Smart Meters Market size is set to cross USD 55 billion by 2028, as reported in the latest study by Global Market Insights Inc.
Shifting consumer inclination toward cloud-based networks combined with increasing government policies pertaining to smart meter deployment for efficient energy management is driving the industry growth. Rising technological advancements to provide real-time energy monitoring and control in line with growing concerns toward energy conservation will stimulate the smart meters market outlook. Moreover, the increasing adoption of renewable power networks and the rapid replacement of conventional metering systems with intelligent meters will propel the industry scenario.
Growing requirement for cost-saving solutions
The utility-based smart meters industry is estimated to rise on account of increased workforce management along with the rapid modernization of metering infrastructure. The increasing integration of smart grid infrastructure together with rising research & development activities to prevent meter tempering activities will accelerate product penetration. Furthermore, rising concern toward energy conservation and effective energy consumption control with remote monitoring will fuel the market growth.
Rising consumer inclination toward renewable energy networks
The AMR smart meters market revenue is projected to expand at above 10% CAGR till 2028. A growing focus on energy conservation coupled with ongoing government investments in smart metering system deployments will sway the industry dynamics. In addition, the lower cost index and the ability to transfer real-time data consumption from consumers to utilities will further boost product adoption.
Browse key industry insights spread across 410 pages with 405 market data tables & 38 figures & charts from the report, “Smart Meters Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Product (Smart Gas Meter, Smart Water Meter, Smart Electric Meter), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
Increasing awareness of efficient-energy consumption
The smart water meters market is anticipated to rise owing to growing concerns about water scarcity coupled with a rising inclination toward water conservation. Increasing requirements to restructure water supply systems to ensure accurate meter reading and consumer billing in line with a paradigm shift toward the usage of intelligent systems have instituted a favorable business scenario.
Growing measures toward optimizing operational efficiencies across utilities
The North America smart meters market size will witness around 13% growth rate through 2028. Rising demand for advanced energy management infrastructures along with government rollout programs toward the deployment of sustainable energy systems will fuel the industry trends.
Rising energy demand with extensive investments for the development of effective and accurate metering solutions
The COVID 19 outbreak has slightly influenced the industry growth impelled by strict restrictions and lockdown across various countries. However, favorable government incentives toward the development of intelligent metering solutions combined the rapid expansion of grid infrastructure will foster the industry demand. However, a continuous slowdown in infected cases with increasing workforce management and ongoing vaccination drives will support the smart meters market statistics.
Focus on strategic partnerships and product innovations by leading players
Strategic implications including contracts, mergers, partnerships, and agreements among various industry participants will accelerate the business landscape. For instance, in January 2022, Kamstrup entered into a partnership agreement with Hjørring Vandselskab to provide an intelligent solution, which includes smart infrastructure, remote reading system, installation, and operation. The introduction of new technologies will enhance operational efficiency and aid consumers in effectively tracking water consumption.
Major players functioning in the smart meters market include Honeywell International, Raychem RPG Private Limited, Osaki Electric, Itron, Aclara Technologies, Sensus, Landis+Gyr, Schneider Electric, Apator SA, Badger Meter, Zenner International GmbH, Neptune Technology Group, Chint Group, Wasion Group, Diehl Stiftung, Azbil Kimmon, Siemens, AEM, Kamstrup, ARAD Group, Sontex SA., B Meters Metering Solutions, ZIV, Circutor SA, Ningbo Water Meter, General Electric, Iskraemeco Group, and Larsen & Toubro Limited.