According to the latest report by IMARC Group, titled “Smart Meters Market Trends, Growth Size, Share, Opportunity and Forecast 2023-2028″ reached a value of US$ 22.8 Billion in 2022. Looking forward, expects the market to reach a value of US$ 37.9 Billion by 2028 exhibiting a CAGR of 8.5% during 2023-2028.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Smart Meters Market Overview
Smart meters represent electronic devices that accurately record and measure power consumption data. They usually consist of a power system, microcontroller, communications interface, etc. Smart meters automatically and wirelessly send actual energy usage to the supplier via power line communication, radiofrequency (RF) electromagnetic radiation, and cellular communication. In line with this, they precisely monitor village fluctuations, outage detection, gas, electricity, and water utilization, etc.
Smart meters aid in reducing meter reading costs, removing inefficiencies in billing, preventing disconnection, minimizing emissions, etc. As compared to traditional meters, they are multifunctional, cost-effective, and interactive, assist in recording electricity use on a daily basis, enable two-way communication with the utility and the home or business, etc. Consequently, smart meters find extensive applications in various sectors, including residential, commercial, and industrial.
What are the major market drivers in the Smart Meters Market?
The inflating need for energy is primarily driving the smart meters market. Additionally, the widespread adoption of these devices in smart cities for the detection of leakage in supply, detection of theft, continuous monitoring of gas, water flow, and electricity, etc., is further catalyzing the market growth. Besides this, the development of smart electricity meters for automatic meter reading and bill generation, owing to the growing consumer concerns towards power generation and distribution, is acting as another significant growth-inducing factor.
Moreover, the launch of several favorable policies by government bodies across countries to replace existing traditional electric meters is also positively influencing the global market.
Apart from this, the introduction of the Internet of Things (IoT) and the escalating demand for advanced components and control systems to protect data, enhance security, maximize uptime during emergencies, etc., are anticipated to fuel the smart meters market over the forecasted period.
| Smart Meters Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2022 | US$ 22.8 Billion |
| Market forecast in 2028 | US$ 37.9 Billion |
| Growth Rate | CAGR of 8.5% from 2023 to 2028 |
| Base year for estimation | 2022 |
| Historical data | 2017-2022 |
| Forecast period | 2023-2028 |
| Report coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends |
| Segments covered | Product, Technology and End Use. |
| Regional scope | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Key companies profiled | Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd. and Zenner International GmbH & Co. KG. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product:
- Smart Electricity Meter
- Smart Water Meter
- Smart Gas Meter
Breakup by Technology:
- AMI (Advanced Metering Infrastructure)
- AMR (Automatic Meter Reading)
Breakup by End Use:
- Residential
- Commercial
- Industrial
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
Aichi Tokei Denki Co. Ltd.
Apator SA, Arad Group
Badger Meter Inc.
Diehl Stiftung & Co. KG
Holley Technology Ltd.
Itron Inc.
Landis+Gyr, Neptune Technology Group Inc.
(Roper Technologies Inc.)
Schneider Electric SE,
Sensus USA Inc. (Xylem Inc.)
Shenzhen Kaifa Technology Co. Ltd.
and Zenner International GmbH & Co. KG.
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