New York, USA, July 18, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Smart Meter Market was estimated at USD 21,810.14 million in 2023. The market valuation is expected to be USD 48,146.40 million by 2032, registering a staggering CAGR of 9.3% during the forecast period of 2024-2032.
What is the Smart Meter?
A smart meter is a crucial part of learning the status of the electricity grid, which allows for enhancing the performance and quality of service for customers. It refers to the optimization of energy use, aiming to acquire maximum performance with the lowest feasible consumption. In other words, it is about executing activities and managing devices and systems more intelligently, with the purpose of diminishing energy waste and minimizing the associated environmental impact.
Similarly, smart meters are essential for boosting distributed electricity generation adoption, which is crucial for lowering carbon emissions and halting global warming, in addition to enabling consumers to produce their energy.
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Key Market Stats:
- The smart meter market size was valued at USD 21,810.14 million in 2023.
- The market is anticipated to grow from USD 23,554.95 million in 2024 to USD 48,146.40 million by 2032.
- The market is expected to exhibit a CAGR of 9.3% during the forecast period.
Major Findings from the Report:
- Stricter government regulations, growing public awareness of the negative effects of carbon footprints, contactless billing, enhanced grid reliability and effective outage response, and the electric power industry's critical need for data analytics are some of the main factors that would accelerate the adoption of smart meters.
- The smart meter market segmentation is mainly based on the technology, type, region, and application.
- Asia Pacific held the largest market share in 2023.
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Smart Meter Market Drivers and Trends:
- Government Support and Investments: Throughout the projection period, the market is driven by growing government backing and calculated investments in updating the energy infrastructure. In order to address climate change, energy efficiency, and the urgent need for sustainable solutions, a key strategy for effective energy management is the installation of smart meters.
- Energy Management and Conservation: The imperative demand for improved energy management and conservation is one of the main factors driving the smart meter market growth. The manual reading and recurring invoicing of traditional metering systems make them less reliable in terms of timely insights into consumption trends. Smart meters, on the other hand, provide consumers and utilities with detailed, real-time data that helps them make informed decisions and promotes an energy-conscious culture.
- Technological Innovations: The main causes of the widespread use of smart meters are technological advancement and digital change. With aging infrastructures, changing regulations, and rising customer expectations, utilities throughout the world are finding that adopting smart metering technologies is more of a strategic necessity than a simple operational improvement.
Industry’s Prominent Players:
- Hubbell
- BMETER
- Badger Meter
- Diehl
- Itron, Jabil
- Honeywell
- ABB
- Kamstrup
- Secure Meters Ltd
- Landis+Gyr
- Sensus
- ZENNER
- Siemens
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Geographical Landscape:
The smart meter market in Asia Pacific has reached a noteworthy valuation and is well-positioned to maintain its leading position. The region is distinguished by the extensive use of intelligent gas, water, and electric meters, all of which are designed to promote the economic and ecological usage of these resources. Major countries in the region, such as China, Japan, and South Korea, have either started rolling out smart meters on a major scale or are preparing to do so.
Smart Meter Market Segmentation:
By Type Outlook:
- Smart Electric Meter
- Smart Gas Meter
- Smart Water Meter
By Technology Outlook:
- Automatic Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
By Application Outlook:
- Residential
- Commercial
- Industrial
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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