Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Smart Meters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Meters Market to Reach US$29.8 Billion by the Year 2026
The global market for Smart Meters estimated at US$19.9 Billion in the year 2020, is projected to reach a revised size of US$29.8 Billion by 2026, growing at a CAGR of 7.2% over the analysis period.
Growth in the global market is set to be fueled by increasing focus on energy efficiency, favorable government policies and critical role of smart meters in enabling reliable power grids. Market growth is bolstered by government mandates and initiatives to promote installation of these devices in commercial and residential settings.
These initiatives are also intended to raise user awareness about efficient and smart usage of electricity through these meters. Environment and energy policies and legislations across countries like the US, Japan and South Korea focus on 100% penetration of these meters.
The market growth is augmented by increasing focus on smart cities and smart grids, requiring utilities to push distribution efficiency. Global deployment of smart meters is favored by increasing digitalization to transform the power sector. Utility companies are increasingly relying on the smart meter technology to cut transmission and distribution losses. These devices allow companies to efficiently monitor consumption and usage for gaining insights into losses.
Electric, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$17.7 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Water segment is readjusted to a revised 8.4% CAGR for the next 7-year period. For utilities aiming to modernize their grid operations with advanced solutions, smart electricity meters have emerged as an effective tool that can flawlessly address their various energy T&D needs in a simple and flexible manner.
Smart electricity meter, being a specially designed electronic measurement device, automatically captures energy consumption patterns of a utility customer and seamlessly communicates the captured information for reliable and accurate billing, while considerably decreasing the need for manual meter reads.
Smart electricity meters enable energy regulators, policymakers and governments to reduce environmental footprint and move towards energy independence. Smart water meters are witnessing increased demand influenced by the roll out of stringent government regulations.
Gas Segment to Reach $8.6 Billion by 2026
Amid the backdrop of declining revenues, gas producers, utilities and distributors are turning to reliable, accurate and more convenient measurement solutions including smart gas meters to gain a more comprehensive understanding about distribution systems and ensure system integrity, thereby opening the doors for advanced gas meter vendors.
In the global Gas segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.6 Billion in the year 2020 will reach a projected size of US$6.9 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.7 Billion by the year 2026.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Pandemic Causes Significant Disruption to Smart Meters Supply Chain
- COVID-19-Induced Financial Crisis Aggravates an Already Large Global Infrastructure Spending Gap: Government Smart Meter Programs Weaken in 2020
- Amidst the Pandemic, Energy Infrastructure Investments Take a Direct Blow
- Smart Meters: Welcome Developments Indicating Unabated Progress in Future
- An Introduction to Smart Meters
- Types of Smart Meters
- Why Now is the Time for Smart Meters in a World Where Energy is the Building Block for Socio Economic Development
- Global Market Prospects & Outlook
- Automatic Meter Reading: Leading Technology Segment in Smart Meters Market
- Residential Segment Leads Global Market
- North America Holds Enviable Base of Smart Meters due to Early Mover Advantage
- Smart Meters Witness High Adoption in Europe as Countries Embark on Smart Metering Initiatives
- Asia-Pacific Exudes Tremendous Potential for Adoption of Smart Meters
2. FOCUS ON SELECT PLAYERS (Total 181 Featured)
- Aclara Technologies LLC
- Apator SA
- B METERS UK Ltd
- Datamatics Global Services Ltd
- Diehl Stiftung GmbH & Co. KG
- Eaton Corporation Inc
- EDMI Ltd
- Honeywell International
- Flonidan A/S
- Itron, Inc.
- Jabil, Inc.
- Kamstrup A/S
- Landis Gyr
- Neptune Technology Group, Inc.
- Quadlogic Meters Canada, Inc.
- Sagemcom
- Schneider Electric SE
- Sensirion AG
- Siemens AG
- SIT S.p.A
- SmartMeterQ Srl
- SunTront Technology Co., Ltd.
