The smart meters market is expected to grow from an estimated USD 12.79 Billion in 2017 to USD 19.98 Billion by 2022, registering a CAGR of 9.34% from 2017 to 2022. Smart meters are used in the industrial, commercial, and residential sector, measuring energy consumption of the consumers. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the fastest end-users of smart meters, followed by commercial and industrial customers. High installation costs for end-users would be a restraint for the smart meters market. The North American market is estimated to be the largest market for smart meters, followed by Asia-Pacific in 2017. This trend is expected to continue till 2022.
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Type of Smart Meters:
- Smart Electric Meters
- Smart Water Meters
- Smart Gas Meters
Market Drivers:
- Government Policies
- Energy Conservation
- Increasing Smart Grid Deployment
- Investments in Efficient Distribution Networks
Target Audience:
- Electric, water, and gas utilities
- Smart electric, gas, and water manufacturing companies
- Distributed energy generation solution providers
- Smart electric, water, and gas meter vendors
- Government and industry associations
- State and national regulatory authorities
- Distribution grid operators
- Energy regulatory agencies
With regards to the technology segment, Advanced Metering Infrastructure (AMI) are expected to constitute the fastest growing market from 2017 to 2022 because of its advanced technology. Moreover, AMI reduces labor cost, and several power, water, & gas utilities worldwide are replacing Automatic Meter Reading (AMR) with AMI infrastructure, further creating growth opportunities for the AMI market.
Asia-Pacific is estimated to be the fastest growing market for smart meters from 2017 to 2022. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the global smart meters market. China is expected to grow at the fastest pace during the forecast period. Furthermore, the growing power sector in India is expected to spur the growth of the market and represents a promising opportunity for major smart meters providers. Japan is also expected to witness a significant growth during the same period. On the other hand, Europe and the Middle East are trying to boost their energy efficiency programs, T&D spending, and construction & infrastructural activities.
The smart meters market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the smart meters market include Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.) and Toshiba Corporation (Japan).
