Smart Meter Market to Rise at 7.7% CAGR Till 2026; Emphasis on Use of Sustainable Products Will Aid Growth, Says Fortune Business Insights™
Key Companies Profiled are Siemens, ABB, Kamsturp, Itron, bLandis + Gyr, Badger Meter, Diehl, Secure Meter Limited, Aclara Technologies, Sensus, BMETER, Jabil, Honeywell, ZENNER, among others
PUNE, India, April 22, 2020 /PRNewswire/ -- The global smart meter market size is projected to reach USD 44.18 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.
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An Overview of the Impact of COVID-19 on this Market
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.
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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.
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.
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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.
List of the leading companies that are operating in the global smart meter market include:
- 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)
Industry Developments:
October 2019: The National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), announced a new joint venture labeled 'IntelliSmart'.
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Detailed 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
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Have a Look at Related Research Insights:
Smart Electric Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026.
Smart Water Metering Market Size, Share and Global Trend By Technology (Automatic Meter Reading (AMR), Advanced Meter Infrastructure (AMI)), By Type (One Way, Two Way), By Application (Residential, Commercial, Utilities), and Geography Forecast Till 2026
Smart Gas Meter Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading) By Application (Residential, Industrial, and Commercial), and Regional Forecast, 2019-2026
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