The global Smart Meter Market is projected to reach USD 36.3 billion in 2028 from USD 23.1 billion in 2023 at a CAGR of 9.4% according to a new report by MarketsandMarkets™. 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.
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Smart electric market is expected to be the most significant application of the smart meter market.
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.
The commercial segment is expected to be the second fastest-growing region in the smart meter market.
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.
Asia Pacific segment is expected to be the fastest-growing region in the smart meter market.
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.
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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). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
