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3. Smart Meter Market Size & Share - Future Growth Expectations

The global smart meter market size is expected to reach USD 36.3 billion by 2028 from an estimated USD 23.1 billion in 2023, at a CAGR of 9.4% during the forecast period. The major factors driving the growth of this market include the adoption of smart meters include stringent government policies, increased awareness of the disadvantages of carbon footprint, contactless billing, improved grid reliability and efficient outage response, and the strong need for data analytics in the electric power industry.

The smart meter market has been growing rapidly, propelled by several of significant factors.

• Energy Efficiency Initiatives
• Grid Modernization and Smart Grid Deployment
• Renewable Energy Integration
• Empowerment and Engagement of Consumers
• Technological Developments
• Operational Efficiency and Cost Savings
• Regulatory Mandates and Incentives

To know about the assumptions considered for the study download the pdf brochure

Energy Efficiency Initiatives:

• To cut down on energy use, minimize carbon emissions, and improve grid stability, governments all over the world are putting energy efficiency laws and initiatives into action. Smart meters facilitate demand response programs, energy conservation initiatives, and peak load management by enabling utilities and consumers to monitor and regulate energy usage in real-time.

Grid Modernization and Smart Grid Deployment:

• The use of smart meters is being propelled by the shift to smart grids, which are defined by advanced metering infrastructure (AMI) and intelligent grid technologies. In order to facilitate two-way communication between utilities and customers, remote meter reading, outage detection, and grid optimization, smart meters are crucial parts of AMI systems.

Renewable Energy Integration:

• Demand-side management, real-time monitoring, and grid flexibility are necessary given the growing use of renewable energy sources including wind and solar power. Smart meters make it easier to integrate distributed energy resources (DERs), net metering, and feed-in tariffs. This makes it possible for renewable energy to be seamlessly integrated into the grid and encourages customer energy self-sufficiency.

Empowerment and Engagement of Consumers:

• Smart meters provide customers with access to comprehensive energy usage data, empowering them to modify their consumption habits, make educated decisions, and minimize energy expenses. Mobile apps, energy dashboards, and time-of-use (TOU) pricing all increase consumer knowledge and participation while promoting a sustainable and energy-conscious culture.

Technological Developments:

• As communication protocols, data analytics capabilities, and smart meter technology continue to evolve, so do the smart meters' features and functionalities. Improved grid intelligence and dependability are made possible by next-generation smart meters' improved sensors, integrated communication modules (such as cellular, RF mesh, and PLC), and interoperability with other smart grid equipment.

Operational Efficiency and Cost Savings:

• Through automated invoicing, remote meter reading, and less manual involvement, smart meters provide utilities with operational efficiencies. Smart meters reduce operational expenses, improve revenue management, and increase billing accuracy by optimizing metering procedures and decreasing metering errors. Over time, these improvements lead to significant cost savings.

Regulatory Mandates and Incentives:

• In an effort to meet regulatory obligations, hit energy efficiency goals, and enhance customer service, utilities are deploying smart meters as a result of regulatory mandates and incentives. Regulations requiring all or a large percentage of utility customers to have smart meters installed are common in many jurisdictions, which encourages market expansion and infrastructure investment in smart metering.

The smart meter market is expected to expand further as utilities, regulators, and customers come to understand the importance of smart metering technology in achieving sustainability, grid modernization, and energy efficiency objectives. Global commercial dynamics, legislative backing, and technological advancements will propel the expansion and continued use of smart meter deployments.

Smart Meter Market Share - Global Industry Landscape

The smart meter market is characterized by the presence of several key players competing for market share. Some of the leading companies in the smart meter industry include:

• Schneider Electric (France)
• Landis+Gyr (Switzerland)
• Itron (US)
• Badger Meter, Inc. (US)
• Sensus (Xylem) (US)

These companies operate in the global smart meter market by providing a range of goods, services, and technology to cater to the various needs of utilities, municipalities, and commercial clients. They are joined in this competition by additional regional and specialized competitors. A number of variables, including product innovation, scalability, dependability, regulatory compliance, and customer relationships, can affect a company's market share in the smart meter industry.

Schneider Electric (France)

• Schneider Electric is a global leader in energy management and automation solutions. The company offers smart metering systems for electricity, gas, and water utilities, along with software solutions for energy management and grid optimization.

Landis+Gyr (Switzerland)

• Landis+Gyr is a company that provides smart metering solutions for the energy industry. Their technology includes advanced metering infrastructure (AMI) systems, which allow for two-way communication between utilities and customers, and smart grid solutions that integrate with AMI systems to improve the efficiency and reliability of the power grid. Their smart meters can measure and transmit consumption data in real time, allow remote service connections and disconnections, and can be used for advanced meter analytics and load management. Additionally, Landis+Gyr's solution also include smart home solutions and grid management software.

Itron (US)

• Itron is a company that provides smart metering solutions for the energy and water industries. Their technology includes advanced metering infrastructure (AMI) systems, which allow for two-way communication between utilities and customers. Their smart meters can measure and transmit consumption data in real-time, allow remote service connections and disconnections, and can be used for advanced meter analytics and load management. Itron's smart metering solutions also include data management software, which allows utilities to analyze and manage the data collected by their smart meters. Additionally, Itron's solution also include smart grid, demand response, and distribution automation software. They also provide smart water metering solution that can help utilities to improve water conservation, leak detection and revenue protection.

Badger Meter, Inc. (US)

• Badger Meter is a US-based company that specializes in flow measurement and control solutions for water utilities. The company offers smart water meters, AMI systems, and software solutions for water management and conservation.

Sensus (Xylem) (US)

• Sensus, now part of Xylem Inc., provides smart metering and utility communication systems for water, gas, and electricity utilities. The company offers a range of smart meters, communication networks, and software solutions for advanced metering and data analytics.

Related Reports:

Smart Meter Market by Type (Electric Gas, and Water), Component, Technology (AMI & AMR), Communication (RF, PLC, and Cellular), End-user (Residential, Commercial, Industrial) and Region - Global Forecast to 2028