Global Smart Meter Market Size, Trends, and Growth Opportunity, By Product (Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter), By Technology (AMI, AMR), By End User (Residential, Commercial, and Industrial), By Region and Forecast to 2030.
Global Smart Meter Market
The Global Smart Meter Market was valued at USD 20.5 billion in 2022 and is expected to expand to USD 39.2 billion by 2030, at a CAGR of 7.42% during the forecast period 2023-2030.
A smart meter is an electronic device that does documentation of information such as voltage levels, utilization of electric energy, current, power factor, gas, or water in real-time, and communicates this information & data to utilities & consumers through wireless or wired communication networks
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Market Drivers
The advancement in digitization and modernization of energy efficiency measures, because of which the deployment of smart grids is increasing worldwide, as they are dynamically optimizing and fostering supply of large amounts of electricity from renewable energy sources such as solar power is the key factor driving the global smart meter market.
Furthermore, increasing investment interest in the digitalization of electrical systems & solutions, and efforts to expand grid infrastructures are expected to create opportunities for the smart meter market. Rising electricity demand from residential & commercial sectors also creates growth opportunities for the global smart meter market.
Market Restraints
The high cost of installation of smart meters restrains the growth of the global smart meter market. Other challenges such as maintenance, security, the integrity of smart meters & related data, and lack of skilled professionals may hinder the market growth in the future.
Market Segmentation
The global smart meter market is segmented into product, technology, end-user, and region.
Based on product, the global smart meter market is segmented into smart electricity meters, smart gas meters, and smart water meters.
Based on technology, the global smart meter market is segmented into AMI, and AMR.
Based on end users, the global smart meter market is segmented into residential, commercial, and industrial.
Regional Analysis
The global smart meter market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Asia-Pacific region is expected to dominate the global smart meter market, owing to the smart city project action being adopted by many developing and developed countries in the region. China is expected to be dominating with the highest revenue share by 2030. The Asia-Pacific region has a huge population & high electricity demands, as well as significant numbers of unauthorized electricity connections. These are some prominent factors for the growth of the market in the region.
Key Players
Various key players are discussed in the global smart meter market report including; Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Sensus, Honeywell International Inc., and Others.
For instance, in January 2021, Landis+Gyr paid USD 2 million for a 3% equity stake in Sense Labs Inc. Sense creates & sells electronic devices for evaluating electricity usage in homes in the U.S.A as well as the software that goes with them.
Market Taxonomy
By Product
• Smart Electricity Meter
• Smart Gas Meter
• Smart Water Meter
By Technology
• AMI
• AMR
By End User
• Residential
• Commercial
• Industrial
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Smart Meter Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Smart Meter Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact Due To Recent Energy Crisis
4.2.5 Cumulative Impact Due Nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact Of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Smart Meter Market, By Product
5.1 Y-o-Y Growth Comparison, By Product
5.2 Global Smart Meter Market Share Analysis, By Product
5.3 Global Smart Meter Market Size and Forecast, By Product
5.3.1 Smart Electricity Meter
5.3.2 Smart Gas Meter
5.3.3 Smart Water Meter
6 Global Smart Meter Market, By Technology
6.1 Y-o-Y Growth Comparison, By Technology
6.2 Global Smart Meter Market Share Analysis, By Technology
6.3 Global Smart Meter Market Size and Forecast, By Technology
6.3.1 AMI
6.3.2 AMR
7 Global Smart Meter Market, By End User
7.1 Y-o-Y Growth Comparison, By End User
7.2 Global Smart Meter Market Share Analysis, By End User
7.3 Global Smart Meter Market Size and Forecast, By End User
7.3.1 Residential
7.3.2 Commercial
7.3.3 Industrial
8 Global Smart Meter Market, By Region
8.1 Global Smart Meter Market Share Analysis, By Region
8.2 Global Smart Meter Market Share Analysis, By Region
8.3 Global Smart Meter Market Size and Forecast, By Region
9 North America Smart Meter Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Smart Meter Market Share Analysis, By Product
9.3 North America Smart Meter Market Share Analysis, By Technology
9.4 North America Smart Meter Market Size and Forecast, By End User
9.5 North America Smart Meter Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Smart Meter Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Smart Meter Market Share Analysis, By Product
10.3 Europe Smart Meter Market Share Analysis, By Technology
10.4 Europe Smart Meter Market Size and Forecast, By End User
10.5 Europe Smart Meter Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Smart Meter Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Smart Meter Market Share Analysis, By Product
11.3 Asia Pacific Smart Meter Market Share Analysis, By Technology
11.4 Asia Pacific Smart Meter Market Size and Forecast, By End User
11.5 Asia Pacific Smart Meter Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia Pacific
12 Latin America Smart Meter Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Smart Meter Market Share Analysis, By Product
12.3 Latin America Smart Meter Market Share Analysis, By Technology
12.4 Latin America Smart Meter Market Size and Forecast, By End User
12.5 Latin America Smart Meter Market Size and Forecast, Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Smart Meter Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Smart Meter Market Share Analysis, By Product
13.3 Middle East Smart Meter Market Share Analysis, By Technology
13.4 Middle East Smart Meter Market Size and Forecast, By End User
13.5 Middle East Smart Meter Market Size and Forecast, By Country
13.5.1 Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market Share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Itron Inc.
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Landis+Gyr
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.25 Key Market Developments
15.2.6 Key Strategies
15.3 Schneider Electric SA
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Siemens AG
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Badger Meter
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 EDMI
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Holley Metering Limited
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Neptune Technology Group Inc.
15. 8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Sensus
15.9.1 Overview
15.9.2 Offerings
15.4.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Honeywell International Inc.
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
