A recent report published by Infinium Global Research on the smart meter market provides an in-depth analysis of segments and sub-segments in the global as well as regional smart meter market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart meter market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart meter market. According to the report, the global smart meter market is projected to grow at a CAGR of 6.9% over the forecast period of 2021-2027, growing from nearly USD 17.5 billion in 2021 to about USD 26.1 billion in 2027.
The power and utility industry has gone under several transformations as technology has advanced over the past few years. The advent of smart meters has particularly driven the power, and utility industry. Smart meters are developed to accurately measure utilities such as electricity, gas, and water and send usage information through power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, helping the utility company to effectively manage the energy usage. Smart meters offer a number of benefits such as reduction of meter reading cost, preventing disconnection, removing inefficiencies in billing, and re-connection costs to corporations and consumers.
The concerns over the spread of coronavirus are creating a huge impact on the smart meters market. COVID-19 pandemic affected the global smart meters market by hindering production and demand, disrupting the supply chain, and affecting the firms and the utility industry. On the other hand, the profit of most of the market players is decreased due to the minimal sale in coronavirus outbreaks. Furthermore, the demand for the smart meter has decreased from the end-users. However, over the long term, growth is likely to remain stable, as many of the countries are given permission for reopening manufacturing plants and have cut down travel restrictions. As the pandemic conditions get under control, the economic uncertainties are expected to diminish. This is expected to encourage consumers to spend more on home meters such as smart meters.
The growing need for energy-efficient houses, and buildings provides a growing demand for the market. The rising concern about the high consumption of utilities such as electricity, and gas, and the search for energy-efficient solutions is driving the growth of the smart meters market. Smart meters are designed and developed for efficiently monitoring energy by connecting them with smart grids to ensure the use of electricity during off-peak hours when energy prices are cheaper. Additionally, the increased government support for promoting smart homes and smart meters is another major growth driver for the global smart connected meter market. Many government bodies are now promoting the development and adoption of smart meters that are used with smart grids. However, the high cost of smart meters is a major restraining factor that will likely affect their adoption, and in turn, the growth of the market. Due to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular meters with smart meters. Moreover, rapid technological advancement is provided significant growth opportunities for the market.
In terms of geography, Asia-Pacific generated the largest revenue in the global smart meters market. Moreover, Asia-Pacific is expected to grow at the fastest rate over the forecast period. The Asia-Pacific market is largely driven by growing technological advancements and internet penetration in developing countries, such as China, and India. Furthermore, the increasing popularity of smart homes and rapid urbanization with a significant rise in household spending augment the demand for the smart meters market in the Asia-Pacific region. On the other hand, Europe holds the second-largest market share for the smart meters market. The major smart meters manufacturers are present in the European region. This, in turn, is expected to boost the market growth for the smart meters market in Europe.
The report on global smart meter market covers segments such as type, technology, and application. On the basis of type, the sub-markets include smart electricity meter, smart gas meter, and smart water meter. On the basis of technology, the sub-markets include automatic meter reading (AMR), and advanced metering infrastructure (AMI). On the basis of application, the sub-markets include residential, commercial, and industrial.
The report provides profiles of the companies in the market such as Honeywell International Inc., Landis+GYR, Itron Inc., Siemens AG, Schneider Electric SE, Sensus (Xylem Inc.), Holley Technology Ltd., Badger Meter Inc., Circutor SA, and Wasion Group Co. Ltd..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart meter market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.