3. MARKET TRENDS & DRIVERS
- Environmental Concerns, Reduction in Energy Wastage, and Need for Energy Efficiency Drive Adoption of Smart Metering Technology
- Government Policies Drive Smart Meters Adoption
- Energy Theft Losses Reinforces the Need for Efficient Smart Metering Technologies
- Here's Why the Environment & Sustainability Will be Top Priorities After the Pandemic
- How Smart Meters Can Reduce the Carbon Footprint?
- Emerging Trends to Transform Smart Metering Market
- Growing Intelligence of Smart Meters
- Rise of Smart Cities and Focus on Smart Energy Management Opens Up Opportunities for Smart Meters
- Smart Electricity Meters: Reliable, User-Friendly, Cost Effective, and Energy Efficient Technology for Power Utilities
- Myriad Benefits of Smart Electricity Meters to Drive Global Adoption
- Spiraling Demand for Electricity and Inefficient Infrastructure Drives Utilities to Deploy Smart Meters
- Residential Sector Dominates Smart Electricity Meters Market
- Growing Deployments of Smart Grids: A Strong Business Case for Smart Electricity Meters
- Smart Electricity Meters Emerge as Vital Components for Efficient Energy Use & Consumption Control in Smart Cities
- Renewable Energy Integration: A Promising Application of Smart Electricity Meters
- Persistent Power Quality Issues Drive the Importance of AMI & Smart Meters in Outage Management Systems & Service Restoration
- Smart Electricity Meters Gain Prominence in Distribution Automation
- Government Policies Critical for Smart Electricity Meters Adoption
- Integration of Electric Vehicles and Smart Meters Enable Shift towards Sustainable Economy
- Need for Water Utilities to be Energy-Efficient and Responsive Propels Demand for Smart Water Meters
- Unique Challenges Facing Water Utilities Amidst COVID-19 Outbreak Bring Forth the Importance of Technology Solutions
- Growing Prominence of Smart Water Networks Boosts Demand for Smart Water Meters
- Smart Meters Enhance Water Management Efficiency
- With Water Utilities Focused on Increasing Investments in Digital Solutions, Smart Water Meter Adoption Poised to Grow
- Smart Water Meters: An Important Component of Smart Cities Worldwide
- Evolution of Smart Water Grid Emerges as a Fundamental Factor Driving Penetration of Smart Water Meters
- Innovations in Smart Water Meters Propel Market Growth
- Demand Rises for Two-Way Communicating Meters in Water Industry
- Integrated Digital Water Meters Find Increased Acceptance
- Smart Water Meters to Make Major Contributions to Efficiency Levels in the Agricultural Sector
- Blockchain Technology for Smart Water Meters
- As Gas Utilities Come Under Pressure to Curb Wastages & Ensure Accurate Billing, Smart Gas Metering Solutions Rise in Popularity
- Energy Conservation and Regulatory Mandates Compel Modern Gas Utilities to Switch to Smart Gas Meters
- Utility Modernization & Upgrade Programs Create Highly Conducive Environment for Smart Gas Market
- Residential Vertical Remains the Dominant Segment for Consumer-Grade Smart Gas Meters
- Smart Gas Meters Gain Traction in Commercial & Industrial End-Use Domains
- Wireless Communication Systems Gain Traction in Smart Gas Networks
- Regulations & Standards Drive New Demand for Smart Gas Infrastructure Solutions
- IoT-based Smart Metering to Create Smarter and Connected Cities
- IoT-Based AMI Platform: A Key Building Block of Smart Meter Infrastructure
- Increasing Investments in Smart Home Technology Solutions to Fuel Demand for Smart Meters
- LPWANs to Become a Standard Approach in Smart Water Meters
- Big Data Analytics to Provide Actionable Insights from Smart Meters-Generated Data
- AI Presents Immense Opportunities to Tap Smart Meter Data
- Blockchain to Mitigate Data Safety and Privacy Concerns for Smart Meters
- Cloud Computing Transforms Smart Metering Market
- increasing Integration of Cellular Technology in Smart Meters
- Population Growth and Demographics Drive Need for Smart Utility Infrastructure, Supporting Demand for Smart Meters
- Key Issues & Challenges Hampering Widespread Adoption of Smart Meters
4. GLOBAL MARKET PERSPECTIVE
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/xnu9q6
