The global Smart Meter Market Share is expected to grow from USD 23.1 billion in 2023 to USD 36.3 billion in 2028, at a CAGR of 9.4% from 2023 to 2028. The emergence of electric, gas, and water smart meters has revolutionized utility operations. With advancements in smart meters, sensors, control systems, and communication components, utility systems can be monitored in real-time. These dynamic tariffs promote efficient use of electricity, gas, and water by reflecting variations in demand, availability, and delivery costs over time. For instance, smart electric meters help provide a reliable reading of power consumption at specific time intervals that match electricity market intervals. This enables energy companies to create tariffs adjusted to off-peak periods with lower prices and encourages customers to adjust their consumption so that they use energy when it is cheaper.
Government mandates and incentives for smart meter installation primarily drive the growth of the smart meter market. With utilities struggling to leverage renewable energy to provide baseload power and eliminate the use of fossil fuels, technologies such as smart meters that offer real-time analysis of consumer usage are expected to play a significant role in helping energy firms stabilize grid networks by matching power generation with demand. Therefore, for the effective implementation of smart meters and smart grids, governments across the world have enacted several supportive policies and mandates.
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Smart electric meters use a web-based monitoring system to create two-way communication between the customer’s meter and the utility. A smart electric meter takes automatic readings of residential, commercial, or industrial electricity usage and relays the information wirelessly to the energy supplier. Moreover, some meters also help analyze the energy usage trends during peak and off-peak hours, which can help predict future usage, thereby reducing electricity bills.
End User Analysis
The expansion and development of commercial facilities are mainly driving the growth of the smart meter market for the commercial sector. Smart meters provide detailed, real-time data on energy usage, allowing businesses to track consumption and identify patterns and areas for improvement. By tracking and managing energy usage more effectively, businesses can reduce energy costs and improve their bottom line. These Smart meters also give businesses the information they need to optimize their energy consumption and reduce waste.
Regional Analysis
Asia Pacific is expected to be the fastest growing region in the smart meter market. The Asia Pacific has a strong demand for smart meters, which is further growing due to government mandates and higher investment toward digitizing grids to manage huge electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
Europe is expected to be the second-largest market in the global smart meters in 2022 and is among the pioneers in adopting smart meters technology. Major western European countries such as France, Germany, Italy, Spain, and the UK are mature markets for smart meters. The European Union has already started the modernization and transformation toward a climate-neutral economy and plans to become the world’s first major economy to go climate neutral by 2050.
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Key Market Players:
Some of the major players in the Smart Meter Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).
Landis+Gyr
Landis+Gyr is a company that provides smart metering solutions for the energy industry. Their technology includes advanced metering infrastructure (AMI) systems, which allow for two-way communication between utilities and customers, and smart grid solutions that integrate with AMI systems to improve the efficiency and reliability of the power grid. Their smart meters can measure and transmit consumption data in real time, allow remote service connections and disconnections, and can be used for advanced meter analytics and load management. Additionally, Landis+Gyr’s solution also include smart home solutions and grid management software.
Itron
Itron is a company that provides smart metering solutions for the energy and water industries. Their technology includes advanced metering infrastructure (AMI) systems, which allow for two-way communication between utilities and customers. Their smart meters can measure and transmit consumption data in real-time, allow remote service connections and disconnections, and can be used for advanced meter analytics and load management. Itron’s smart metering solutions also include data management software, which allows utilities to analyze and manage the data collected by their smart meters. Additionally, Itron’s solution also include smart grid, demand response, and distribution automation software. They also provide smart water metering solution that can help utilities to improve water conservation, leak detection and revenue protection.
