The global Smart Meter market is expected to grow at a CAGR of 9.4% during the forecast period, from an estimated USD 23.1 billion in 2023 to USD 36.3 billion in 2028. Utility providers have started using smart meter solutions to monitor, control, and improve power operations and quality control with real-time data. Thus, the demand for smart meters systems is likely to exponentially increase across the world owing to their capability to provide real-time data on consumption, which is used to control and monitor operations in power transmission, distribution, and generation. On the other side governments are also facing challenges in terms of developing sustainable infrastructure. Increasing breaches in access to water supply and sanitation, more water-intensive patterns of growth, growing populations, and water pollution are leading to increasing investments in the smart meter infrastructure.
The Asia Pacific region is estimated to be the largest market for smart water meters. The Asia Pacific has a strong demand for smart meters, which is further growing due to government mandates and higher investment toward digitizing grids to manage huge electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
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The smart meter market is characterized by the presence a mix of large international players with operational presence across the world and local players commanding a strong supply network in the domestic market. Leading players in the smart meter market include Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter, Inc. (US), and Sensus (Xylem) (US).
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 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.
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
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