Market Research Report
Smart Meters Market Size By Application, By Technology, By Product, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028
|Smart Meters Market Size By Application, By Technology, By Product, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028|
Published: April 1, 2022
Global Market Insights Inc.
Content info: 410 Pages
Delivery time: 2-3 business days
The global smart meters market is estimated to proliferate at a significant rate through 2028 owing to notable technological advancements in the product. Additionally, rapid shift in the development of smart grid networks is foreseen to further bolster industry expansion over the forecast timeline.
Recently, major companies in the industry have been formulating profitable strategies, such as mergers & acquisitions, alliances, and product development, among others, which has enhanced smart meters market dynamics. For instance, in March 2022, Honeywell International Inc., the American technology company, signed a deal with Duke Energy Sustainable Solutions (DESS), a leading sustainable energy provider, to develop and deliver energy resiliency solutions jointly.
With this partnership, both firms intended to offer these solutions to targeted U.S. markets, particularly to communities that have urgent resiliency requirements, such as those that experience regular power outages as well as other climate change-associated grid disruptions. They aim to establish municipal microgrids to help cities offer essential services during outages, such as wastewater management, water distribution, and power to community centers that can act as cooling or warming centers for residents.
Notably, soaring adoption of smart grid schemes aimed at deploying second-generation smart meter infrastructure as well as the expansion of regulatory systems have propelled smart meters market expansion globally. Furthermore, there has also been an upsurge in the uptake of smart water meters to facilitate urban water supply management supported by the advent of the smart city idea across developed regions in the world, which has aided revenue growth of the industry in the past few years.
To cite an instance, in June 2021, residents of Stroud Road, New South Wales, Australia, were set to be part of an innovative approach to water management in the region that was undertaken by MidCoast Council, the local government area, as its first-ever trial of digital water meters in the neighborhood. Digital water meters or smart meters provide real-time data on water consumption and help customers better evaluate their water usage.
The smart meter market has been bifurcated in terms of application, technology, product, and region. From the regional standpoint, the Middle East & Africa smart meters market is likely to expand substantially through the forecast period. Government initiatives and policies that target optimum utility management as well as increased concerns about energy conservation are slated to drive regional market growth in the coming years.
Meanwhile, the Latin America smart meters industry is expected to grow at a steady rate over the review timeline to reach a sizable valuation by the end of 2028. Prevalent establishment of green buildings, coupled with widespread implementation of government standards and measures focused on energy efficiency, is primed to foster regional industry outlook in the future.