Tokyo, June 08, 2022 (GLOBE NEWSWIRE) -- The global smart meters market was valued at US$ 28.03 billion in 2021. The global smart meters market is expected to develop due to increasing government spending in infrastructure projects over the forecast period. Growing government initiatives are another element driving the growth of the global smart meter market.
For commercial, residential, and industrial purposes, smart meters are widely used in both developing and developed countries. In the following years, it is predicted that 148 million smart meters would be placed globally. However, concerns such as rising maintenance and installation costs are posing a significant obstacle to the worldwide smart meter market's expansion. The rising need for energy and power, on the other hand, is creating profitable chances for the worldwide smart meter market to develop.
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Report Highlights
- By product, smart electricity meters segment holds the largest market share in the global smart meters market. The rise of the smart electricity meter industry is being aided by rising urbanization. The segment’s rise is also being fueled by the expanding number of smarty city initiatives. As a result, the smart meters market is rapidly expanding.
- By end user, residential segment holds the largest market share in the global smart meters market. Due to rising energy usage, the demand for smart meters is increasing in the residential sector. Consumer gadgets are widely used in residential locations. As a result, demand and need for smart meters among residential end users is rapidly increasing.
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Regional Snapshot
Asia-Pacific is the largest segment for smart meters market in terms of region.China is dominating the smart meters market in the Asia-Pacific region. The expansion of the smart meter market in the region is being driven by increasing infrastructure investments. China is investing extensively in infrastructure to develop a new 40,000-kilometer gas pipeline that will connect 470 million people, according to the Groupe Speciale Mobile Association. Furthermore, industry participants are employing distinct techniques to drive the smart meter market forward.
Europe region is the fastest growing region in the smart meters market.The UK, France, Spain, and Italy hold the highest market share in the Europe smart meters market. The need for smart meters in the region is being driven by the increasing number of smart electric meter installations. The presence of significant market players, increased usage of novel technologies, and increasing acceptance of renewable energy sources are all driving the growth of the smart meter market in Europe.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 28.03 Billion |
| Revenue Forecast by 2030 | USD 65.60 Billion |
| CAGR | 11.5% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Holley Metering Limited, Neptune Technology Group Inc., Siemens AG, Honeywell International Inc., Kaifa Technology, Suntront Technology, Wasion Group, Aichi Tokei Denkei, Badger Meter and Sensus |
Market Dynamics
Drivers
Surge in consumption ofelectricity
As per the U.S. Energy Information Administration’s International Energy Statistics, worldwide electricity consumption continues to grow faster than global population, resulting in the surge in the average amount of power and energy consumed per person. This factor results in the increase in demand for smart electric meters. As a result, surge in consumption of electricity is boosting the growth of global smart meters market.
Restraints
High initial costs
The smart meters manufacturing units requires large amount of money. In addition, not only cost of set up is high but also the operations and maintenance require huge capital amount. Thus, the smart meters set up requires high investments, which is restricting the expansion of global smart meters market over the projected period.
Opportunities
Growing government initiatives
The government of emerging and established nations is highly investing in the installation of smart meters. The government is providing tax benefits to the manufacturers of smart meters such as tax incentives and tax subsidies. Some of the government agencies are also collaborating with market players for the development of smart meters market. As a result, growing government initiatives are providing lucrative opportunities for the growth of global smart meters market.
Challenges
Lack of skilled professionals
The installation process of smart meters is quite complex and complicated in nature. For installation of smart meters, skilled and trained professionals are required. These personnel should follow mandates of government during this process. There should be data security and privacy associated with smart meters. Thus, lack of skilled professionals is a biggest challenge for the growth and development of global smart meters market.
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Recent Developments
- PayGo and Landis+Gyr announced their partnership on January 2021, by signing payment and billing partner agreement. Landis+Gyr sophisticated metering customers will be able to use PayGo’s payment services and prepaid digital billing as a result of the agreement. The utility prepayment systems have proven to be beneficial to both consumers and utilities, giving customers more control over their energy utilization and encouraging them to use more energy.
- SENSUS USA Inc. teamed with Grey Stone Corporation to install 12,000 new smart meters in March 2020. New Stratus IQ household smart meters will be installed as part of the cooperative’s smart utility network, which will also seen an update from wire technology to the FlexNet communication network.
Market Segmentation
By Product
- Electricity Meter
- Gas Meter
- Water Meter
By End Use
- Residential
- Commercial
- Industrial
By Component
- Hardware
- Software
By Technology
- AMI
- AMR
By Communication
- RF
- PLC
- Cellular
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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