Global Smart Meters- Market Overview:
Smart meters are a technological leap forward compared to traditional mechanical meters used for measuring electricity, gas, or water consumption. It simply records total usage, smart meters are devices equipped with two-way communication capabilities. They continuously track energy use, often in real-time, sending this data wirelessly to a central utility provider. The smart meter market is expected to experience significant growth in the coming years due to a combination of factors. As the need for efficient energy management, grid modernization, and environmental sustainability increases, the adoption of smart meters is likely to accelerate.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Growing Emphasis on Renewable Energy Sources Globally and Improved Investment in Smart Grid Projects in Key Regions Such As Europe and North America
Market Growth Drivers:
High Adoption Due To Favorable Government Policies Along With Fiscal Incentives and Enhanced Cost Savings Owing To the Use of Smart Meters Make a Definitive Case for Adoption
Challenges:
Growing Concern about Cybersecurity & Data Privacy, Creating Awareness among Consumers Along With Bringing Interoperability and Inappropriate Installation of Smart Meters
Restraints:
High Installation Price of Smart Meters
Opportunities:
Huge Demand for Smart Building As Well As Electric Vehicle and Rising Demand for Smart Grids and Energy Efficiency in Developing Countries
Competitive Landscape:
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing on production technologies, efficiency enhancement, and product life. This market has various growth opportunities that leading players capture via tracking the ongoing process enhancement and huge investment in market growth strategies.
Some of the key players profiled in the report are Aclara Technologies LLC (United States), EDMI Limited (Singapore), Gridspertise (Italy), Honeywell International Inc. (United States), Itron Inc. (United States), Kamstrup A/S (Denmark), Landis+ Gyr Group (Switzerland), Schneider Electric SE (France), Sensus (United States) and Wasion International (China). Additionally, following companies can also be profiled that are part of our coverage like ABB Ltd. (Switzerland), Genus Power Infrastructure Ltd. (India), Holley Technology Ltd. (China), Iskraemeco Group (Slovenia), Itron Inc. (United States), Jiangsu Linyang Energy Co. Ltd. (China) and Microchip Technology Inc. (United States). Analyst at AMA Research see Global Players to retain maximum share of Global Smart Meters- market by 2030. Considering Market by Distribution Channel, the sub-segment i.e. Offline will boost the Smart Meters- market. Considering Market by Technology, the sub-segment i.e. Automatic Meter Reading (AMR) will boost the Smart Meters- market.
Latest Market Insights:
In November 2023, Gridspertise acquired Aidon Oy (“Aidon”), a leading provider of smart grid and smart metering solutions, applications, and services. This acquisition positions Gridspertise as a major player in the global smart grid market, particularly in the Nordics. It strengthens their ability to provide comprehensive solutions for digitalizing electricity distribution grids and accelerating the energy transition.
In September 2022, EDMI launched its brand MIRA which is communicable agnostic, enabling end-to-end visibility and control-based industry standard protocols such as DLMS, IDIS, and LWM2M over a wide range of bearer services including 4G, NB-IoT & RF mesh.
What Can be Explored with the Smart Meters- Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Smart Meters- Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Smart Meters-
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Meters- market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Meters- market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Manufacturers, Suppliers & Distributors, New Entrants, Potential Investors, Research Center and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.