Valued to be $29.8 Billion by 2026, Smart Meters Slated for Robust Growth Worldwide
SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Meters - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
What's New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to our digital archives and MarketGlass Research Platform
- Complimentary updates for one year
Edition: 8; Released: February 2022
Executive Pool: 19151
Companies: 181 - Players covered include 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. and Others.
Coverage: All major geographies and key segments
Segments: Type (Electric, Water, Gas); Communication Type (Cellular, RF, PLC); Application (Residential, Commercial, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
ABSTRACT-
Global Smart Meters Market to Reach US$29.8 Billion by the Year 2026
Smart meters are electronic devices that record the consumption of electricity, water or gas, and transmit the data to utilities for billing or analytics purposes. Smart meters hold various advantages over traditional metering devices that are driving their adoption globally. 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.
Smart meters hold various advantages over traditional metering devices that are driving their adoption globally. Smart meters are capable of reading and displaying electricity, water or gas consumption to help users control the usage. These devices automatically transmit consumption data over mobile apps over a wireless network. The real-time information allows utilities to analyze data for useful insights to improve efficiency and services. The technology eliminates the need for human intervention to collect usage data and meter status. Smart meters are capable of automatically switching on or off the energy supply to mitigate the risk of accidents in the event of gas leakage. In addition, smart meters assist utilities in delivering enhanced customer experience by monitoring peak usage, resolving hardware problems and addressing complaints. On the other hand, availability of consumption data allows users to reduce usage to save on utility bills and carbon footprint.
Amid the COVID-19 crisis, the global market for Smart Meters estimated at US$23.1 Billion in the year 2022, 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. 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.
The U.S. Market is Estimated at $3.6 Billion in 2022, While China is Forecast to Reach $17 Billion by 2026
The Smart Meters market in the U.S. is estimated at US$3.6 Billion in the year 2022. The country currently accounts for a 30.33% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$17 Billion in the year 2026 trailing a CAGR of 12.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8% and 9.3% respectively over the analysis period. North America commands a dominant position in the market and growth is attributed to growing focus on smart cities and smart grids along with extensive use of the technology for improving resilience and reliability of energy supply. Leading utilities in the region have fully deployed smart meters or are rolling out massive projects. North America is heading for the second wave of installations among the early adopters. Countries including the US, Mexico and Canada are rolling out smart metering devices at subsidized rates to push installation rate, which is bound to provide a notable stimulus to the regional market. The European market for smart meters is augmented by increasing penetration of emerging technologies such as industrial Internet of Things and massive investments in R&D. The smart meters market in the Asia-Pacific region is expected to be propelled by rapid expansion of the commercial, industrial and residential sectors and growing investment in smart cities, smart grids and gas networks.
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 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. More
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp
Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./
Follow Us on Twitter
https://twitter.com/marketbytes
Journalists & Media
[email protected]
SOURCE Global Industry Analysts, Inc.
![](https://rt.prnewswire.com/rt.gif?NewsItemId=LA68130&Transmission_Id=202202221105PR_NEWS_USPR_____LA68130&DateId=20220222)
Share this article