Global Smart Meters Markets Report 2022: Market to Reach $29.8 Billion by 2026 - Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Meters

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Feb 02, 2022, 12:00 ET

DUBLIN, Feb. 2, 2022 /PRNewswire/ -- The "Smart Meters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Smart Meters Market to Reach US$29.8 Billion by the Year 2026

The global market for Smart Meters estimated at US$19.9 Billion in the year 2020, is projected to reach a revised size of US$29.8 Billion by 2026, growing at a CAGR of 7.2% over the analysis period.

Growth in the global market is set to be fueled by increasing focus on energy efficiency, favorable government policies and critical role of smart meters in enabling reliable power grids. Market growth is bolstered by government mandates and initiatives to promote installation of these devices in commercial and residential settings.

These initiatives are also intended to raise user awareness about efficient and smart usage of electricity through these meters. Environment and energy policies and legislations across countries like the US, Japan and South Korea focus on 100% penetration of these meters.

The market growth is augmented by increasing focus on smart cities and smart grids, requiring utilities to push distribution efficiency. Global deployment of smart meters is favored by increasing digitalization to transform the power sector. Utility companies are increasingly relying on the smart meter technology to cut transmission and distribution losses. These devices allow companies to efficiently monitor consumption and usage for gaining insights into losses.

Electric, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$17.7 Billion by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Water segment is readjusted to a revised 8.4% CAGR for the next 7-year period. For utilities aiming to modernize their grid operations with advanced solutions, smart electricity meters have emerged as an effective tool that can flawlessly address their various energy T&D needs in a simple and flexible manner.

Smart electricity meter, being a specially designed electronic measurement device, automatically captures energy consumption patterns of a utility customer and seamlessly communicates the captured information for reliable and accurate billing, while considerably decreasing the need for manual meter reads.

Smart electricity meters enable energy regulators, policymakers and governments to reduce environmental footprint and move towards energy independence. Smart water meters are witnessing increased demand influenced by the roll out of stringent government regulations.

Gas Segment to Reach $8.6 Billion by 2026

Amid the backdrop of declining revenues, gas producers, utilities and distributors are turning to reliable, accurate and more convenient measurement solutions including smart gas meters to gain a more comprehensive understanding about distribution systems and ensure system integrity, thereby opening the doors for advanced gas meter vendors.

In the global Gas segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.6 Billion in the year 2020 will reach a projected size of US$6.9 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.7 Billion by the year 2026.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Pandemic Causes Significant Disruption to Smart Meters Supply Chain
COVID-19-Induced Financial Crisis Aggravates an Already Large Global Infrastructure Spending Gap: Government Smart Meter Programs Weaken in 2020
Amidst the Pandemic, Energy Infrastructure Investments Take a Direct Blow
Smart Meters: Welcome Developments Indicating Unabated Progress in Future
An Introduction to Smart Meters
Types of Smart Meters
Why Now is the Time for Smart Meters in a World Where Energy is the Building Block for Socio Economic Development
Global Market Prospects & Outlook
Automatic Meter Reading: Leading Technology Segment in Smart Meters Market
Residential Segment Leads Global Market
North America Holds Enviable Base of Smart Meters due to Early Mover Advantage
Smart Meters Witness High Adoption in Europe as Countries Embark on Smart Metering Initiatives
Asia-Pacific Exudes Tremendous Potential for Adoption of Smart Meters

2. FOCUS ON SELECT PLAYERS (Total 181 Featured)

Aclara Technologies LLC
Apator SA
B METERS UK Ltd
Datamatics Global Services Ltd
Diehl Stiftung GmbH & Co. KG
Eaton Corporation Inc
EDMI Ltd
Honeywell International
Flonidan A/S
Itron, Inc.
Jabil, Inc.
Kamstrup A/S
Landis Gyr
Neptune Technology Group, Inc.
Quadlogic Meters Canada, Inc.
Sagemcom
Schneider Electric SE
Sensirion AG
Siemens AG
SIT S.p.A
SmartMeterQ Srl
SunTront Technology Co., Ltd.

