Smart Meter Market Size is Expected to Reach USD 21,847.89 Million by 2025 | Valuates Reports
BANGALORE, India, Feb. 17, 2020 /PRNewswire/ -- A smart meter is an electronic device that tracks electric energy usage and communicates the information to the electricity supplier for tracking and billing.
The global smart meter market is expected to rise from USD 11,385.96 million in 2018 to USD 21,847.89 million at a compound annual growth rate of 9.75 percent by the end of 2025.
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Smart meters pave the way for the smart grid, as they allow two-way real-time communication between DISCOMs and consumers through GPRS technology. This development has resulted in several ongoing projects, turning to smart meters to enable efficient resources management and utilization of gas, water, and electricity. Further, a smart meter is one of the core implementations in creating smart homes where automated monitoring of power, light and energy is implemented to reduce wastage.
This report strategically segments the market into Smart Electric Meter, Smart Gas Meter and Smart Water Meter and into Residential Sector, Commercial Sector, and Industrial Sector to provide in-depth analysis of the market. During the forecast period, the commercial segment is expected to be the second-fastest-growing segment on the smart meter market.
TRENDS INFLUENCING THE SMART METER MARKET SIZE.
- The ever-evolving policy structure and policies are increasing the rate of residential, commercial, and industrial installations. Countries such as China and the United States have undergone a high-scale smart meter rollout, primarily due to the ongoing funding from the respective governments.
- Despite rising energy prices and environmental concerns around power generation and distribution, companies are looking around the world for new time-efficient and cost-effective measures to handle power generation and distribution. Government and other legislative bodies are encouraging the implementation of smart electricity meters worldwide, as electricity meters help to track energy usage effectively and reduce reliance on fossil fuel depletion. This support in turn increased the market for a smart meter.
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REGION WISE SMART METER MARKET SHARE ANALYSIS
- The industry in North America is expected to expand at a significant rate led by the tremendous demand in the US market. The nation focuses on updating and replacing ageing infrastructure, allowing stability of the grid and the implementation of smarter power grids. The factors responsible for the market demand in North America are conducive government initiatives, consisting of proper allocation of funds and making smart meters mandatory in many states such as Texas and California. Early adopters of smart meters were both from the USA and Canada. Today many of the region's Tier 1 utility providers have implemented or are currently in the process of introducing a large-scale smart meter solution.
- In 2018, the Asia-Pacific smart meter industry captured a significant portion of the overall smart meter market. The smart meter market is booming in the world, primarily due to massive demand for smart meters in countries such as China, India and Japan.
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The report deeply explores the recent significant developments by the leading vendors and innovation profiles in the Global Smart Meter Market including are
- Elster Group SE,
- Itron Inc.,
- Landis + GYR,
- Schneider Electric SA,
- Siemens AG,
- Badger Meter Inc.,
- Circutor SA,
- Holley Metering Limited,
- Honeywell international Inc.,
- Sensus
- Others.
On the basis of Product, the Global Smart Meter Market is studied across
- Smart Electric Meter,
- Smart Gas Meter,
- Smart Water Meter.
On the basis of Application, the Global Smart Meter Market is studied across
- Commercial & Industrial Application
- Residential Application.
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