Smart Meters Market Analysis

Smart Meters Market Analysis

The residential application in smart meters market is poised to generate around USD 26 billion revenue by 2028 due to Effective consumption management coupled with development of smart homes. Shifting consumer inclination towards IoT enabled network in line with increased operational efficiency and accurate billing patterns will influence the market revenue. Additionally, growing integration of renewable energy to smart grid network combined with the increasing government efforts towards modernization and expansion of grid infrastructure will enhance the industry outlook.
 

AMI smart meters market size is set to witness over 14% gains through 2028. Growing energy demand and continuous technological advancements will propel the industry revenue. Paradigm shift towards effective monitoring and energy management devices in line with rapid development of smart grid infrastructure will further boost the market expansion. Furthermore, rising electricity demand along with increasing focus towards real time monitoring of consumption patterns will sway the business landscape. Favorable government norms and incentives towards resource management combined with robust deployment of intelligent metering systems will augment the business statistics.
 

Smart electric meter market will observe significant growth on account of favorable government reforms to upgrade the distorting small-scale industries coupled with rapid urbanization across developing nations. Moreover, the effective transmission capacity and lower line losses followed by growing investments by private players toward R&D will further drive the smart meters market demand. For instance, in March 2021, Itron launched eHZ-B residential smart meters, that are reliable & affordable and equip utilities combined with cities to migrate safely to a smart & connected distribution network.
 

The pandemic outbreak delayed various smart metering projects & rollout trend resulting in a slight market decline during the year 2020. However, the smart meter industry is expected to grow owing to the introduction of multiple directives and targets to achieve large scale deployment of smart meters across the end use points by respective authorities. Government targets with the efforts and initiatives by major manufacturers, suppliers and contractors toward the advancement of their metering networks will complement the market share.
 

Europe smart meters market valued at about USD 6 billion in 2021. Introduction of smart grid schemes with an objective to deploy second-generation advanced metering infrastructure and the evolution of regulatory frameworks will spur the market growth in the region. Moreover, introduction of smart city concept across developed region has positively influenced the adoption of smart water meter infrastructure to improve urban water supply planning.
 

For instance, in July 2021, Global Omnium entered into an agreement for the installation of nearly 150,000 SIM cards embedded with NB-IoT technology to accelerate the data communication power of 450,000 domestic and industrial smart water meters across Spain. The initiative will facilitate efficient services to customers and further expansion of full range services across the remote areas of the country.