with that expansion and M&A activities are also included. The strategies of the new players in the market are to provide aggressive prices to undersell the established providers and hold their strong presence in the international markets.
Major Key Players
Smart meters are electronic devices that are used to record the information of electronic energy consumptions and along with that power factor, voltage level, and currents are also recorded. A Smart meter provides clearer consumption behavior and electric supply for customer billing and system monitoring.
The rise in the demand for smart meters from the households and commercial sectors for the installation of the smart meters along with that the initiatives are taken by the government to encourage smart meter implementations in different sectors are the major factor driving the growth of the market. Along with that the outspread of information about the benefit of the device and its efficient usage is further boosting the market growth.
Furthermost, with the rise in the consumption of energy across the globe, the concerns about the ecological balance that are directly promoting demands for renewable energy generation to eliminate the pollution levels, are some other major reason for the market growth.
Developing countries are expected to establish 148 million smart meters over the next five emerging market across the globe and are predicted to offer untapped opportunities for smart meters users. In order to develop advanced meters, these developing countries are also predicted to invest about USD 91 Billion in the development of the smart grid infrastructure for battery storage and grid automation.
Prime projects have already begun in 2021 in most of the developing countries of emerging regions. The rise in the consumption of energy capacities along with government initiatives to build understanding is predicted to create magnificent market growth opportunities.
The maintenance and the high installation cost are the major issues that can hinder the growth of the market. Along with that compatibility issue of the device is another major cause of restraint, which is likely to hinder the growth of the market.
Most of the smart meters are compatible with their own suppliers which means these types of smart meters cannot adapt to the connection of any other or rival suppliers connection, it is another big reason which can restraint the smart meter market growth.
The absence of realization about the benefits of the device and mobilization demand is the major challenges affecting the smart meter market growth. In addition, the requirement of the huge investment in the initial stage and more than average cost related to the installation of the device can also affect the market growth. The challenges for the key players are to create awareness programs in which there is a clear demonstration about the advanced smart meters to a large-scale community who believed in traditional meters more.
Cumulative Growth Analysis
The global smart meters market is projected to reach USD 43.31 Billion by 2027 with a CAGR of 8.93% during the forecast period. In order to tackle the harmful effects of pollution, smart electricity meters are being adopted around the globe by various countries to adopt emission control regulations. The Asia pacific market is projected to register a 9.91% CAGR during the assessment period due to the high investments and increase in the smart meter market size in this region.
Value Chain Analysis
According to the reports, the global market is segmented on the basis of type, technology, application, and regions. On the basis of the type, the market is sub-segmented into electric meters, gas meters, and water meters. The electric meter segmented has accounted for the largest market share. The electric meter is predicted to rise at a 55.6% CAGR in the forecast period and the gas meter is expected to rise at a 9.56% CAGR during the evolution period.
On the basis of the technology, the market is segmented into automatic meter reading (AMR) and advanced metering infrastructure (AMI). The AMI technology holds the largest share in the market and it is expected to rise at a 9.77% CAGR during the review period.
On the basis of the end-user application, the market is segmented into residential, industrial, and commercial. The residential segment is expected to hold the largest market share and it is expected to rise at a 9.81% CAGR during the assessment period in terms of the market revenue.
The market is segmented on the basis of Type, Technology, Application, and Regions. The Global Smart Meters Market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into electric meters, gas meters, and water meters
Based on the propulsion types, the market is segmented into three types residential, industrial, and commercial.
On the basis of the regions, the global smart meters market trend is segmented into the Americas, Europe, Asia Pacific, and the rest of the world. The Asia Pacific market is expected to hold the maximum shares in the market during the review period. The rise in the demand for smart meters in economically powerful countries such as India and Thailand is the major cause for the growth of the market in this region. The Asia pacific smart meter market is predicted to register a 9.91% CAGR during the assessment period.
The European segment expected to hold the second-largest share in the global market. The rise in the smart meters industry in this region is likely to boost the market growth.
North America is another growing market in the global market in this region. The rise in investment in the smart meter sector along with that the rise in grid development are the major cause for the growth of the market in this region. It is projected to boost the market trends in this region.
The following report comprises of
|Market Size||2027: USD 43.31 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Technology, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem, Inc. (U.S.), Badger Meter, Inc. (U.S.), Itron Inc. (U.S.), Honeywell International Inc. (U.S.), EDMI (Singapore), DIEHL Metering (Germany), Apator Group (Poland), Kamstrup A/S (Denmark), Zenner (Germany)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The Increased energy conservation efforts and improved power supply are the trends influencing the design of modern electricity management infrastructure.
(2020-2027) is the growth period of the market,registering a CAGR of 7.93% during the forecast period
Siemens AG. (Germany), Schneider Electric (France), Xylem, Inc. (U.S.), Aclara Technologies LLC (U.S.), Landis+Gyr (Switzerland), and Badger Meter, Inc. (U.S.) are the key players of the market.
Smart Meters Market is projected to be worth USD 43.31 Billion by 2027