Smart Meters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Meters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A6218
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Market Overview:

The global smart meters market size reached US$ 22.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.

Smart meters refer to electronic devices that accurately measure and record power consumption data. They consist of a microcontroller, power system, and communications interface. They automatically and wirelessly send actual energy usage to the supplier through radiofrequency (RF) electromagnetic radiation, power line communication, and cellular communication. Smart meters accurately monitor village fluctuations, outage detection, gas, electricity, and water usage. They assist in reducing meter reading costs, removing inefficiencies in billing, preventing disconnection, and reducing emissions. In comparison to traditional meters, smart meters are interactive, multifunctional, aid in recording electricity usage on a daily basis, and enable two-way communication with the utility and the home or business. They are also cost-effective and therefore find widespread application in the residential, commercial and industrial sectors.

Smart Meters Market Trends:

The increasing energy requirement across the globe is one of the key factors driving the growth of the market. In line with this, the rising demand for smart electricity meters for automatic meter reading and bill generation due to the rising concerns regarding power generation and distribution is favoring the market growth. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT), and the rapid utilization of advanced components and control systems to enhance security, protect data, and maximize uptime during emergencies, are providing an impetus to the market growth. Additionally, the widespread product adoption in smart cities for the detection of leakage in supply, detection of theft, and continuous monitoring of gas, water flow, and electricity is positively impacting the market growth. Apart from this, the increasing demand for electricity from renewable energy and the implementation of various government initiatives to replace existing traditional electric meters are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart meters market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, technology and end use.

Breakup by Product:

  • Smart Electricity Meter
  • Smart Water Meter
  • Smart Gas Meter
     

Breakup by Technology:

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

Breakup by End Use:

  • Residential
  • Commercial
  • Industrial
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd. and Zenner International GmbH & Co. KG.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product, Technology, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd. and Zenner International GmbH & Co. KG
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Smart Meters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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