Chicago, May 26, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "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" is projected to reach USD 30.2 billion by 2026 from an estimated 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 help energy network operators understand patterns in demand and integrate renewable energy by applying analytics on the demand data produced by smart meters.
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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.
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.
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The smart meters market is segmented, by region, into 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 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.
The leading players in the Smart Meters Market include Itron (US), Landis+Gyr (Switzerland), Siemens (Germany), Osaki Elctric Co. (EDMI) (Singapore), Sensus (Xylem) (US), and Badger Meter (US).
