The Worldwide Smart Meters Industry is Expected to Reach $30.2 Billion by 2026 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global 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 – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

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 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.

Market Dynamics

Drivers

• Supportive Government Policies and Financial Incentives for Digitalization of Grids
• Increased Need to Monitor Utility Systems in Real Time
• Dynamic Pricing of Utilities
• Reduced Blackouts and Failures of Utility Systems
• Increased Need to Monitor Energy Consumption to Achieve Carbon Neutrality

Restraints

• High Set Up and Operational Costs for Utility Suppliers to Switch from Traditional to Smart Meters
• Halted Smart Grid and Smart City Projects due to COVID-19 Pandemic
• Reduced Investment Toward Infrastructure Development and Low Return on Investment

Opportunities

• Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses
• Integration of Artificial Intelligence (Ai) and Machine Learning (Ml) Technologies into Smart Meters
• Adoption of Electric and Hybrid Vehicles by Consumers

Challenges

• Maintenance, Security, and Integrity of Smart Meters and Associated Data, Along with Requirement of Skilled Professionals
• Dependency on Reliable Connections Between Smart Meters and Smart Grid Devices to Achieve Highly Accurate Data

Companies Mentioned

• Aclara Technologies
• Badger Meter
• Genus Power Infrastructure
• Hexing Electrical
• Honeywell International
• Iskraemeco
• Itron Gamesa
• Jiangsu Linyang Electronics
• Kamstrup
• Landis+Gyr
• Larsen & Toubro
• Networked Energy Services Corporation
• Osaki Electric Co. (Edmi)
• Pietro Fiorentini
• Sagemcom
• Schneider Electric
• Secure Meters
• Sensus (Xylem)
• Siemens
• Wasion Group

For more information about this report visit https://www.researchandmarkets.com/r/wg6xg7

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900