Dublin, March 09, 2023 (GLOBE NEWSWIRE) -- The "Smart Meter Market by Type (Electric Gas, and Water), Component, Technology (AMI & AMR), Communication (RF, PLC, and Cellular), End-user (Residential, Commercial, Industrial) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global smart meter market is estimated to grow from USD 23.1 Billion in 2023 to USD 36.3 Billion by 2028; it is expected to record a CAGR of 9.4% during the forecast period. Governments worldwide are undertaking several initiatives to meet 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.
Software: The fastest segment of the smart meter market, by component
Based on components, the smart meter market has been split into hardware and software. The customer information system (CIS), meter data management system (MDMS), and metering and billing software are critical software components of smart meters. The software helps manage the operations of smart meters once deployed by the utilities. Smart meter software aids in the detection of abnormal utility consumption patterns and the accurate billing of consumers.
AMI segment is expected to emerge as the largest segment based on technology
By technology, the smart meter market has been segmented into AMI & AMR. AMI enables the meters to collect and transmit data on utility and energy use in real time. The foundation of smart grid projects is smart meters employing AMI technology, and rising investment in such projects serves as a major growth driver for the market for AMI smart meters
Europe is expected to be the second-largest market during the forecast period
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.
Market Dynamics
Drivers
- Supportive Government Regulations Pertaining to Digitalization of Grids
- Rising Adoption of Smart Meters to Monitor Utility Systems in Real Time
- Dynamic Pricing of Utilities
- Reduced Blackouts and Failures of Utility Systems
- Increased Need to Monitor Energy Consumption to Achieve Carbon Neutrality
Restraints
- High Setup and Operational Costs and Limited Availability of Low-Cost Digital Upgrades
- Decline in Infrastructure Development Investments and Low Return on Investment
Opportunities
- Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses
- Integration of Artificial Intelligence (AI) and Machine Learning (ML) Technologies into Smart Meters
- Rising Adoption of Electric and Hybrid Vehicles
- Increasing Focus of Developing Countries on Improving Water Distribution Networks
Challenges
- Maintenance, Security, and Integrity of Smart Meters and Associated Data and Requirement for Skilled Professionals
- Dependency on Reliable Connections Between Smart Meters and Smart Grid Devices to Collect Highly Accurate Data
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 308 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $23.1 Billion |
| Forecasted Market Value (USD) by 2028 | $36.3 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Meter Market, by Type
6.1 Introduction
6.2 Smart Electric Meter
6.3 Smart Gas Meter
6.4 Smart Water Meter
7 Smart Meter Market, by Component
7.1 Introduction
7.2 Hardware
7.2.1 Power System
7.2.2 Microcontroller
7.2.3 Communication Interface
7.3 Software
7.3.1 Customer Information System (Cis)
7.3.2 Meter Data Management System (Mdms)
7.3.3 Metering and Billing Software
8 Smart Meter Market, by Technology
8.1 Introduction
8.2 Automatic Meter Reading (Amr)
8.3 Advanced Metering Infrastructure (Ami)
9 Smart Meter Market, by Communication
9.1 Introduction
9.2 Radiofrequency (Rf)
9.3 Power Line Communication (Plc)
9.4 Cellular
10 Smart Meter Market, by End-User
10.1 Introduction
10.2 Residential
10.3 Commercial
10.4 Industrial
11 Smart Meter Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent and Related Markets
15 Appendix
Companies Mentioned
- Aclara Technologies
- Badger Meter, Inc.
- Genus Power Infrastructure
- Hexing Electrical
- Honeywell International
- Iskraemeco
- Itron, Inc.
- Jiangsu Linyang Electronics
- Kamstrup A/S
- Landis+Gyr
- Larsen & Toubro
- Networked Energy Services Corporation
- Osaki Electric Co. Ltd.(Edmi)
- Pietro Fiorentini
- Sagemcom
- Schneider Electric
- Secure Meters
- Sensus (Xylem)
- Siemens
- Wasion Group
For more information about this report visit https://www.researchandmarkets.com/r/y4rg7a
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