The global smart meters market size was valued at US$ 28.03 billion in 2021 and is expected to hit US$ 65.6 billion by 2030, growing at a CAGR of 11.5% from 2022 to 2030.
There are different types of smart meters available in the market. Those are smart electricity meters, smart water meters, and smart gas meters. The growing demand for smart electricity meters is driving the growth of global smart meters market. As per the research published by the Institute for Electric Innovation, the U.S. electric providers installed around 98 million smart electricity meters in 2019, reaching more than 70% of the U.S. residential end users as of January 2020. By the end of 2020, the total number of installed smart energy meters will have risen to 107 million.
The major market players operating in smart meters market are adopting unique strategies for the growth and development of global smart meters market. Genesis will provide energy security to its New Zealand customers in 2019 through a partnership with Chirpy Chirpyplus, Australia’s newest online community for over 55s. In order to expand its market reach and position in New Zealand, IntelliHUB completed the acquisition of Mercury’s smart metering subsidiary Metrix for $270 million in 2019. Metrix will bring the total number of individually controlled and contracted meters on the Intellihub to about 2 million.
Another factor propelling the expansion of global smart meters market is growing government initiatives for the market growth. So, under the government of India’s Smart Meter National Program, India’s state-owned Energy Efficiency Services Limited proposed the implementation of about 1 million smart meters across the country in February 2020. Over the next few years, Energy Efficiency Services Limited aims to deploy 250 million smart meters. Such initiatives and activities are supporting the expansion of global smart meters market.
The smart meters are highly adopted by developing and developed countries for the purpose of commercial, residential, and industrial. It is expected that 148 million smart meters are going to be installed all around the world in the upcoming years. On the other hand, the factors such as growing costs for maintenance and installation are a major challenge for the growth of global smart meters market. However, the growing demand for energy and power is providing lucrative opportunities for the expansion of global smart meters market. In addition, the growing investments by the government for infrastructural projects are driving the growth of global smart meters market over the forecast period.
Report Scope of the Smart Meters Market
|Market Size by 2030||USD 65.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 11.5.5%
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, End Use, Component, Technology, Communication and Geography|
Holley Metering Limited, Neptune Technology Group Inc., Honeywell International Inc., Siemens AG, Kaifa Technology, Suntront Technology, Wasion Group, Aichi Tokei Denkei, Badger Meter and Sensus
The smart electricity meters segment dominated the smart meters market in 2021. The rapid urbanization is paving way for the growth of smart electricity meters segment. The growing initiatives for smart cities are also driving the growth of the segment. As per the British Petroleum, global power production reached 27004.7 terawatt hours in 2019. Energy consumption is predicted to rise in the near future, as per the U.S. Energy Information Administration, worldwide energy consumption is expected to rise by about 50% between 2018 and 2050, with Asia continuing to be the largest consumer. Thus, the smart electricity meters segment is growing at a rapid pace.
The smart gas meters segment is expected to witness strong growth during the forecast period. The installation and implementation of smart gas meters is fueled by an increase in demand for data. In 2019, residential sector in the UK paid an average of 655 pounds for gas, as per the Department of Business, Energy, and Industrial Strategy. Gas is used in the homes of approximately 23.5 million people for heat and electricity. The natural gas consumption in the UK reached 78.8 billion cubic meters in 2019, as per the British Petroleum. All these figures shows that the smart gas meters segment is growing at fastest rate.
End Use Insights
The residential segment dominated the smart meters market in 2021. The demand for smart meters is growing in residential sector due to the growing energy consumption. The residential areas use consumer electronics on a large scale. As a result, the demand for smart meters is growing at a rapid pace for residential end users.
The industrial segment is projected to witness strong growth during the forecast period. The rapid industrialization is driving the growth of global smart meters market. The expansion of manufacturing and construction sectors is boosting the demand for smart meters for industrial end users.
Asia-Pacific dominated the smart meters market in 2021. China dominated the smart meters market in Asia-Pacific region. The growing infrastructural investments are driving the growth of smart meters market in the region. According to the Groupe Speciale Mobile Association, China is investing heavily in infrastructure to build a new 40,000-kilometer gas pipeline that will connect 470 million people. In addition, the market players are adopting unique strategies for the smart meters market growth. At January 2019, Tokyo Gas, the Industrial Technology Research Institute, and TEPCO Power Grid teamed up to execute a demonstration project in Shalun Green Energy Science City’s area D to build a next generation metering platform.
Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK, Spain, France, and Italy dominate the smart meters market in Europe region. The growing installations of smart electric meters are driving the demand for smart meters in the region. The growth of smart meters market in Europe is being propelled by the existence of major market players, growing adoption of innovative technologies, and increasing acceptance of renewable energy sources.
Some of the prominent players in the global smart meters market include:Holley Metering Limited
Segments Covered in the Report
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By End Use
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