Surging capital expenditure on smart energy infrastructure is expected to drive the market for Smart Meters | UnivDatos Market Insights

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NOIDA, India, Oct. 3, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Smart Meters Market  is expected to reach the market valuation of USD 40.6 billion by 2027 expanding at a reasonable CAGR of 7.1% during the forecast period. The analysis has been segmented into Technology (Automated Meter Reading (AMR), Advanced Metering Infrastructure (AMI)); Type (Smart Electric Meter, Smart Gas Meter, Smart Water Mater); Communication Technology (Power line communication, Radiofrequency electromagnetic radiation (RF), Cellular communication); Component (Hardware, Software); End-User (Residential, Commercial, Industrial); Region/Country.

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The Smart Meters market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Meters market. The Smart Meters market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Smart Meters market at the global and regional levels.

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Market Overview

Smart metering solutions have ascertained to be a boon to consumers who get a freedom of monitoring and regulating their power usage. Smart meter rollouts are predominantly driven by governmental support and subsidies, are further driven by the increasing demand for improved billing accuracy and curb non-technical losses. For instance, as of 2018, over 99 million smart electricity meters were deployed across the European Union. It is expected that 24 million more smart meters would be installed in the region by the end of 2020. The European Commission DG Energy has estimated a total investment of €18.8 billion (US$ 22.1 billion) would be required to achieve the 2020 target. Also, the institution has estimated an investment requirement of €40.7 billion (US$ 47.9 billion) by 2030 to install/deploy 266 million smart meters in the European Union. Furthermore, at the end of 2018, there were 86 million smart meters installed throughout the US, compared to 1,190 smart meters installed globally.

COVID-19 Impact

Covid-19 pandemic have impacted all section of the society and industry and Smart Meter market is no exception. The global demand for Smart Meter decreased in 2020 and is expected to witness the trend in the FY2021. The increasing time spent at home due to nationwide lockdown has increased the energy consumption among residential end-users, leading to significant and complex shifts in energy demand. Although the Covid-19 pandemic has forced to stop all the field work of several major smart metering projects, the market is nonetheless expected to remain robust with the cumulative number of smart meter shipments being largely unaffected over a three-year period.

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The global Smart Meters market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on technology the global smart meter market is bifurcated into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). Currently, Automated Meter Reading (AMR) segment dominate the market and is expected to maintain its dominance during the forecast period. As pe EIA, US electric utilities had more than 94.8 million advanced (smart) metering infrastructure (AMI) installed as of 2019. About 88% of all AMI installed were among residential end-users.
• Based on type the global smart meter market is segmented into Smart Electric Meter, Smart Gas Meter, Smart Water Mater. In 2020, Smart Electric Meter segment dominated the market. In 2018, globally, the installed base of smart electricity, gas and water meters stood at 1,190 million and the number is expected to reach 1,645 million by the end of 2020.
• Based on communication technology the market is divided into Power line communication, Radiofrequency electromagnetic radiation (RF), Cellular communication. Growing adoption of IoT has increased digitalization across several industries, such as gas and electricity, at an enormous rate. IoT communication networks have enabled the grid operators and DISCOMS to provide modern-day energy services.
• Based on component, the market is bifurcated into Hardware and software component. Hardware segment dominated the market in 2020. Smart Meter manufactures are focusing more on reducing the hardware component with high level of system integration and simplifying design, this would further accelerate the market growth. For instance, in 2017, Diehl Metering partnered with NEC Europe to integrate metering systems in its Smart City Platform (CCOC).
• Based on end-user the market is bifurcated into residential, commercial, and industrial end-users. Currently residential segment dominates the market and is expected to maintain its dominance during the analyzed period. Developing countries in the North America and European region are deploying Smart Meter on large scale in the households, this would further drive the market for residential Smart Meter. Number of AMI installations by sector, 2019 in the US stood at 94,838,855. Among which residential with 83,539,594 installations dominated the market, followed by commercial (10,850,886); industrial sector (446,871) and transportation sector (1,504).

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Smart Meters Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Netherlands, Spain, United Kingdom, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), and Rest of World. North America and Asia-Pacific (Specifically China) would be the top two market for smart metering solutions, owing to proactive deployment of smart grid solutions in countries such as US, India, and China. Europe has emerged as a major hub for smart meter, providing ample growth opportunities for the manufacturers, as smart metering is mandatory in the UK and across Europe. Furthermore, over the forecast period, emerging markets in the MEA region are estimated to be at the forefront of smart meters deployment as a reliable source of energy supply & management.

The major players targeting the market include

• Honeywell International
• Itron
• Landis+Gyr
• Apator Group
• Diehl Metering
• Elster Group
• Southern California
• Schneider Electric
• Siemens AG
• Badger Meter.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Smart Meters market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Smart Meters market?
• Which factors are influencing the Smart Meters market over the forecast period?
• What are the global challenges, threats, and risks in the Smart Meters market?
• Which factors are propelling and restraining the Smart Meters market?
• What are the demanding global regions of the Smart Meters market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Smart Meters Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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