3. MARKET TRENDS & DRIVERS

Environmental Concerns, Reduction in Energy Wastage, and Need for Energy Efficiency Drive Adoption of Smart Metering Technology
Government Policies Drive Smart Meters Adoption
Energy Theft Losses Reinforces the Need for Efficient Smart Metering Technologies
Here's Why the Environment & Sustainability Will be Top Priorities After the Pandemic
How Smart Meters Can Reduce the Carbon Footprint?
Emerging Trends to Transform Smart Metering Market
Growing Intelligence of Smart Meters
Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Meters
Smart Electricity Meters: Reliable, User-Friendly, Cost Effective, and Energy Efficient Technology for Power Utilities
Myriad Benefits of Smart Electricity Meters to Drive Global Adoption
Spiraling Demand for Electricity and Inefficient Infrastructure Drives Utilities to Deploy Smart Meters
Residential Sector Dominates Smart Electricity Meters Market
Growing Deployments of Smart Grids: A Strong Business Case for Smart Electricity Meters
Smart Electricity Meters Emerge as Vital Components for Efficient Energy Use & Consumption Control in Smart Cities
Renewable Energy Integration: A Promising Application of Smart Electricity Meters
Persistent Power Quality Issues Drive the Importance of AMI & Smart Meters in Outage Management Systems & Service Restoration
Smart Electricity Meters Gain Prominence in Distribution Automation
Government Policies Critical for Smart Electricity Meters Adoption
Integration of Electric Vehicles and Smart Meters Enable Shift towards Sustainable Economy
Need for Water Utilities to be Energy-Efficient and Responsive Propels Demand for Smart Water Meters
Unique Challenges Facing Water Utilities Amidst COVID-19 Outbreak Bring Forth the Importance of Technology Solutions
Growing Prominence of Smart Water Networks Boosts Demand for Smart Water Meters
Smart Meters Enhance Water Management Efficiency
With Water Utilities Focused on Increasing Investments in Digital Solutions, Smart Water Meter Adoption Poised to Grow
Smart Water Meters: An Important Component of Smart Cities Worldwide
Evolution of Smart Water Grid Emerges as a Fundamental Factor Driving Penetration of Smart Water Meters
Innovations in Smart Water Meters Propel Market Growth
Demand Rises for Two-Way Communicating Meters in Water Industry
Integrated Digital Water Meters Find Increased Acceptance
Smart Water Meters to Make Major Contributions to Efficiency Levels in the Agricultural Sector
Blockchain Technology for Smart Water Meters
As Gas Utilities Come Under Pressure to Curb Wastages & Ensure Accurate Billing, Smart Gas Metering Solutions Rise in Popularity
Energy Conservation and Regulatory Mandates Compel Modern Gas Utilities to Switch to Smart Gas Meters
Utility Modernization & Upgrade Programs Create Highly Conducive Environment for Smart Gas Market
Residential Vertical Remains the Dominant Segment for Consumer-Grade Smart Gas Meters
Smart Gas Meters Gain Traction in Commercial & Industrial End-Use Domains
Wireless Communication Systems Gain Traction in Smart Gas Networks
Regulations & Standards Drive New Demand for Smart Gas Infrastructure Solutions
IoT-based Smart Metering to Create Smarter and Connected Cities
IoT-Based AMI Platform: A Key Building Block of Smart Meter Infrastructure
Increasing Investments in Smart Home Technology Solutions to Fuel Demand for Smart Meters
LPWANs to Become a Standard Approach in Smart Water Meters
Big Data Analytics to Provide Actionable Insights from Smart Meters-Generated Data
AI Presents Immense Opportunities to Tap Smart Meter Data
Blockchain to Mitigate Data Safety and Privacy Concerns for Smart Meters
Cloud Computing Transforms Smart Metering Market
increasing Integration of Cellular Technology in Smart Meters
Population Growth and Demographics Drive Need for Smart Utility Infrastructure, Supporting Demand for Smart Meters
Key Issues & Challenges Hampering Widespread Adoption of Smart Meters

4. GLOBAL MARKET PERSPECTIVE

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/f3w2ab

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