GLOBAL SMART METER MARKET INSIGHTS AND FORECAST
A smart electricity meter consist of devices that records information of usage of electrical energy, gas, water, current, and other parameters. These smart electricity metering also communicate the information to the customer for greater clarity of consumption behavior, and utility suppliers for system monitoring and customer billing. The global smart electrical meters market is highly fragmented and dominated by small and medium-sized manufacturers. The supplier landscape covers manufacturers who offer a wide range of solutions. The global smart metering market is segmented into technology, product type, end-use, and region. By end use, it is classified into residential, industrial, and commercial. By product type, the market is segmented into electric meter, gas meter, and water meter. By technology, the market is segmented into is automatic meter reading (AMR), and advanced metering infrastructure (AMI).
By Product, which segment holds a dominant position throughout the forecast period?
1. Automatic Meter Reading (AMR): Automatic meter reading is the technology of automatically collecting the energy, gas or water usage data from a smart meter and sending it to the centralized data system. This is one way communication from metering devices to utilities data systems. This system fetches hourly, monthly, yearly data in real time that helps customers to analyze consumption and act in a more planned way
2. Advanced Metering Infrastructure (AMI): Advanced Metering Infrastructure is two way communication metering technology with integrated data management system, communication technology, data concentrators, and other sensors. This technology enables gathering and sharing of gas or energy in real time
At what compound annual growth rate (CAGR) is the global smart electric meter market projected to grow?
The global market is analyzed to grow a steady rate from $19.5 billion in 2020 to $27.4 billion in 2025 at a CAGR of 7.06%. Rising prominence of smart meter products can be attributed to installations of smart meters for efficient utility operations and reducing carbon emission. The increasing deployment of smart meters for residential application in order to increase operational efficiency, remote monitoring, and control. Moreover, the companies are focusing on integration of various technologies with smart meters such as artificial intelligence, built-in high flow alarm, shutoff valve, and hardware and sensor management. Further, anticipated to increase deployment of the smart meter during the forecast period.
North America holds the largest share in the global market owing to the presence of the major manufacturers in the region. The growth for the market in North America is due to the government mandated smart meter roll out plans and support policies in the region. Moreover, technological advances and the integration of intelligent features will boost the demand of products during the forecast period.
Who are the leading players in Smart Meter Market?
The major players in the market are Itron, Sensus, Badger Meter, Neptune Technology, Badger Meter, Kamstrup, Master Meter, Inovonics, Aclara, Larsen & Toubro, Wasion Group, Siemens, Schneider Electric, Landis+Gyr, and among others.