Smart Meter Market Rising Demand and Future Projections

The global Smart Meter Market size is expected to grow from USD 23.1 billion in 2023 to USD 36.3 billion in 2028, at a CAGR of 9.4% from 2023 to 2028. The emergence of electric, gas, and water smart meters has revolutionized utility operations. With advancements in smart meters, sensors, control systems, and communication components, utility systems can be monitored in real-time. These dynamic tariffs promote efficient use of electricity, gas, and water by reflecting variations in demand, availability, and delivery costs over time. For instance, smart electric meters help provide a reliable reading of power consumption at specific time intervals that match electricity market intervals. This enables energy companies to create tariffs adjusted to off-peak periods with lower prices and encourages customers to adjust their consumption so that they use energy when it is cheaper.

 

Government mandates and incentives for smart meter installation primarily drive the growth of the smart meter market. With utilities struggling to leverage renewable energy to provide baseload power and eliminate the use of fossil fuels, technologies such as smart meters that offer real-time analysis of consumer usage are expected to play a significant role in helping energy firms stabilize grid networks by matching power generation with demand. Therefore, for the effective implementation of smart meters and smart grids, governments across the world have enacted several supportive policies and mandates.

 

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Smart electric meters use a web-based monitoring system to create two-way communication between the customer’s meter and the utility. A smart electric meter takes automatic readings of residential, commercial, or industrial electricity usage and relays the information wirelessly to the energy supplier. Moreover, some meters also help analyze the energy usage trends during peak and off-peak hours, which can help predict future usage, thereby reducing electricity bills.

 

End User Analysis

 

The expansion and development of commercial facilities are mainly driving the growth of the smart meter market for the commercial sector. Smart meters provide detailed, real-time data on energy usage, allowing businesses to track consumption and identify patterns and areas for improvement. By tracking and managing energy usage more effectively, businesses can reduce energy costs and improve their bottom line. These Smart meters also give businesses the information they need to optimize their energy consumption and reduce waste.

 

Regional Analysis

 

Asia Pacific is expected to be the fastest growing region in the smart meter market. The Asia Pacific has a strong demand for smart meters, which is further growing due to government mandates and higher investment toward digitizing grids to manage huge electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.

 

Europe is expected to be the second-largest market in the global smart meters in 2022 and is among the pioneers in adopting smart meters technology. Major western European countries such as France, Germany, Italy, Spain, and the UK are mature markets for smart meters. The European Union has already started the modernization and transformation toward a climate-neutral economy and plans to become the world’s first major economy to go climate neutral by 2050.

 

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Key Market Players:

 

Some of the major players in the Smart Meter Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).

 

Landis+Gyr

 

Landis+Gyr is a company that provides smart metering solutions for the energy industry. Their technology includes advanced metering infrastructure (AMI) systems, which allow for two-way communication between utilities and customers, and smart grid solutions that integrate with AMI systems to improve the efficiency and reliability of the power grid. Their smart meters can measure and transmit consumption data in real time, allow remote service connections and disconnections, and can be used for advanced meter analytics and load management. Additionally, Landis+Gyr's solution also include smart home solutions and grid management software.

 

Itron

 

Itron is a company that provides smart metering solutions for the energy and water industries. Their technology includes advanced metering infrastructure (AMI) systems, which allow for two-way communication between utilities and customers. Their smart meters can measure and transmit consumption data in real-time, allow remote service connections and disconnections, and can be used for advanced meter analytics and load management. Itron's smart metering solutions also include data management software, which allows utilities to analyze and manage the data collected by their smart meters. Additionally, Itron's solution also include smart grid, demand response, and distribution automation software. They also provide smart water metering solution that can help utilities to improve water conservation, leak detection and revenue protection.

Smart Electric Meter: An Emerging Market with Promising Growth Potential

The global Smart Electric Meter Market is projected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for smart electric meters, followed by the North American and the European market in 2018. This trend is expected to continue until 2023. The growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, triggered by the rising demand for energy.

The implementation of a smart grid is in its initial stages in many developing countries. This implementation of the smart grid is being done to gauge the demand for electricity, a post which they are expected to develop the requisite advanced infrastructure which would also comprise of smart electric meters.

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Smart electric meters are a part of a virtual power plant, and therefore, they can be used to measure the electricity delivered by distributed generation to the grid. The tariff management options make it easy for grid operators to integrate renewable and non-renewable sources to manage the demand for electricity with a perfect mix of energy sources. All these features present a huge opportunity for the smart electric meters market, as the adoption of smart electric meters is essential to meet the energy demand and increase the reliability of operations.

The three-phase segment is expected to grow at the fastest pace in the smart electric meter market. The three-phase segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. Three-phase meters are mostly used in industrial applications and in large commercial applications. The premium price for the three-phase meters over the single-phase meters and the growth in the number of industries and commercial facilities drive the installations of the three-phase smart electric meters.

The smart electric meter market has been segmented, on the basis of region, into Europe, North America, Asia Pacific, the Middle East, Latin America, and Africa. Europe is estimated to be the fastest-growing market for smart electric meters, followed by the Asia Pacific and Latin America. The aging of infrastructure and equipment, and government initiatives for low emission of CO2 are some of the major drivers for the deployment of smart grid implementation in the European region. The high-growth rate in the European region can be attributed to the increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past.

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The Smart Electric Meter Market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. Key players in the smart electric meter market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).

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.).

Smart Meters Market Technology Advancement and Industry Growth by 2022

The smart meters market is projected to reach USD 19.98 billion by 2022, at a CAGR of 9.34% from 2017 to 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. 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. The growth of the smart meters market is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.

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The Advanced Metering Infrastructure (AMI) technology segment is expected to grow at the fastest CAGR from 2017 to 2022
With regards to the technology segment, Advanced Metering Infrastructure (AMI) are expected to constitute the fastest growing market from 2017 to 2022 because of its advanced technology. Moreover, AMI reduces labor cost and several power, water, and gas utilities worldwide are replacing AMR with AMI infrastructure, further creating growth opportunities for the AMI market. 

Asia-Pacific is estimated to be the fastest growing market for smart meters from 2017 to 2022. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the global smart meters market. China is expected to grow at the fastest pace during the forecast period. Furthermore, the growing power sector in India is expected to spur the growth of the market and represents a promising opportunity for major smart meters providers. Japan is also expected to witness a significant growth during the same period. On the other hand, Europe and the Middle East are trying to boost their energy efficiency programs, T&D spending, and construction & infrastructural activities.

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The smart meters market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the smart meters market include Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.) and Toshiba Corporation (Japan).

Smart Meters Market – Industry Analysis & Global Forecasts to 2022

The smart meters market is expected to grow from an estimated USD 12.79 Billion in 2017 to USD 19.98 Billion by 2022, registering a CAGR of 9.34% from 2017 to 2022. The global market is witnessing a significant growth, which is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.

Browse 62 market data tables and 66 figures spread through 137 pages and in-depth TOC on "Smart Meters Market by Type (Electric, Water, and Gas) - Global Forecasts to 2022"
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Residential – the largest smart meters market by application

The smart meters market in this report has been classified based on application, into three segments, namely, residential, commercial, and industrial. The residential segment accounted for the largest market size, in terms of value, in 2016. The meters measure the electricity, water, and gas consumption and communicate this to the central utility system. The installations of these devices in the residential sector helps in reducing CO2 emissions globally as the consumer’s inclination towards peak time savings of energy would increase. The increasing residential construction activities and government mandates such as the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart meters.

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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 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.

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