Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The global smart meter market size is projected to reach USD 44.18 billion by the end of 2026. Recent technological advancements have emerged in favor of the market in the coming years. According to a report published by Fortune Business Insights, titled “Smart Meter Market Size, Share & Industry Analysis, By Type (Smart Electric Meter, Smart Gas Meter, Smart Water Meter) By Technology (Automatic Meter Reading {AMR} and Advanced Meter Infrastructure), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” the market was worth USD 24.53 billion in 2018 and will exhibit a CAGR of 7.7% during the forecast period, 2019-2026.
Industry Developments:
Itron Inc. has achieved SAP certification for its interface software ISAIM 2.0 for Itron Enterprise Edition’s (IEE) Meter Data Management System (MDMS). The integration helps utilities to reduce the total cost of ownership and lower project implementation costs.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 to 2026 CAGR | 7.7% |
| 2026 Value Projection | USD 44.18 Billion |
| Base Year | 2018 |
| Market Size in 2018 | USD 24.53 Billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 140 |
| Segments covered | Smart Meter Market Size, Share & Industry Analysis, By Type (Smart Electric Meter, Smart Gas Meter, Smart Water Meter) By Technology (Automatic Meter Reading {AMR} and Advanced Meter Infrastructure), By Application (Residential, Commercial and Industrial), and Regional |
| Growth Drivers | Increasing Number of Company Mergers Will Aid Growth |
| Asia Pacific Dominates the Market; Focus on Sustainable Energy Management to Aid Growth |
Driving Factors:
Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the market. In March 2017, PUB awarded a contract to CH2M Hill Singapore. The contract will be aimed at the development and installation of 300,000 water meters. The water meters will be installed existing residential, commercial, and industrial premises by the end of 2023.This contract will have a positive impact on the growth of the overall market in the foreseeable future.
COVID-19 Impact:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides a comprehensive research into the regional developments of the market that would affect its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Segmentation Analysis:
Growing Demand for Electricity to Surge Smart Electric Meter Installations
Based on type, the smart meter market is segmented into the smart electric meter, smart gas meter, and smart water meter. Electricity is one of the basic needs of today, and major countries have set targets to have 100% smart meters in their countries.
Based on technology, the smart meter market is segmented into auto meter reading and advanced metering infrastructure. Two way communication ability is the factor that separates advanced metering infrastructure from auto meter reading.
In terms of application, the market is segmented into residential, commercial, and industrial. The residential sector will dominate the smart meter market as it holds the highest customer base in terms of electricity consumption and water consumption.
Regional Insights:
Asia Pacific Dominates the Market; Focus on Sustainable Energy Management to Aid Growth
The report analyzes the ongoing smart meter market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific currently dominates the market. The focus on implementation of sustainable products by major companies will aid the growth of the regional market. As of 2018, the market in Asia Pacific was worth USD 12.23 billion and this value is projected to increase further in the coming years. The market in North America and Europe will witness considerable growth in the coming years, driven by the presence of several large scale companies in several countries across this region.
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Competitive Landscape:
The fundamental players present in the market embrace numerous strategies to hike their position in the market as dominating companies. One such pivotal tactic is procuring companies to boost the brand value among users. Another vital strategy is periodically launching innovative products that will positively benefit the users.
Smart Meter Companies Operating in the Global Market:
- Siemens (Germany)
- ABB (Switzerland)
- Kamsturp (Denmark)
- Itron (US)
- Landis + Gyr (Switzerland)
- Badger Meter (US)
- Diehl (Germany)
- Secure Meter Limited(UK)
- Aclara Technologies (US)
- Sensus (US)
- BMETER (UK)
- Jabil(US)
- Honeywell (US)
- ZENNER (US)
Smart Meter Market Segmentation:
By Type:
- Smart Electric Meter
- Smart Gas Meter
- Smart Water Meter
By Technology:
- Automatic Meter Reading
- Advanced Meter Infrastructure
By Application:
- Residential
- Commercial
- Industrial
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Global Smart Meter Market Analysis (USD Billion), Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Smart Electric Meter
5.2.2. Smart Gas Meter
5.2.3. Smart Water Meter
5.3. Market Analysis, Insights and Forecast – By Technology
5.3.1. Auto Meter Reading (AMR)
5.3.2. Advanced Metering Infrastructure (AMI)
5.4. Market Analysis, Insights and Forecast – By Application
5.4.1. Residential
5.4.2. Commercial
5.4.3. Industrial
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.2. Latin America
5.5.3. Europe
5.5.4. Asia Pacific
5.5.5. Middle East and Africa
Continued…
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