Caleb Andrew's blog : Smart Meter Market Research Report Size, Share, Analysis & Industry Forecast– 2022-2029

The Smart Meter Market reached USD 19.1 billion in 2021 and is estimated to grow CAGR of 8.4% during the forecast period and is expected to reach USD 36.4 billion in 2029.

The factors driving the growth of Smart Meter Market includes rise in Government’s expenditure for the installation of smart meters, growing demand for efficient data monitoring systems, increase in the consumption of electricity around the world and improvements in the living standards. According to the report published by the Press Information Bureau (PIB), Government of India, under the Revamped Distribution Sector Scheme (RDSS), will deploy around 25 crores smart prepaid meters for all domestic consumers by March 2025, which will boost the Smart Meter Market size in India in the coming years. Moreover, rise in the number of data centers across the globe, growing emphasis on modernizing grid infrastructure, increased deployment of smart meters at residential and manufacturing facilities and rapid urbanization, are some of the additional factors supplementing the Global Smart Meter Market. In addition, the increase in investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing propelling the Smart Meter Market share.

However, growth of the Smart Meter Market is hindered attributed to high cost of installing smart meters.

The leading players operating in the Smart Meter Market includes Aclara Technologies LLC., Echelon Corporation, General Electric Company, Badger Meter Inc, Aidon Suomi, Hydrometer GMBH, Holley Metering Limited, Iskraemeco d.d., Itron, Circutor SA, EDMI Ltd., Kamstrup A/S, Landis+Gyr, and Sensus among others.

Based on Type, the Smart Electric Meter segment is predicted to grow at a robust CAGR during the forecast period

Smart electricity meter enhances energy efficiency, manage personal energy consumption, minimizes utility problems associated with solar energy and are cost-effective, are some of the factors responsible for the segment’s growth.

Based on End-User, the Industrial segment is projected to expand at a higher CAGR over the forecast period

Smart meter helps in collecting and monitoring data along with its increasing application in industrial automation processes, are propelling segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period

As per the Smart Meter Market Forecast, rise in Government’s expenditure on the installation of smart meters, rising installation of smart meters at residential and commercial areas, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2021, Itron, Inc. launched Itron Smart, to provid innovative solutions to manage water and energy.
In October 2019, Sensus introduced a new ultrasound static water meter, Cordonel, for smart utility network. Cordonel monitors distribution networks for accurate water resource management.
In June 2018, Badger Meter introduced New E-Series® Ultrasonic Meters for commercial purposes. The newest smart meters are available in 3-inch and 4-inch sizes. Badger Meter E-Series Ultrasonic meters incorporate high accuracy measurement, fully programable registration, and long-term dependability.

Market Segmentation

Segmentation by Type

Smart Water Meter
Smart Electric Meter
Smart Gas Meter

Segmentation by Communication Type

RF
PLC
Cellular

Segmentation by Component Type

Hardware
Software

Segmentation by End-User

Commercial
Residential
Industrial

Segmentation by Technology

Advanced Metering Infrastructure (AMI)
Automatic Meter Reading (AMR)

Segmentation by Region

Asia Pacific
- China
- Japan
- India
- Rest of APAC
North America
- United States of America
- Canada
Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE

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