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.
