Smart Meters Market Opportunities and Future Trends

 The global smart meters market is projected to reach USD 30.2 billion by 2026 from USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period. Smart Meters is increasingly being installed and is showing robust growth.

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 help energy network operators understand patterns in demand and integrate renewable energy by applying analytics on the demand data produced by smart meters.

The reduction in the price of ultrasonic sensors used in smart water and gas meters has opened new opportunities for the market. Smart meter sensors and communication systems can effectively and quickly monitor and resolve blackout/leakage 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.

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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.

The smart water meters segment is expected to be the fastest growing during the forecast period. The growth can be attributed to the reduction in the price of smart ultrasonic meters, making them cost-competitive along with advantages of ultrasonic meters such as long life, higher accuracy, and low maintenance.

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 between 2021–2026. Asia Pacific region is expected to dominate the global smart meters market between 2021–2026. Asia Pacific region is the fastest growing 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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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).

Smart Meters Market: Strong Need for Efficient Grid Operations to Propel Market Growth

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.

Smart Gas Meter Market: Growing Emphasis on Smart Grid Initiatives and Modernization of Gas Networks

 The global Smart Gas Meter Market size is expected to grow from an estimated USD 2.0 billion in 2021 to USD 2.5 billion by 2026, at a CAGR of 4.7%, during the forecast period. The key drivers for the Smart Gas Meter Market include digitalization of distribution grids and optimization of network operations; asset management of advanced metering infrastructure (AMI); and increasing investment in smart grid technologies to measure and analyze data. Growing emphasis on smart grid initiatives and modernization of gas networks, and integration of artificial intelligence (AI) into smart gas meter operations offer high-growth opportunities for the Smart Gas Meter Market.

The residential segment is the largest contributor in the Smart Gas Meter Market.

The residential segment is estimated to lead the Smart Gas Meter Market. Asia Pacific was the largest market for residential end user segment in 2020. Increasing focus on energy efficiency is expected to drive the Smart Gas Meter Market. The other key drivers for the growth of the Smart Gas Meter Market for the residential sector are the introduction of mandates and regulations in support of smart gas meters at residential facilities. Countries such as Australia, China, Japan, the UK, France, and Italy have mandated the installation of smart gas meters at residential buildings.

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The automated meter reading (AMR) segment is expected to grow at the fastest rate.

The automated meter reading (AMR) segment accounted for the highest share of the Smart Gas Meter Market, by technology during the forecast period. The market for gas smart gas meter is driven by the growing demand for cost-effective smart gas meters and the need for automated collection of meter readings without physical inspection.

The smart diaphragm gas meter is expected to be the largest segment smart gas meter market.

The smart diaphragm gas meter held the largest share of the Smart Gas Meter Market, by type in 2020. The growth of the smart diaphragm gas meter segment is driven by the increasing number of residential & light commercial buildings to propel demand for smart diaphragm gas meter. The market for the smart diaphragm gas meter segment in Europe is expected to grow at the highest CAGR during the forecast period. To cater to the increasing demand for gas in residential and commercial areas and to provide gas supply with high reliability, is expected to drive the smart diaphragm gas meter market.

Asia Pacific is expected to be the largest and fastest-growing market for smart gas meter.

Asia Pacific accounted for the largest share of the global Smart Gas Meter Market in 2020. The region has been segmented, by country, into China, Japan, Malaysia, Australia, Indonesia, Singapore, and the Rest of Asia Pacific. China is the largest and fastest-growing market in the region. The country currently leads the table for new investments in smart grid technologies. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country’s energy landscape. The country’s ambitious renewable energy program will generate a tremendous need for smart grid technologies. The requirement for the smart grid market is further supported by China’s focus on embracing energy efficiency, thus, increasing demand for Smart Gas Meter Market.

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Major players operating in the Smart Gas Meter Market include companies such as Landis + Gyr (Switzerland), Itron (US), Honeywell International (US), Apator Group (Poland), and Diehl Metering (Germany).

