Smart Meters Market (By Product: Electricity Meter, Gas Meter, Water Meter; By End Use: Residential, Commercial, Industrial; By Component: Hardware, Software; By Technology: AMI, AMR; By Communication: RF, PLC) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global smart meters market size was valued at US$ 27.21 billion in 2022 and is expected to hit US$ 65.31 billion by 2032, growing at a CAGR of 9.20% from 2023 to 2032.
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The asia pacific smart meters market size was reached at US$ 6.80 billion in 2022 and is predicted to touch US$ 16.03 billion by 2032, at a CAGR of 9.20% from 2023 to 2032.
Asia-Pacific dominated the smart meters market in 2022. 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.
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 Coverage | Details |
| Market Size by 2032 | USD 65.31 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 9.20% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, End Use, Component, Technology, Communication and Geography |
| Companies Mentioned |
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 2022. 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.
The residential segment dominated the smart meters market in 2022. 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.
Key Developments
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 Product
By End Use
By Component
By Technology
By Communication
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Smart Meters Market
5.1. COVID-19 Landscape: Smart Meters Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Smart Meters Market, By Product
8.1. Smart Meters Market, by Product, 2023-2032
8.1.1. Electricity Meter
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Gas Meter
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Water Meter
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Smart Meters Market, By End Use
9.1. Smart Meters Market, by End Use, 2023-2032
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2 Commercial
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Industrial
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Smart Meters Market, By Component
10.1. Smart Meters Market, by Component, 2023-2032
10.1.1. Hardware
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Software
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Smart Meters Market, By Technology
11.1. Smart Meters Market, by Technology, 2023-2032
11.1.1. AMI
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. AMR
11.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Smart Meters Market, By Communication
12.1. Smart Meters Market, by Communication, 2023-2032
12.1.1. RF
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. PLC
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. Cellular
12.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Smart Meters Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Product (2020-2032)
13.1.2. Market Revenue and Forecast, by End Use (2020-2032)
13.1.3. Market Revenue and Forecast, by Component (2020-2032)
13.1.4. Market Revenue and Forecast, by Technology (2020-2032)
13.1.5. Market Revenue and Forecast, by Communication (2020-2032)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Product (2020-2032)
13.1.6.2. Market Revenue and Forecast, by End Use (2020-2032)
13.1.6.3. Market Revenue and Forecast, by Component (2020-2032)
13.1.6.4. Market Revenue and Forecast, by Technology (2020-2032)
13.1.7. Market Revenue and Forecast, by Communication (2020-2032)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Product (2020-2032)
13.1.8.2. Market Revenue and Forecast, by End Use (2020-2032)
13.1.8.3. Market Revenue and Forecast, by Component (2020-2032)
13.1.8.4. Market Revenue and Forecast, by Technology (2020-2032)
13.1.8.5. Market Revenue and Forecast, by Communication (2020-2032)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Product (2020-2032)
13.2.2. Market Revenue and Forecast, by End Use (2020-2032)
13.2.3. Market Revenue and Forecast, by Component (2020-2032)
13.2.4. Market Revenue and Forecast, by Technology (2020-2032)
13.2.5. Market Revenue and Forecast, by Communication (2020-2032)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
13.2.6.2. Market Revenue and Forecast, by End Use (2020-2032)
13.2.6.3. Market Revenue and Forecast, by Component (2020-2032)
13.2.7. Market Revenue and Forecast, by Technology (2020-2032)
13.2.8. Market Revenue and Forecast, by Communication (2020-2032)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Product (2020-2032)
13.2.9.2. Market Revenue and Forecast, by End Use (2020-2032)
13.2.9.3. Market Revenue and Forecast, by Component (2020-2032)
13.2.10. Market Revenue and Forecast, by Technology (2020-2032)
13.2.11. Market Revenue and Forecast, by Communication (2020-2032)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Product (2020-2032)
13.2.12.2. Market Revenue and Forecast, by End Use (2020-2032)
13.2.12.3. Market Revenue and Forecast, by Component (2020-2032)
13.2.12.4. Market Revenue and Forecast, by Technology (2020-2032)
13.2.13. Market Revenue and Forecast, by Communication (2020-2032)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Product (2020-2032)
