Market Research Report
Global Smart Meter Market Outlook, 2027
|Global Smart Meter Market Outlook, 2027|
Published: April 1, 2022
Bonafide Research & Marketing Pvt. Ltd.
Content info: 188 Pages
Delivery time: 1-2 business days
The smart meter is an Internet-based device that measures energy, water and gas consumption of buildings/homes/industries. The traditional meters only measure total consumption, whereas smart meters record when and how much of a resource is consumed. The smart meter acts as the network termination, an ingress router between the utility's network and the building it is monitoring. It is an approach to managing energy distribution and consumption that uses Internet technologies to create bi-directional communication, coordination and control. Nowadays, utility companies are considering smart metering as an efficient method of tracking usage across their customer bases to better determine costs and infrastructure needs. Smart metering can give both utilities and their customers better ideas keep track of how much utility they're using so they can adjust their usage and help them determine new strategies to save money.
According to the report title "Global Smart Meter Market Outlook, 2027", published by Bonafide Research, the Smart Meter market is to reach approx. $20 Billion in the year 2021. It is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2022 to 2027. Many countries' governments taking a step forward and making smart meter mandates and providing incentives for the installation of the smart meters which drives robust growth in future. Most of the developed countries like the United States, Germany, the United Kingdom, Canada, and France are some of the major early adopters of smart meters.
The Asia Pacific region is home to 60% of the world's total population - nearly 4.3 billion people and including the world's most populous countries, China and India. It is contributed the highest market share approx. 38% shares of the global market. Country-wise China and Japan are the largest market and India has the fastest-growing countries in the region as well as globally. In August 2021, India's Ministry of Power has issued the timelines for the nationwide replacement of existing meters with smart meters by 2025.
For a different type of utility, it requires different mechanisms and measurements, like smart electric meter records information such as consumption of electric energy, voltage levels, current, and power factor. However, the smart water meter and smart gas meters not only measure and record the consumption but also measure infrastructure maintenance, remote location monitoring and automatic billing and leakages that can increase safety by detecting emergency situation and providing immediate alerts. Furthermore, the smart meter market is segmented into smart water meters, smart gas meters and smart electric meters, among them smart electric meters, contribute more than 55% in the global market and smart water meters are expected to highest growth during the forecast period. By end-user, the market is bifurcated as industrial, commercial and residential. The residential segment contributed the highest in the market with more than 80% and the commercial segment expected the highest market growth in future. Smart meters based on either Automated Meter Reading (AMR) or Advanced Metering Infrastructure (AMI) technology and among these AMI contributed more than 60% in the market and have robust growth in future.
COVID-19 pandemic has slowed the growth of the smart meters due to the implement of lockdown in almost all the major countries and halted non-essential operations. This adversely affected the smart meters owing to less focus on development of end user's industry. Apart from this, manufacturing and supply chain delays were also witnessed which poised a challenge to the smart meters.
Schneider Electric SE, Landis+Gyr, Itron Inc., Siemens AG, Wasion Holdings Limited, Badger Meter, Inc., Xylem Inc. (Sensus), Honeywell International Limited (Smart Energy), Kamstrup A/S, Aclara Technologies LLC, Osaki Electric Co. (Edmi), Holley Technology Ltd , ZPA Smart Energy, Secure Meter Limited, Xemex, EDMI Limited, EMH Metering GmbH & Co. KG, NEPTUNE TECHNOLOGY GROUP INC., SHENZHEN KAIFA TECHNOLOGY CO., LTD., SUNTRONT TECH CO., LTD., AICHI TOKEI DENKI CO., LTD., Diehl Stiftung & Co. KG, Zenner International GmbH & Co. KG.
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry manufactures, consultants, Key vendors related to Smart meter & Utility providers etc. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Table 13:Europe Smart Meter Market Share By Country (2016, 2021&2027F)