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.

Energy Management Systems Market to Witness Revolutionary Growth by 2027

 According to the new market research report "Energy Management Systems Market by Component, Type (Home Energy Management Systems, Building Energy Management Systems, Industrial Energy Management Systems), Deployment, End-User Industry and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Energy Management Systems Market size is estimated to be USD 75.0 billion by 2027 from USD 38.6 billion in 2022, at a CAGR of 14.2% during the forecast period. The Energy Management Systems Market, is expected to witness significant growth during the forecast period. With such a high demand for energy resources, the volatility in energy prices centers on changes in supply and demand. Economic conditions, availability of energy resources, and increasing demand are the prime factors contributing to price volatility. With the advent of IoT for home automation and building automation purposes, managing energy efficiently has become a top priority. Hence, these factors are driving the need for energy management technology to monitor and optimize energy consumption, driving the growth of the global market of energy management systems.

Industrial energy management systems is expected to occupy majority of the Energy Management Systems Market share

Industrial energy management systems segment, by type, is projected to hold the highest market share during the forecast period owing to the advantages of tracking, analyzing, and planning the energy consumption in an industry. The IEMS market has continued to develop rapidly over the past few years, wherein ISO 50001 has become the established standard. New technologies available today allow greater insight into energy procurement, energy use, and the management of energy as an input to the industrial process. The key factors contributing to this larger share are increase in energy consumption, government regulations, and the goal of reducing carbon emissions and tackling climate change, which will eventually increase the demand for industrial energy management systems.

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Cloud Based segment by deployment is expected to grow at the highest CAGR from 2022 to 2027

Based on the deployment, the cloud-based segment is estimated to be the fastest-growing market from 2020 to 2027. Cloud-based systems provide access to information with greater flexibility. With the help of a cloud-based system, users can store information from many different data acquisition systems and access and analyze this information from different sites with one application. Because these systems are generally sold as a service, the consumer does not need to maintain and update the database and infrastructure, which again reduces wasted time and money that could be spent on implementing energy and money-saving practices based on the data received. Cloud-based software can allow small and medium-sized businesses to act faster than the established companies. This has expected to allow for a competitive edge in the market for energy management systems.

North America likely to emerge as the largest Energy Management Systems Market

North America accounted for the largest share in the global Energy Management Systems Market during the forecast period. North America’s market share can be attributed to the increased focus on home energy management systems with the increased installation of smart meters in the region. North America, followed by Europe contribute considerably to the global manufacturing and industrial sectors due to their developed economies and stringent government regulations related to efficient energy use. Integrating distribution automation and the sharing of infrastructure will help to further reduce operating costs in the industry. The Energy Department of the US is investing in strategic partnerships to accelerate investments in grid modernization. As a result, the region is expected to contribute substantially to the orders for energy management systems.

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Schneider Electric (France), ABB (Switzerland), General Electric (US), Emerson Electric Co. (US), and Siemens (Germany) are the key players in the global Energy Management Systems Market.

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.

Meter Data Management System Market: New Business Opportunities

The global Meter Data Management System Market is projected to reach $428 million by 2023 from an estimated $169 million in 2018, at a CAGR of 20.48% from 2018 to 2023. This growth can be attributed to the increased government policies and supportive mandates for smart meter installations and need for accurate utility bill generation.

The electricity segment is expected to be the fastest growing segment of the meter data management system

The electricity segment is estimated to dominate the meter data management system market in 2018 and is projected to have the largest market share during the forecast period. This is mainly because there is increased global rollout of smart meters to reduce energy consumption and monitor customer usage pattern to determine load and outage management. Furthermore, meter data management allows utilities to develop new business models such as time of consumption tariff rate which is further expected to contribute to the growth of the electricity segment.

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The residential segment is expected to be the largest contributor the meter data management system

The meter data management system by end-use is segmented into residential, commercial, and industrial users. The residential segment is expected to hold the largest market share and the fastest growing market with increasing mandated rollout of smart meters in the residential sectors across regions such as the EU and North America. Countries such as the UK, France, Italy, and the US have mandated smart meter installation targets by 2023.

Furthermore, residential consumers will have access to their energy consumption data through meter data management system that will in turn help them in improving their energy consumption. In addition to this, grid upgrade, energy efficiency targets, and transmission and distribution investment in North America and Europe is further contributing to the growth of the residential segment.

North America is expected to be the largest market for meter data management system

North America is estimated to dominate the global meter data management system market in 2018 owing to the smart meter installation development and growth in countries such the US, Canada and Mexico. There is a huge requirement for power and infrastructural development due to aging grid network in the region. The US and Mexico are also investing in infrastructure and power generation projects to tackle growing population demands.

The growth of the meter data management system market in this region is also driven by smart meter rollouts and need to stabilize the grid and generate accurate utility billing. Subsequent smart grid development programs, microgrid, energy storage, and EV charging infrastructure is further expected to propel the growth of the market in the region.

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The major players in the global Meter Data Management System Market are Itron (US), Siemens (Germany), Landis+Gyr (Switzerland), Honeywell (US) and Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Kamstrup (Denmark), DIEHL (Germany), and Alcara (US).

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 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 Meters Market to Reach $28.6 Billion by 2025

According to the new market research report "Smart Meters Market, By Type (Electric, Gas, Water), By Communication Type (RF, PLC, Cellular), By Component (Hardware, Software), By Technology (AMR, AMI), By End-user (Residential, Commercial, Industrial), and Region – Global Forecast To 2025"The global Smart Meters Market size is expected to grow from estimated revenue of USD 20.7 billion in 2020 to USD 28.6 billion by 2025, at a CAGR of 6.7%. Drivers of smart meters industry are government mandates and supportive policies for smart meters, real-time monitoring of utility systems and dynamic pricing, and the need for reduced blackouts and utility system failures across regions such as Asia Pacific, North America, South America, Europe, and Middle East & Africa. The market is segmented by type, communication type, component, technology, end-user, and region
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Smart electric meters are expected to dominate the global Smart Meters Market.
The market is segmented, by type, into electric, gas, and water. Smart electric meters accounted for the largest share of the Smart Meters Market in 2019. The smart electric meters market is driven by increased regulatory support and mandatory roll out policies by governments in regions such as North America, Europe, and Asia regions. In addition, power utilities are looking to install smart electric meters for enhancing their operations by using smart meter data for load forecast predictions and dynamic pricing of operations.

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By communication type, cellular is projected to have the highest growth rate in the Smart Meters Market
The market is segmented, by communication type, into RF, PLC, and cellular. The cellular segment is estimated to lead the market and is also expected to be the fastest-growing. The increasing need for real-time, accurate, fast, and precise utility consumption data for enhanced operations drives growth.

Asia Pacific is expected to dominate the global Smart Meters Market
Asia Pacific was the largest smart meters industry in 2019, driven mainly by a planned increase in investment and smart meter rollout in countries such as China, Japan, and India. Smart meters are being increasingly implemented to effectively integrate the growing share of DER in the region, such as solar and wind power.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Smart Meters Market. These players include Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).

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 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).