Market Research Report
Smart Meters Market by Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End user (Residential, Commercial, Industrial), and Region - Global Forecast to 2026
|Smart Meters Market by Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End user (Residential, Commercial, Industrial), and Region - Global Forecast to 2026|
Published: January 19, 2022
Content info: 299 Pages
Delivery time: 1-2 business days
The smart meters market is projected to reach USD 30.2 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period. The smart meters market is driven by the market for smart meters is primarily driven by government mandates and incentives for smart meter installation. The net-zero goals and an ambitious plan for renewables, from energy utilities' and impressive expansion plans are expected to trigger investments. The surge in electric vehicles charger also increased the need for grid stability for utilities and smart meters are helping them effectively.
"The Water smart meters segment, by type, is expected to be the fastest-growing market from 2021 to 2026"
The Type segment is categorized as smart electric, smart gas, and smart water. The smart water meter market is projected to grow at a CAGR of 11.7% during the forecast period. North America, with a share of 37.2% in 2020, dominated the smart water meters market. The demand for smart water meters in the region is driven by the increasing need for smart water meters to reduce the non-revenue water in water utility operations.
"The Residential segment, by End User, is expected to be the largest market from 2021 to 2026"
The residential segment accounted for the largest share of the smart meters market, by end user, in 2020. The demand for smart meters from the residential sector is driven by the growing power consumption due to the increased use of home appliances such as air conditioners, televisions, lighting, refrigerators, ceiling fans, cloth washers, dishwashers, personal computers, and heating and air-conditioning equipment at residential buildings. Utilities need to address the dynamic demand for power from the operations of this equipment and they are investing in smart meters to enhance grid resiliency and operations.
"Asia Pacific: The largest and the fastest-growing region in the smart meters market."
The Asia Pacific is expected to dominate the smart meters market during the forecast period due to governments mandates for digitization of grid networks, utilities monitoring real-time analysis for grid and consumers usage. The region has been segmented into China, Japan, Australia, India, and the Rest of Asia Pacific. The Asia Pacific is the most populated region in the world and consequently witnesses a high electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability. The region is expected to invest about USD 9.8 billion in developing its smart grid infrastructure between 2018 and 2027. The increase in smart grid investments, demand for power quality, energy efficiency targets, and reliability of the power system are the prominent factors for the growth of the smart electric metering market in the region.
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 25%
By Designation: C-Level- 35%, D-Level- 25%, and Others- 40%
By Region: Asia Pacific- 60%, Europe- 17%, North America- 15%, Middle East & Africa- 5, and South America-3%,
Note: "Others" include sales managers, engineers, and regional managers
The tiers of the companies are defined based on their total revenue as of 2019: Tier 1: >USD 1 billion, Tier 2: USD 500 million-1 billion, and Tier 3: <USD 500 million
The smart meters market is dominated by a few major players that have a wide regional presence. The leading players in the smart meters market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US), and others.
The report defines, describes, and forecasts the smart meters market, by offerings, by monitoring process, by deployment type, end user, and geography. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the smart meters market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for smart meters operations and services, which would help smart meters providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.