Smart Meters Market: a New Era for Power and Utilities Industry

The smart meters market is projected to reach USD 19.98 billion by 2022, at a CAGR of 9.34% from 2017 to 2022. The North American market is estimated to be the largest market for smart meters, followed by Asia-Pacific in 2017. This trend is expected to continue till 2022. Smart meters are used in the industrial, commercial, and residential sector, measuring energy consumption of the consumers. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the fastest end-users of smart meters, followed by commercial and industrial customers. High installation costs for end-users would be a restraint for the smart meters market.

Target Audience:

·         Electric, water, and gas utilities

·         Smart electric, gas, and water manufacturing companies

·         Distributed energy generation solution providers

·         Smart electric, water, and gas meter vendors

·         Government and industry associations

·         State and national regulatory authorities

·         Distribution grid operators

·         Energy regulatory agencies

·         Investors and financial community professionals

·         State or government-owned corporations

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Scope of the Report:

By Type

·         Smart Energy Meters

·         Smart Water Meters

·         Smart Gas Meters

By Application

·         Industrial

·         Commercial

·         Residential

By Technology

·         Automatic Meter Reading (AMR)

·         Advanced Metering Infrastructure (AMI)

By Region

·         North America

·         Europe

·         Asia-Pacific

·         South America

·         Middle East

·         Africa

North America: The leading market for smart meters

The North American market dominates the smart meters market during the forecast period. In North America, the growth of the smart meters market can be attributed to focus on electricity, water, & gas, monitoring & prevention of leakage, and the repair & upgrade of aging infrastructure. Lot of smart meters rollouts are taking place in countries such as the U.S., Canada, and Mexico which would impart growth in the North American region.

Market Ecosystem:

The smart meters market ecosystem comprises of power and automation technology companies such as Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan), among others.

Smart Gas Meter Market to witness Impressive Growth by 2016 to 2021

The smart gas meter market is expected to reach a size of USD 2.27 billion by 2021, at a CAGR of 7.24% from 2016 to 2021. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the largest end-users of smart gas meters, followed by commercial and industrial customers.

The smart gas meter market in this report has been classified based on end-users into three segments, namely, residential, commercial, and industrial. The residential segment accounted for the largest market size, in terms of value, in 2015. The global gas pipeline network construction in the residential segment accounted for 1,054 kms (approx.) in the past 5 years with another 100 km expected to be constructed in next 2-3 years, which would boost the smart gas meter market.

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The AMR segment would dominate the global smart gas meter market by 2021
The AMR segment is estimated to be the largest market for smart gas meters in 2016. Popular in North America and Europe, this metering infrastructure is increasingly being implemented in other regions as well; it was developed initially and is less expensive than AMI, and hence, has the largest market size. However, the AMI market is projected to grow at the highest rate because of its advanced technology. Moreover, AMI reduces labor cost, and several gas utilities worldwide are replacing AMR with AMI infrastructure, further creating growth opportunities for the AMI market.

North America: the dominant market for smart gas meters
North America dominates the smart gas meter market, and Europe is expected to grow at the highest rate during the forecast period. In North America, the growth of the smart gas meter market could be attributed to factors such as investments in smart grid and gas pipeline networks. Meanwhile, several smart gas meter rollouts are taking place in countries such as the U.K., Spain, and France. This, coupled with the EU’s (European Union) plans regarding carbon emission reductions, would drive growth in the European region.

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Some of the leading players in the smart gas meter market includes Itron, Inc. (U.S.), Honeywell International, Inc. (U.S.), Apator Group (Poland), Landis+Gyr (Switzerland), Diehl Metering (U.K.), Sensus (U.S.), EDMI Limited (Singapore), Chongqing Shancheng Gas Equipment Co., Ltd. (China), Dandong Dongfa Group (China), Raychem RPG (India), and Master Meter (U.S.).