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Global Smart Meter Market: By Product: Electricity Meter, Gas Meter, Water Meter; By End Use: Residential, Commercial, Industrial; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments
Global Smart Meter Market Outlook
The global smart meter market stood at a value of around USD 22.9 billion in 2020. The market is further expected to grow at a CAGR of 8.8% in the forecast period of 2022-2027 to attain a value of around USD 36.02 billion by 2026.
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Rising Demand for Electricity Meters to Curb Electricity Bill and Control its Consumption to Bolster the Smart Meter Industry Growth
Based on product, electricity meters accounted for a significant share and are likely to witness a considerable growth over the forecast period. This can be attributed to the rising demand for electricity, along with the growing need to monitor and curb the electricity bills. The high electricity prices are a matter of concern in emerging economies. Therefore, in these regions, electricity meters help the masses to adjust their habits in order to lower their electricity bills. The product also encourages efficient use of power resources and provides responsive data for balancing electric loads while reducing blackouts.
Meanwhile, the water meter segment is anticipated to occupy a significant share in the market, owing to the low initial costs and simple in-line maintenance. It prevents the wastage of water and can help detect leakage. For instance, if no water is on, but the meter still records, then there might be a leak somewhere. Furthermore, the favourable government policies both in developed and developing economies to conserve water and prevent its wastage are expected to further propel the market growth in the forecast period.
The Asia Pacific Accounts for a Significant Share in the Market
The Asia Pacific is anticipated to occupy a significant share in the market, owing to the rapid development of infrastructure, with India and China being two of the largest electricity consuming countries in the world. Over the forecast period, the rising urbanisation is expected to provide a further impetus to the market growth. Furthermore, the development of nuclear power and hydro power plants in China is likely to propel the demand for smart meters.
Smart Meter: Market Segmentation
Smart meter is an electronic device that can measure gas, water, or electricity consumption. Being an automatic Internet-capable device, it uses a secure network to send the energy information to supplier. Smart meters can efficiently transfer the information to the consumer for greater clarity of consumption behaviour, and electricity suppliers for system monitoring and customer billing.
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Based on product, the market is divided into:
- Electricity Meter
- Gas Meter
- Water Meter
On the basis of end use, the industry is segmented into:
- Residential
- Commercial
- Industrial
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Technological Advancements Boosting the Growth of the Smart Meter Industry
The global smart meter industry is driven by the rapid technological advancements and the thriving residential and commercial sector. The rising standards of living in emerging economies is likely to propel the demand for smart devices to measure electricity, gas, and water consumption, thereby, propelling the smart meter industry growth. In residential and commercial complexes, smart meter can help the consumers monitor electricity consumption and adjust their habits in order to reduce electricity bills, which is further resulting in its increased utilisation. Furthermore, the stringent government regulations across the continents to minimise the wastage of water and electricity, coupled with the rising environmental concern, are likely to support the adoption of smart meters over the forecast period.
Key Industry Players in the Global Smart Meter Market
The report gives a detailed analysis of the following key players in the global smart meter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Honeywell International Inc.
- Schneider Electric SE
- Itron Inc.
- SIEMENS AG
- Badger Meter, Inc.
- Sensus (Xylem)
- Landis+Gyr AG
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, End Use, Region |
| Breakup by Product | Electricity Meter, Gas Meter, Water Meter |
| Breakup by End Use | Residential, Commercial, Industrial |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), Landis+Gyr AG, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Smart Meter Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Meter Historical Market (2017-2021)
8.3 Global Smart Meter Market Forecast (2022-2027)
8.4 Global Smart Meter Market by Product
8.4.1 Electricity Meter
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Gas Meter
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Water Meter
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.5 Global Smart Meter Market by End Use
8.5.1 Residential
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Commercial
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Industrial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.6 Global Smart Meter Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Honeywell International Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Schneider Electric SE
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Itron Inc.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 SIEMENS AG
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Badger Meter, Inc.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Sensus (Xylem)
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Landis+Gyr AG
12.2.7.1 Company Overview
12.2.7.2 Product Portfolio
12.2.7.3 Demographic Reach and Achievements
12.2.7.4 Certifications
12.2.8 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Smart Meter Market: Key Industry Highlights, 2016 and 2026
2. Global Smart Meter Historical Market: Breakup by Product (USD Billion), 2017-2021
3. Global Smart Meter Market Forecast: Breakup by Product (USD Billion), 2022-2027
4. Global Smart Meter Historical Market: Breakup by End Use (USD Billion), 2017-2021
5. Global Smart Meter Market Forecast: Breakup by End Use (USD Billion), 2022-2027
6. Global Smart Meter Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Smart Meter Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Smart Meter Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Smart Meter Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Smart Meter Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Smart Meter Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Smart Meter Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Smart Meter Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Smart Meter Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Smart Meter Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Smart Meter Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Smart Meter Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Smart Meter Market Structure
Key Questions Answered in the Report
In 2020, the global smart meter market attained a volume of nearly USD 22.9 billion.
The market is estimated to witness a healthy growth at a CAGR of 8.8% in the forecast period of 2022-2027.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 36.02 billion by 2026.
The major drivers of the industry, such as the growing need for monitoring electricity, rising gas and water consumption, growing technological advancements, rising electricity prices, growing applications of smart meter in residential and commercial sectors, and stringent government policies towards curbing the wastage of water and electricity, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the new product launches by manufacturers to incorporate advanced features and the rising environmental consciousness.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Electricity meter, gas meter, water meter are the major types of the product.
The product finds end-uses in residential, commercial, and industrial sectors.
The major players in the industry are Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), and Landis+Gyr AG, among others.
Analyst Review
The global smart meter market attained a value of USD 22.9 billion in 2020, driven by as the growing need for monitoring electricity and the stringent government policies towards curbing the wastage of water. Aided by the technological advancements in the communication network infrastructure which will lead to the manufacturing of advanced level of smart meters, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 8.8%. The market is projected to reach USD 36.02 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product, the market is divided into electricity meter, gas meter, water meter. The product finds end-uses in residential, commercial, and industrial sectors. The major regional markets for smart meter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), and Landis+Gyr AG, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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