Global Smart Meters Market Present Scenario and Growth Prospects 2021-2030.

Absolute Market Insights has announced the addition of new statistical data titled as, Smart Meters market. It is scrutinized with various aspects of the existing industries such as types, size, application, and end-users. Across the globe, some significant global regions such as North America, Latin America, Asia-Pacific, Europe, and India have been considered to study the different specifications of productivity, manufacturing base and raw materials. On the other hand, it evaluates various economic facts of the companies such as shares, profit margins and pricing structures to understand the financial terms effectively.

Global smart meters market is projected to witness significant growth owing to the ability of smart meters to get connected with through smartphones as energy consumption and feedback devices. Smart meters are the metering devices that assist users in tracking gas, electricity, heat, and water usage in real-time and direct the information to the utility company/provider. The ability of smart meters to utilize automatic meter reading and advanced metering infrastructure technologies in order to transmit information pertaining to the usage of water, heat, gas, and electricity to the service provider is another factor propelling the market.

The adoption of smart meters among residential, commercial, and industrial applications has observed a noteworthy escalation. This can be attributed to the actions taken by the government bodies of developing countries to phase-out traditional rotating-disc meters with an aim to support smart infrastructure. Furthermore, governments across the globe are tending towards the usage of renewable energy, wherein smart meters provide a thrust to establish a smart grid for the even distribution of renewable energies. he Department for Business, Energy, and Industrial Strategy (BEIS) stated that the UK has witnessed installation of nearly 15.6 million smart meters owing to the initiatives taken by their respective government to provide better transparency among consumers and utility companies/providers. Thus, such factors are expected to impel the growth of smart meters market during the forecast period.

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Smart meters enable consumers to seamlessly switch their utility suppliers when it comes to elect a supplier or tariff, which is among the major factors anticipated to contribute to the growth of global smart meters market. Moreover, unlike the first generation of smart meters, the upgraded models cater to the guidelines of executive health agencies. For instance, smart meter manufacturers and providers in the UK rolled out with the next generation smart meters for residential, commercial, as well as industrial applications that follow the guidelines mandated by the Public Health England (PHE). Government agencies and regulatory bodies across the globe are developing an approach for utility industry to understand the challenges and opportunities that are linked to the spread of smart meters in order to introduce newer implementation guidelines.

The major factor that drives the smart meter market growth is supportive government policies and financial incentives. In addition, large scale installations of the smart meters by the utility companies are focusing on strengthening the distribution of the smart meters. However, high cost of installations of the smart meters borne by end users restrain the growth of the market. Various grid operators and other gas utility and water utility providers are effectively managing the demand for smart meters.

In terms of revenue, global smart meters market was valued at US$ 18.06 Bn and is anticipated to grow at a CAGR of 6.63% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.

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The detailed research study provides qualitative and quantitative analysis of smart meters market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

  • The global smart meters market was valued at 18.06 Bn and is anticipated to grow at a CAGR of 6.63% over the forecast period owing to the rise in the adoption of smart meters due to its ability to get connected with smartphones.
  • Based on offerings, hardware segment contributed a significant share in the global smart meters market in 2018 owing to the government initiatives on replacing the traditional meters with smart meters.
  • On the basis of smart meter type, electricity meters segment contributed a significant share in the global smart meters market, which can be attributed to regulatory initiatives on the replacement of traditional analog electric meters with smart meters.
  • Based on application, residential segment contributed a significant share in the global smart meters market as the consumers are moving towards maintaining the transparency of their utility usage. The commercial sector is expected to grow rapidly over the forecast period.
  • North America held the highest market share in smart meters market. Asia Pacific is expected to grow at the highest CAGR over the forecast period.
  • Some of the players operating in the smart meters market are Aclara Technologies LLC, Bristol Energy, British Gas, Bulb Energy Limited, Duke Energy Corporation, E.ON UK plc, Jabil Inc., npower, OVO Energy Ltd, Scottish Power Ltd, Sierra Wireless, Southern Company, STMicroelectronics, and Thales Group amongst others.

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Global Smart Meters Market:

  • By Offering
  • Hardware
  • Software
  • Services
  • By Smart Meter Type
  • Electricity Meters
  • Gas Meters
  • Heat Meters
  • Water Meters
  • By Technology
  • Automatic Meter Reading (AMR)
  • Advanced Metering Infrastructure (AMI)
  • By Application
  • Residential
  • Commercial
  • Industrial
  • By Region
  • North America
  • S
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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