smart meter market forecast, smart meter market growth, smart meter market trends, smart meter industry analysis, global smart meter market, smart meter market size
What is the current market size and future outlook for the smart meter market?
The smart meter market size has grown strongly in recent years. It will grow from $26.65 billion in 2024 to $29.29 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increased mandates for energy efficiency and grid modernization, consumer and utility focus on energy conservation and cost reduction, increasing renewable energy integration, growth in awareness and demand for energy consumption transparency, and reduced manual reading costs.
The smart meter market size is expected to see strong growth in the next few years. It will grow to $42.17 billion in 2029 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to enhanced analytics for predictive maintenance and efficiency, growth in developing regions and urbanization, the need for metering solutions to support electric vehicle (EV) adoption, the demand for comprehensive energy monitoring and optimization, and government policies driving energy efficiency initiatives. Major trends in the forecast period include utilization of the internet of things (IoT) and artificial intelligence (AI), enhanced integration with smart grid technologies, expansion of advanced metering infrastructure (AMI) systems for improved data collection and analytics, implementation of robust cybersecurity measures to protect smart meter data, and tools and platforms for consumers to monitor and manage their energy usage in real-time.
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How has the smart meter market evolved, and what factors have shaped its growth?
The increasing adoption of renewable energy is expected to propel the growth of the smart meter market going forward. Renewable energy refers to energy generated from natural resources that are replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat. The adoption of renewable energy is rising due to several factors, such as increasing environmental awareness, government incentives, advancements in technology, decreasing costs of renewable energy systems, and the need for energy security and sustainability. Smart meters are used for the efficient integration and management of renewable energy sources by providing real-time data on energy consumption and production. For instance, in January 2024, according to the U.S. Energy Information Administration, a US-based Federal Statistical System Agency, the U.S. solar power generation in 2023 stood at 63 billion kilowatt-hours (kWh), and it is expected to rise at a rate of 75% and will reach 286 billion kWh in 2025. Therefore, increasing adoption of renewable energy will drive the growth of the smart meter market.
What are the major segments of the smart meter market?
The smart meter market covered in this report is segmented –
1) By Type: Smart Electric Meter, Smart Gas Meter, Smart Water Meter
2) By Component: Hardware, Software
3) By Technology: Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)
4) By Communication: Radio Frequency (RF), Power Line Communication (PLC), Cellular
5) By End Use: Residential, Commercial, Industrial
Subsegments:
1) By Smart Electric Meter: Advanced Metering Infrastructure (AMI) Electric Meters, Prepaid Electric Meters, Two-Way Communication Electric Meters
2) By Smart Gas Meter: Ultrasonic Gas Meters, Diaphragm Gas Meters, Rotary Gas Meters
3) By Smart Water Meter: Mechanical Smart Water Meters, Electromagnetic Smart Water Meters, Ultrasonic Smart Water Meters
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Which companies dominate the smart meter market?
Major companies operating in the smart meter market are Siemens AG, Honeywell International Inc, ABB Group, Larsen & Toubro, Sensus Technologies Private Limited, Sagemcom SAS, Shenzhen Kaifa Technology Co. Ltd., Itron Inc., Landis Gyr Limited, Wasion Holdings Limited, Osaki Electric Co. Ltd., Hexing Electrical Co.Ltd., Badger Meter Inc, Pietro Fiorentini Db India Private Limited, Aclara Technologies LLC, Kamstrup Metering Solutions Pvt. Ltd., Neptune Technology Group Inc., Genus Power Infrastructures Ltd., Iskraemeco Group, Jiangsu Linyang Energy Co. Ltd., Secure Meters Ltd, Suntront Tech Co. Ltd, EDMI Limited, Networked Energy Services Corporation, Holley Metering Limited
How will evolving trends contribute to the growth of the smart meter market?
Major companies operating in the smart meter market are developing advanced metering infrastructure and data analytics such as smart meters with grid-edge capabilities, to enhance energy efficiency, improve grid reliability, and provide detailed insights into energy consumption patterns. A smart meter with grid-edge capabilities is a sophisticated device that tracks energy use and offers real-time data and insights from the edge of the power grid, improving monitoring and management of electricity distribution. For instance, in December 2023, Xylem, a US-based industrial machine manufacturing company, launched the Stratus IQ+ electricity meter. It features grid-edge capabilities to deliver extensive data, including EV charging details, to utilities. Its enhanced processor and data options allow thorough system diagnostics and a better understanding of customer electricity usage. The meter also supports the EV market by using edge computing algorithms to detect battery EV charging, aiding utilities in capacity planning and off-peak program management.
What are the key regional dynamics of the smart meter market, and which region leads in market share?
Asia-Pacific was the largest region in the smart meter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Smart Meter Market Report 2025 Offer?
The smart meter market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A smart meter is an advanced device that digitally measures and records electricity, gas, or water usage in real time, transmitting this data securely to utility companies for billing and monitoring purposes. Smart meters are used to accurately measure and monitor energy consumption in real time, facilitating efficient energy management and billing.
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