Market Research Report
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 635 Pages
Delivery time: 1-2 business days
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Global Smart Meters Market to Reach US$29.8 Billion by the Year 2026
Smart meters are electronic devices that record the consumption of electricity, water or gas, and transmit the data to utilities for billing or analytics purposes. Smart meters hold various advantages over traditional metering devices that are driving their adoption globally. Growth in the global market is set to be fueled by increasing focus on energy efficiency, favorable government policies and critical role of smart meters in enabling reliable power grids. Market growth is bolstered by government mandates and initiatives to promote installation of these devices in commercial and residential settings. These initiatives are also intended to raise user awareness about efficient and smart usage of electricity through these meters. Environment and energy policies and legislations across countries like the US, Japan and South Korea focus on 100% penetration of these meters. The market growth is augmented by increasing focus on smart cities and smart grids, requiring utilities to push distribution efficiency. Global deployment of smart meters is favored by increasing digitalization to transform the power sector. Utility companies are increasingly relying on the smart meter technology to cut transmission and distribution losses. These devices allow companies to efficiently monitor consumption and usage for gaining insights into losses.
Amid the COVID-19 crisis, the global market for Smart Meters estimated at US$19.9 Billion in the year 2020, is projected to reach a revised size of US$29.8 Billion by 2026, growing at a CAGR of 7.2% over the analysis period. Electric, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$17.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Water segment is readjusted to a revised 8.4% CAGR for the next 7-year period. For utilities aiming to modernize their grid operations with advanced solutions, smart electricity meters have emerged as an effective tool that can flawlessly address their various energy T&D needs in a simple and flexible manner. Smart electricity meter, being a specially designed electronic measurement device, automatically captures energy consumption patterns of a utility customer and seamlessly communicates the captured information for reliable and accurate billing, while considerably decreasing the need for manual meter reads. Smart electricity meters enable energy regulators, policymakers and governments to reduce environmental footprint and move towards energy independence. Smart water meters are witnessing increased demand influenced by the roll out of stringent government regulations.
The U.S. Market is Estimated at $20.5 Billion in 2021, While China is Forecast to Reach $17 Billion by 2026
The Smart Meters market in the U.S. is estimated at US$20.5 Billion in the year 2021. The country currently accounts for a 30.33% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$17 Billion in the year 2026 trailing a CAGR of 12.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8% and 9.3% respectively over the analysis period. North America commands a dominant position in the market and growth is attributed to growing focus on smart cities and smart grids along with extensive use of the technology for improving resilience and reliability of energy supply. Leading utilities in the region have fully deployed smart meters or are rolling out massive projects. North America is heading for the second wave of installations among the early adopters. Countries including the US, Mexico and Canada are rolling out smart metering devices at subsidized rates to push installation rate, which is bound to provide a notable stimulus to the regional market. The European market for smart meters is augmented by increasing penetration of emerging technologies such as industrial Internet of Things and massive investments in R&D. The smart meters market in the Asia-Pacific region is expected to be propelled by rapid expansion of the commercial, industrial and residential sectors and growing investment in smart cities, smart grids and gas networks.
Gas Segment to Reach $8.6 Billion by 2026
Amid the backdrop of declining revenues, gas producers, utilities and distributors are turning to reliable, accurate and more convenient measurement solutions including smart gas meters to gain a more comprehensive understanding about distribution systems and ensure system integrity, thereby opening the doors for advanced gas meter vendors. In the global Gas segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.6 Billion in the year 2020 will reach a projected size of US$6.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.7 Billion by the year 2026.
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