13.2.14.2. Market Revenue and Forecast, by End Use (2020-2032)
13.2.14.3. Market Revenue and Forecast, by Component (2020-2032)
13.2.14.4. Market Revenue and Forecast, by Technology (2020-2032)
13.2.15. Market Revenue and Forecast, by Communication (2020-2032)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Product (2020-2032)
13.3.2. Market Revenue and Forecast, by End Use (2020-2032)
13.3.3. Market Revenue and Forecast, by Component (2020-2032)
13.3.4. Market Revenue and Forecast, by Technology (2020-2032)
13.3.5. Market Revenue and Forecast, by Communication (2020-2032)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
13.3.6.2. Market Revenue and Forecast, by End Use (2020-2032)
13.3.6.3. Market Revenue and Forecast, by Component (2020-2032)
13.3.6.4. Market Revenue and Forecast, by Technology (2020-2032)
13.3.7. Market Revenue and Forecast, by Communication (2020-2032)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Product (2020-2032)
13.3.8.2. Market Revenue and Forecast, by End Use (2020-2032)
13.3.8.3. Market Revenue and Forecast, by Component (2020-2032)
13.3.8.4. Market Revenue and Forecast, by Technology (2020-2032)
13.3.9. Market Revenue and Forecast, by Communication (2020-2032)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Product (2020-2032)
13.3.10.2. Market Revenue and Forecast, by End Use (2020-2032)
13.3.10.3. Market Revenue and Forecast, by Component (2020-2032)
13.3.10.4. Market Revenue and Forecast, by Technology (2020-2032)
13.3.10.5. Market Revenue and Forecast, by Communication (2020-2032)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Product (2020-2032)
13.3.11.2. Market Revenue and Forecast, by End Use (2020-2032)
13.3.11.3. Market Revenue and Forecast, by Component (2020-2032)
13.3.11.4. Market Revenue and Forecast, by Technology (2020-2032)
13.3.11.5. Market Revenue and Forecast, by Communication (2020-2032)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Product (2020-2032)
13.4.2. Market Revenue and Forecast, by End Use (2020-2032)
13.4.3. Market Revenue and Forecast, by Component (2020-2032)
13.4.4. Market Revenue and Forecast, by Technology (2020-2032)
13.4.5. Market Revenue and Forecast, by Communication (2020-2032)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
13.4.6.2. Market Revenue and Forecast, by End Use (2020-2032)
13.4.6.3. Market Revenue and Forecast, by Component (2020-2032)
13.4.6.4. Market Revenue and Forecast, by Technology (2020-2032)
13.4.7. Market Revenue and Forecast, by Communication (2020-2032)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Product (2020-2032)
13.4.8.2. Market Revenue and Forecast, by End Use (2020-2032)
13.4.8.3. Market Revenue and Forecast, by Component (2020-2032)
13.4.8.4. Market Revenue and Forecast, by Technology (2020-2032)
13.4.9. Market Revenue and Forecast, by Communication (2020-2032)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Product (2020-2032)
13.4.10.2. Market Revenue and Forecast, by End Use (2020-2032)
13.4.10.3. Market Revenue and Forecast, by Component (2020-2032)
13.4.10.4. Market Revenue and Forecast, by Technology (2020-2032)
13.4.10.5. Market Revenue and Forecast, by Communication (2020-2032)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Product (2020-2032)
13.4.11.2. Market Revenue and Forecast, by End Use (2020-2032)
13.4.11.3. Market Revenue and Forecast, by Component (2020-2032)
13.4.11.4. Market Revenue and Forecast, by Technology (2020-2032)
13.4.11.5. Market Revenue and Forecast, by Communication (2020-2032)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Product (2020-2032)
13.5.2. Market Revenue and Forecast, by End Use (2020-2032)
13.5.3. Market Revenue and Forecast, by Component (2020-2032)
13.5.4. Market Revenue and Forecast, by Technology (2020-2032)
13.5.5. Market Revenue and Forecast, by Communication (2020-2032)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Product (2020-2032)
13.5.6.2. Market Revenue and Forecast, by End Use (2020-2032)
13.5.6.3. Market Revenue and Forecast, by Component (2020-2032)
13.5.6.4. Market Revenue and Forecast, by Technology (2020-2032)
13.5.7. Market Revenue and Forecast, by Communication (2020-2032)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Product (2020-2032)
13.5.8.2. Market Revenue and Forecast, by End Use (2020-2032)
13.5.8.3. Market Revenue and Forecast, by Component (2020-2032)
13.5.8.4. Market Revenue and Forecast, by Technology (2020-2032)
13.5.8.5. Market Revenue and Forecast, by Communication (2020-2032)
Chapter 14. Company Profiles
14.1. Neptune Technology Group Inc.
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Honeywell International Inc.
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Siemens AG
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Kaifa Technology
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Suntront Technology
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Wasion Group
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Aichi Tokei Denkei
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Badger Meter
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Sensus
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
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