Dublin, July 26, 2023 (GLOBE NEWSWIRE) -- The "Global Smart Meters Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The smart meter market is poised for substantial growth, with shipments expected to increase from 134.26 million units in 2023 to 186.82 million units by 2028, at a CAGR of 6.83% during the forecast period (2023-2028).
The implementation of smart grids worldwide to enhance electrical network efficiency is driving the deployment of smart electricity meters globally. The introduction of emission control regulations in many countries to combat environmental pollution is also a key factor driving market growth.
Key Highlights
- Two-way Communication Capability: Smart meters are being widely adopted across the globe for various deployments, such as electricity, gas, and water, due to their two-way communication capability. This feature allows utility suppliers and consumers to track utility usage in real-time and enables suppliers to remotely start, read, or cut off supply.
- Smart Energy Management Systems: Consumers are increasingly installing smart energy management systems to track and optimize energy consumption, especially for consumer electronics, office equipment, and other plug loads that consume a significant portion of residential and commercial electricity.
- Home and Building Energy Management Systems: Smart meters enable the implementation of Home Energy Management Systems (HEMS) or Building Energy Management Systems (BEMS), allowing visualization of electric power usage in individual homes or entire buildings.
- Digitization and Smart Grids: Digitization is accelerating the modernization of energy efficiency measures, leading to an increase in smart grid deployment globally. Smart grids optimize supply and facilitate the integration of large amounts of electricity from renewable energy sources like solar power.
- Government Support and Investments: Increasing government support and investments are expected to boost the adoption and deployment of smart meters. For example, India's state-owned Energy Efficiency Services Limited (EESL) completed the installation of approximately 10 lakh smart meters across India under the Smart Meter National Programme.
- Impact of COVID-19: The global COVID-19 pandemic caused disruptions and a decline in smart meter shipments and installations. However, as lockdowns are eased, installations are expected to rise gradually, particularly in developed locations.
Smart Meter Market Trends
- Dominance of Smart Electricity Meters: Smart electricity meters dominate the market and are projected to continue their dominance during the forecast period. Government support and investments are accelerating smart meter adoption in Asia and the Pacific while increasing urbanization and the adoption of smart home devices globally drive the demand for smart electricity meters.
- Asia-Pacific Holds Major Share: China is leading the Asia-Pacific region in smart meter deployment, driven by strict government mandates. Japan is also witnessing a surge in smart grid technology investments to achieve sustainability goals. Other countries in the region, such as India, Australia, and South Korea, are expected to fuel market growth through government initiatives and partnerships.
Smart Meters Industry Overview
The smart meter market is highly competitive, with key players such as AEM, Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Elster Group GmbH (Honeywell International Inc.), General Electric Company, Itron Inc., Kamstrup A/S, Landis+ GYR Group AG, Sagemcom SAS, Sensus USA Inc. (Xylem Inc.), Yazaki Corporation, and others.
The market is witnessing substantial investments and increasing demand, leading to intense competition among players. Companies are actively engaging in strategic acquisitions and innovations to strengthen their market position.
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