Smart Meters Market

Market Leader - Smart Meters Market

The global smart meters market is projected to reach USD 30.2 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period. The increase in the adoption of electric vehicles, development of microgrids, distributed energy storage, and the need for net-metering are a few of the major drivers for the smart meter market growth.

Governments worldwide are undertaking several initiatives to meet the future electricity demands and are focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. Smart meters will play a crucial role in achieving these initiatives. With advancements in smart meters and sensors, control systems, and communication components, utility systems and their dynamic prices can be monitored in real-time. These dynamic tariffs promote efficient use of electricity, gas, and water by reflecting variations in demand, availability, and delivery costs over time. For instance, smart electric meters help provide a reliable reading of power consumption at specific time intervals that match electricity market intervals. By placing a huge emphasis on monitoring the demand side and making a two-way communication between consumers and the energy network gives consumers a choice about the level of energy they consume. The real-time data generated by smart meters helps energy network operators understand patterns in demand and accordingly ensure the right level of energy generation and ensure effective grid management. Grid operators can plan to integrate renewable energy by applying analytics on the demand data produced by smart meters. Smart meter sensors and communication systems can effectively and quickly monitor and resolve blackout issues and are also used for mapping outage events to help prevent future outages. In addition, data from smart meter communication systems can help utilities visualize, analyze, and efficiently manage repairs, reducing outage times and costs while quickly restoring and resuming the services.

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The smart meters market is segmented, by type, into smart electric, smart gas, and smart water meters. The smart electric segment accounted for the largest market share in 2020, driven by the growing emphasis on dynamic pricing of utilities and the Increased need to monitor energy consumption to achieve carbon neutrality in regions such as Asia Pacific, Europe, and North America. The future growth of the segment can be attributed to increasing demand for the need to monitor utility systems in real-time for consumers across end-users such as residential, commercial, and industrial sectors.

The communication type segment of the smart meters market is segmented into RF, PLC, and Cellular. Cellular is expected to register the highest growth rate during the forecast period. The growth of the cellular communication type is attributed to the availability of robust telecommunication infrastructure for smart meter operations across regions such as Europe and North America. The faster data transfer rate and reduced infrastructure costs are accelerating cellular communication segment market growth

The smart meters market is segmented, by end-user, into residential, commercial, and industrial. The residential sector is projected to grow at the fastest rate during the forecast period. The increasing power consumption drives the smart meter growth rate in the sector among residential consumers due to technological and economic advancements and the growing government support for mandatory smart meter rollout projects in the sector.

The market is segmented, by region, into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to dominate the global smart meters market between 2021–2026. Asia Pacific region is the largest smart meters market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis on efficient management of power distribution, power outages, and demand response (DR), and reduced operation cost

Related Reports:

Smart Meters Market by Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End user (Residential, Commercial, Industrial), and Region - Global Forecast to 2026

Mr. Aashish Mehra
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Smart Meters Market Size,  Share & Growth Report
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EP 3297
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