According to the new market research report
"Smart
Meters Market by Type (Electric, Gas, Water), Communication Type
(RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End
user (Residential, Commercial, Industrial), and Region - Global Forecast to
2026", published by MarketsandMarkets™, The Smart Meters Market size
will grow to USD 30.2 billion by 2026
from USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period.
Governments worldwide are undertaking
several initiatives to meet the future electricity demands and are focusing on
reducing carbon footprint by promoting the use of renewable energy sources to
produce energy. Smart meters will play a crucial role in achieving these
initiatives. The increase in the adoption of electric vehicles, development of
microgrids, distributed energy storage, and the need for net-metering are a few
of the major drivers for the smart meter market growth. With advancements in
smart meters and sensors, utility systems and their dynamic prices can be
monitored in real-time. The real-time data generated by smart meters helps
energy network operators understand patterns in demand and accordingly ensure
the right level of energy generation and ensure effective grid management. Grid
operators can plan to integrate renewable energy by applying analytics on the
demand data produced by smart meters. Smart meter sensors and communication
systems can effectively and quickly monitor and resolve blackout issues and are
also used for mapping outage events to help prevent future outages. In
addition, data from smart meter communication systems can help utilities
visualize, analyze, and efficiently manage repairs, reducing outage times and
costs while quickly restoring and resuming the services.
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The smart electric meter is expected
to be the largest segment of the smart meters market
The smart electric segment accounted for
the largest market share of 73.8% of smart meters market, by type in 2020,
driven by the growing emphasis on dynamic pricing of utilities and the increased
need to monitor energy consumption to achieve carbon neutrality. The future
growth of the segment can be attributed to increasing demand for the need to
monitor utility systems in real-time for consumers across end-users such as
residential, commercial, and industrial sectors.
Asia Pacific is expected to remain as
the largest smart meters market
In this report, the smart meters market has
been analyzed for five regions, namely, North America, South America, Europe,
Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to
dominate the global smart meters market during 2021–2026. Asia Pacific region
is the largest smart meters market in the world, predominantly due to China,
and the trend is expected to be the same during the forecast period. The market
in the region is driven by the growing emphasis on efficient management of
power distribution, power outages, and demand response (DR), and reduced
operation cost.
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To enable an in-depth understanding of
the competitive landscape, the report includes the profiles of some of the top
players in the smart meters market.
The major players in the global Smart Meters
Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron
(US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus
(Xylem) (US). The major strategies adopted by these players include new product
launches, sales contracts, agreements, expansions, partnerships, and
collaborations.
