Global Smart Meters Market to Reach USD 34.5 Billion by 2028

The global smart meters market is growing due to the increasing energy consumption and rising demand for efficient energy management along with favorable government initiatives and financial aids and subsidies

A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the global smart meters market was worth USD 19.7 billion in the year 2021. It is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 34.5 billion by the end of 2028. The global smart meters market is flourishing at a high rate owing to the factors such as increasing energy consumption and rising demand for efficient energy management to save costs for both users and utility companies. Furthermore, favorable government initiatives and financial aids, and subsidies for boosting the installation of smart meters are also offering lucrative growth opportunities for the global smart meters market.

Rising Demand for Smart Meter Hardware is Driving Global Smart Meters Market

Based on components, the global smart meters market is segmented into hardware and software. The hardware segment holds the largest market share since the installation of smart meters is still in its primary stage in almost all regions. Therefore, the demand for smart meter hardware for installation in residential spaces and commercial facilities is increasing at a high rate, propelling the overall market growth. However, the software segment is also gaining significant traction since the software performs the basic functions of recording, analyzing, and transferring data on energy consumption.

Increasing Installation of Smart Meters in Residential Spaces is Propelling Global Smart Meters Market Growth

Based on end-user, the global smart meters market is segmented into residential, commercial, and industrial segments. The residential segment accounts for the largest market share owing to the increasing government initiatives to boost the adoption of smart meters in households to reinforce accurate meter readings and provide better transparency in energy consumption for both consumers as well as utility companies. However, the commercial segment is anticipated to witness significant growth in the forecast period owing to the expanding service sector and increasing establishment of commercial facilities for infrastructural development.

Global Smart Meters Market - By Technology

Based on technology, the global smart meters market is segmented into AMI and AMR. The advanced metering infrastructure or AMI accounts for the largest share in the global smart meters market. This type of technology offers two-way communication between the meter and the supplier. The smart meters that work on AMI technology collect and analyze data that help utility companies to improve energy efficiency and streamline customer services. Due to these factors, the AMI sector is projected to witness substantial growth during the forecast period.

Global Smart Meters Market - Regional Insights

Geographically, the global smart meters market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global smart meters market owing to the gradual adoption of smart metering solutions to limit electricity consumption and boost its efficient management. The governments of various emerging economies such as China and India are taking various initiatives such as offering subsidies as well as establishing partnerships with utility companies to boost the adoption of smart meters in their respective regions. This is significant propelling the growth of the global smart meters market.

Impact of COVID-19 on Global Smart Meters Market

The unprecedented COVID-19 pandemic outbreak initially negatively halted the growth of the global smart meters market. This is because of the lockdown restrictions imposed in different parts of the world due to which the smart meter installation activities were temporarily paused. Furthermore, the market also faced a huge shortage of IoT sensors due to the low production of semiconductor chips. However, the global smart meters market is expected to flourish in the post lockdown period due to a significant surge in electricity consumption and a huge burden on the energy sector.

Competitive Landscape

The leading market players of the global smart meters market are AEM SA, Ningbo Sanxing Electric Co. Ltd, Aichi Tokei Denki, Neptune Technology Group Inc., Apator SA, Nanjing Xinlian Electronics Co. Ltd, Arad Group, Mueller Systems LLC, Azbil Kimmon Co. Ltd, Landis+GYR Group AG, Badger Meter Inc., Kamstrup AS, Diehl Stiftung & Co. KG, Elster Group GmbH, Jiangsu Linyang Energy Co. Ltd, General Electric Company, Itron Inc., Hexing Electric Company Ltd, Holley Technology Ltd, and other prominent players.

The global smart meters market is highly competitive with the presence of several multinational corporations as well as regional players. However, many startups are also emerging with efficient offerings, giving tough competition to the established players. The companies are significantly investing in research and development activities for bringing innovations and technological advancements into their products. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Dont miss the business opportunity of the global smart meters market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global smart meters market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global smart meters market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.