Asia Pacific will dominate the smart meter market.
Definition
Smart meters are a key part of understanding the state of the electric grid, improving the performance and quality of customer service. It involves performing activities and managing equipment and systems more intelligently, with the goal of reducing energy waste and minimizing the associated environmental impact.
Market by Type
Based on type, the smart meter market is segmented into smart electricity meter, smart gas meter, and smart water meter, among which the smart electricity meter segment accounts for the largest market size.
Smart electricity meters provide power suppliers with real-time statistics on consumers’ energy consumption on an hourly or even more frequent basis, thereby eliminating the need for manual meter reading by the power company. Electricity is one of the basic needs of the modern world, and major countries have set a target to install 100% smart electricity meters across the country. The growing population and rapid urbanization are driving the growth of the sector.
The smart gas meter market is expected to witness strong growth over the forecast period. The adoption of smart gas meters is increasing due to the need to accurately monitor gas usage and detect leaks for safety and efficiency. As water conservation efforts increase across the globe, smart water meters are also gaining popularity, providing important data that helps in the effective management of water resources.
Market by Application
Based on application, the smart meter market is segmented into residential, commercial, and industrial. Among them, the residential segment holds the largest market share.
The demand for smart meters among residential end users is growing rapidly due to the high use of consumer electronics in residential areas. The government has also taken a series of measures to deliver liquefied petroleum gas (LPG) to households through pipelines, which will promote the expansion of the residential market.
The industrial sector will witness strong growth during the forecast period. The expansion of the manufacturing and construction industries is driving the demand for smart meters among industrial end users.
Regional Analysis and Insights
The smart meter market in Asia Pacific has achieved a considerable valuation and is expected to maintain its dominance. The region is characterized by widespread implementation of smart electricity meters, smart gas meters, and smart water meters aimed at promoting sustainable and efficient consumption of electricity, gas, and water. The Asia Pacific region has witnessed a significant increase in renewable energy production, which has led to the establishment of new energy grids and expansion of transmission and distribution networks. These advancements have driven the installation of smart meters across the region. Major countries in the region, including China, Japan, and South Korea, have either implemented or are planning large-scale rollouts of smart meters. Furthermore, the increasing availability of renewable energy and the need for more precise and real-time energy data are boosting market expansion.
Europe will develop at the fastest rate during the forecast period. The UK, Spain, France, and Italy dominate the smart meter market in the European region. The growth of the European smart meter market is driven by the presence of major market players, the growing adoption of innovative technologies, and the increasing penetration of renewable energy sources.
Market Drivers and Trends
‘Government support and investment’
Recognizing the transformative potential of smart meter technology, governments are increasingly taking proactive steps to accelerate its adoption. Policymakers and regulators have played an important role in shaping the market landscape by introducing favorable policies, incentives, and frameworks to motivate utilities and consumers.
‘Energy management and conservation’
Manual readings and periodic billing of traditional metering systems are less reliable in providing utilities with timely insights into consumption trends. Smart meters provide consumers with detailed real-time data to help them make informed decisions and promote a culture of energy conservation.
Top Companies
The smart meter market is highly competitive and some of the major players operating in the global market include ABB, Hubbell, Badger Meter, BMETER, Diehl, Honeywell, Itron, Kamstrup, Landis+Gyr, Secure Meters Ltd, Sensus, Siemens, and ZENNER.
Market Scope
|
Coverage |
Detail |
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Market Size in 2024 |
25 billion USD |
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Market Size in 2029 |
38.5 billion USD |
|
CAGR from 2024-2029 |
9% |
|
Regional Analysis |
North America, Europe, APAC, Latin America, Middle East and Africa |
|
Country-Level Analysis |
US, Canada, Germany, France, China, India, etc. |
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Competitive Landscape |
ABB, Hubbell, Badger Meter, BMETER, Diehl, Honeywell, Itron, Kamstrup, Landis+Gyr, Secure Meters Ltd, Sensus, Siemens, ZENNER. |
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Market Segment by Type | Smart Electricity Meter Smart Gas Meter Smart Water Meter |
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Market Segment by Application |
Residential Commercial Industrial Others |
