About Smart Meters-
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 |
Unit | Value (USD Million) |
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. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Smart Meters- market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are 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).
Segmentation Overview
AMA Research has segmented the market of Global Smart Meters- market by Type (Electric Meters, Gas Meters and Water Meters), Application (Residential, Commercial and Industrial) and Region.
On the basis of geography, the market of Smart Meters- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Offline will boost the Smart Meters- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Automatic Meter Reading (AMR) will boost the Smart Meters- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
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
Market Leaders and their expansionary development strategies
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.
Key Target Audience
Manufacturers, Suppliers & Distributors, New Entrants, Potential Investors, Research Center and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.