Smart Meters Market Worth $30.2 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 19, 2022 /PRNewswire/ -- According to the new market research report "Smart Meters Market by Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End user (Residential, Commercial, Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Smart Meters Market is projected to reach USD 30.2 billion by 2026 The Smart Meters Market size will grow to USD 30.2 billion by 2026 from USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period.
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Governments worldwide are undertaking several initiatives to meet the future electricity demands and are focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. Smart meters will play a crucial role in achieving these initiatives. The increase in the adoption of electric vehicles, development of microgrids, distributed energy storage, and the need for net-metering are a few of the major drivers for the smart meter market growth. With advancements in smart meters and sensors, utility systems and their dynamic prices can be monitored in real-time. The real-time data generated by smart meters helps energy network operators understand patterns in demand and accordingly ensure the right level of energy generation and ensure effective grid management. Grid operators can plan to integrate renewable energy by applying analytics on the demand data produced by smart meters. Smart meter sensors and communication systems can effectively and quickly monitor and resolve blackout issues and are also used for mapping outage events to help prevent future outages. In addition, data from smart meter communication systems can help utilities visualize, analyze, and efficiently manage repairs, reducing outage times and costs while quickly restoring and resuming the services.
The smart electric segment is expected to be the largest Smart Meters Market, by type, during the forecast period.
The smart electric segment accounted for the largest market share of 73.8% of Smart Meters Market, by type in 2020, driven by the growing emphasis on dynamic pricing of utilities and the Increased need to monitor energy consumption to achieve carbon neutrality. The future growth of the segment can be attributed to increasing demand for the need to monitor utility systems in real-time for consumers across end-users such as residential, commercial, and industrial sectors.
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The cellular communication segment is expected to be the largest Smart Meters Market, by communication type, during the forecast period.
The cellular segment accounted for the largest market share of 58.5% of Smart Meters Market, by communication type in 2020. Cellular is expected to register the highest growth rate during the forecast period. The growth of the cellular communication type is attributed to the availability of robust telecommunication infrastructure for smart meter operations across regions such as Europe and North America. The faster data transfer rate and reduced infrastructure costs are accelerating cellular communication segment market growth.
Asia Pacific is expected to remain as the largest Smart Meters Market
In this report, the Smart Meters Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to dominate the global Smart Meters Market between 2021–2026. Asia Pacific region is the largest Smart Meters Market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis on efficient management of power distribution, power outages, and demand response (DR), and reduced operation cost.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Smart Meters Market.
The major players in the global Smart Meters 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 new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.
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