Pune, India, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global smart meter market size is expected to grow from USD 24.53 billion in 2018 to USD 44.18 billion by 2026, exhibiting a CAGR of 7.6% during the forecast period. Recent technological advancements have emerged in favour 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.
Smart meter provides two-way communication and acts as a medium between customers and service providers. This allows for improved efficiency, subsequently aiding the demand for the product across the world. Modern smart meters allow for improved product operations. The use of advanced concepts such as the IoT and sensor-based monitoring has opened up the potential for widespread product applications. The presence of several large scale companies has made a huge impact on the growth of the market in the foreseeable future. The increasing number of company mergers and collaborations has also contributed to the growth of the market. The contributions from government organizations, as well as private companies, will bode well for the market.
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Report Scope And Segmentation:
| 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 | 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 |
Smart Meter Market Growth Drivers:
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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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.
A List of Key Manufacturers Operating in the Global Market:
- Siemens
- ABB
- Kamsturp
- Itron
- Landis + Gyr
- Badger Meter
- Diehl
- Secure Meter Limited
- Aclara Technologies
- Sensus
- BMETER
- Jabil
- Honeywell
- ZENNER
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:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Smart Meter Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Smart Electric Meter
- Smart Gas Meter
- Smart Water Meter
- Market Analysis, Insights and Forecast – By Technology
- Auto Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- North America Smart Meter Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Smart Electric Meter
- Smart Gas Meter
- Smart Water Meter
- Market Analysis, Insights and Forecast – By Technology
- Auto Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Latin America Smart Meter Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Smart Electric Meter
- Smart Gas Meter
- Smart Water Meter
- Market Analysis, Insights and Forecast – By Technology
- Auto Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Insights and Forecast – By Country
- Brazil
- Mexico
- Rest of Latin America
Continued…
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