Smart Meter Market worth $36.3 Billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 24, 2023 /PRNewswire/ -- Smart Meter Market is projected to reach USD 36.3 billion in 2028 from USD 23.1 billion in 2023 at a CAGR of 9.4% according to a new report by MarketsandMarkets™. The emergence of electric, gas, and water smart meters has revolutionized utility operations. With advancements in smart meters, sensors, control systems, and communication components, utility systems can be monitored in real-time. These dynamic tariffs promote efficient use of electricity, gas, and water by reflecting variations in demand, availability, and delivery costs over time. For instance, smart electric meters help provide a reliable reading of power consumption at specific time intervals that match electricity market intervals. This enables energy companies to create tariffs adjusted to off-peak periods with lower prices and encourages customers to adjust their consumption so that they use energy when it is cheaper.

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Browse in-depth TOC on "Smart Meter Market"

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Smart Meter Market Scope:

The Smart electric market, by type, is expected to be the most significant application market during the forecast period.

Smart electric meters use a web-based monitoring system to create two-way communication between the customer's meter and the utility. A smart electric meter takes automatic readings of residential, commercial, or industrial electricity usage and relays the information wirelessly to the energy supplier. Moreover, some meters also help analyze the energy usage trends during peak and off-peak hours, which can help predict future usage, thereby reducing electricity bills.

RF, by communication, is expected to grow at the second-highest CAGR during the forecast period

Smart meters based on RF-based communication technology use two types of modules: mesh technology and point-to-point technology. In mesh-based technology, the meters connect from LAN to a cloud collector, which transmits the data using WAN methods to the central location of the utility. The advantages of this technology include large bandwidth and acceptable latency, whereas disadvantages include challenges relating to terrain and distance in rural areas. In point-to-point technology, smart meters communicate directly with the collector, which is mostly a tower

The commercial segment is expected to be the second fastest-growing region in the Smart Meter Market

The expansion and development of commercial facilities are mainly driving the growth of the Smart Meter Market for the commercial sector. Smart meters provide detailed, real-time data on energy usage, allowing businesses to track consumption and identify patterns and areas for improvement. By tracking and managing energy usage more effectively, businesses can reduce energy costs and improve their bottom line. These Smart meters also give businesses the information they need to optimize their energy consumption and reduce waste.

Asia Pacific segment is expected to be the fastest-growing region in the Smart Meter Market

Asia Pacific is expected to be the fastest growing region in the Smart Meter Market. The Asia Pacific has a strong demand for smart meters, which is further growing due to government mandates and higher investment toward digitizing grids to manage huge electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.

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Smart Meter Market Dynamics:

Drivers:

1. Supportive government regulations pertaining to digitalization of grids
2. Rising adoption of smart meters to monitor utility systems in real time
3. Dynamic pricing of utilities
4. Reduced blackouts and failures of utility systems
5. Increased need to monitor energy consumption to achieve carbon neutrality

Restraints:

1. High setup and operational costs and limited availability of low-cost digital upgrades
2. Decline in infrastructure development investments and low return on investment

Opportunities:

1. Focus of governments worldwide on reducing aggregate technical and commercial losses
2. Integration of artificial intelligence (AI) and machine learning (ML) technologies into smart meters
3. Rising adoption of electric and hybrid vehicles
4. Increasing focus of developing countries on improving water distribution networks

Challenges:

1. Maintenance, security, and integrity of smart meters and associated data and requirement for skilled professionals
2. Dependency on reliable connections between smart meters and smart grid devices to collect highly accurate data

Key Market Players:

Some of the major players in the Smart Meter Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

Recent Developments

• In November 2022, Landis+Gyr has expanded its portfolio in Smart Metering, Grid Edge Intelligence and Smart Infrastructure fields and will be exhibiting the latest hardware and software solutions for electricity, heat, gas, and water metering.
• In September 2022, EDMI has launched its brand MIRA which are communications agnostic, enabling end-to-end visibility and control based on industry standard protocols such as DLMS, IDIS, and LWM2M over a wide range of bearer services including 4G, NB-IoT, RF Mesh.
• In November 2022, Itron, Inc. has partnered with various technology innovators, consultants, service providers, and channel partners to deliver outcomes for utilities and cities in their mission to connect to customers to accelerate the modernization of energy, water, and smart solutions offered in global markets
• In October 2021, Siemens Smart Infrastructure and its partners, Sagemcom and Bite Lietuva, participated in the rollout of 1.2 million smart meters across Lithuania.

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Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Smart Water Metering Market - Global Forecast to 2027

Smart Gas Meter Market - Global Forecast to 2026

Smart Electric Meter Market - Global Forecast to 2026

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