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Global Smart Meter Market to Grow at a CAGR of 8.8% During 2022-2027, Aided by the Increasing Use of Smart Meters in Smart Grids

According to a new report by EMR titled, ‘Global Smart Meter Market Report and Forecast 2022-2027’, the global market for smart meter attained a value of above USD 22.9 billion in 2021. The market is further expected to grow at a CAGR of 8.8% in the forecast period of 2022-2027.

The market growth can be attributed to the growing transition to smart grids owing to the introduction of various favourable government initiatives. This, in turn, is increasing the deployment of smart meters to prevent unexpected outages, boost the control of power systems, and enhance distributed power generation. Smart meters are also increasingly used by consumers to gain insights regarding energy consumption, costs, and peak demands to shift peak load, boost energy and cost savings, and establish wide-area control, monitoring, and protection. Moreover, the growing focus on energy management solutions in the commercial and residential sectors is surging the installations of smart meters. With the growing exploitation of renewable energy owing to the rising environmental concerns, the use of smart meters is expected to significantly surge in the forecast period.

Itron Inc. (NASDAQ: ITRI), one of the leading companies in the market, announced the launch of eHZ Smart Meters, its residential smart meters for cities and utilities in Germany, in March 2021. Meeting the regulations and specifications for the German market, the smart meter can easily integrate with multi-vendor environments while communicating with the Smart Meter Gateway (SMGw) via Transport Layer Security (TLS) encryption. It is built with advanced functionality and is an addition to its 3. HZ FNN-compliant portfolio to enable cities in the country to efficiently use connected distribution networks. The product also aids the energy transition to sustainable, low carbon, affordable, and reliable energy supplies in Germany. The development of such innovative products by the leading companies is surging the demand for smart meters and augmenting the growth of the market.

Market Analysis by Product, End Use, and Region:

  • The market, on the basis of product, can be divided into electricity meter, gas meter, and water meter.
  • Based on end use, the market is segmented into residential, commercial, and industrial.
  • The regional markets for smart meter include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The growing demand for electricity meters to control electricity consumption and curb electricity bills is propelling the market growth.
  • The increasing development of hydro and nuclear power plants and rapid infrastructural development in emerging economies are surging the demand for smart meters, thereby invigorating the market growth.
  • The market growth of smart meter can be attributed to technological advancements and innovations, rising living standards in emerging economies, and the robust growth of the residential and commercial sectors.
  • The introduction of various stringent government regulations to minimise electricity and water wastage is surging the installation of smart meters, thus driving the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart meter for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the products, end uses, and major regions of smart meter.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global smart meter market are Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), and Landis+Gyr AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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