Global Smart Meter Market (2020 to 2027) - by Product and End-use - ResearchAndMarkets.com

The "Smart Meter Market By Product, and End Use: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The global smart meter market size was $21.13 billion in 2019 and is projected to reach $39. 20 billion by 2027, to register a CAGR of 8. 80% during the forecast period.

A smart meter is a digital meter that replaces old analog meters, which are used in homes to record electrical usage. These digital meters can transmit energy consumption information to the utility in frequent intervals, and can monitor consumption more precisely. Smart meter uses wireless networks similar to mobile phone networks, to send data directly to particular energy supplier to know about how much gas and electricity is being used.

The smart meters are installed by the utility service providers such as electricity, gas, and water. The team from utility service providers visit the site, with the prior intimation and installs the smart meters at the requested location. Installation services are also offered by the third party services. Installation services constitutes the majority of the share of the overall services.

The major factor that drives the smart meter market is supportive government policies and financial incentives. In addition, large scale installations of the smart meters by the utility companies are focusing on strengthening the distribution of the smart meters. However, high cost of installations of the smart meters borne by end users restrain the growth of the smart meter market. Various grid operators and other gas utility and water utility providers are effectively managing the demand for smart meters. However, various benefits offered by the smart meter market such as automatic meter reading and bill generation are further expected to contribute toward the growth of the smart meter market.

In recent times, several factors have been integrated to make smart meters more remarkable, reliable, and affordable. The different connectivity technology used by the smart meters are further spurring the growth of the smart meter market. The major benefits offered by the smart meter includes detection of any leakages in the supply, continuous monitoring of the electricity, gas and water flow, detection of any theft in the supply are helping towards the growth of the smart meter market. Also, the smart meters help in elimination of the manual monthly meter reading, and optimizes the profit with existing resources.

The global smart meter market is segmented in terms of product and end use. Further, on the basis of product, the market is segmented into smart electricity meters, smart water meters, and smart gas meters. On the basis of end use, it is divided into residential, commercial, and industrial. Based on region, the global smart meter market trend is analyzed across North America (U. S., Canada, and Mexico), Europe (France, UK, Spain Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Market Dynamics

Drivers

• Development of Communication Network Infrastructure
• Government Initiatives
• High Investments in Digital Electricity Infrastructure

Restraints

• High Cost of Installations of the Smart Meters

Opportunity

• Developing Smart City Project

Key Market Players

• Itron Inc.
• Landis+Gyr
• Schneider Electric SA
• Siemens AG
• Badger Meter
• EDMI
• Holley Metering Limited
• Neptune Technology Group Inc.
• Sensus
• Honeywell International Inc.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005380/en/