Smart Meters Market Set to Soar Past USD 54.34 Billion by 2030

The global Smart Meters market size is expected to reach USD 54.34 billion by 2030 and exhibit a CAGR of 10.1% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for energy efficiency, cost savings, grid optimization, demand response, renewable energy integration, real-time data, billing accuracy, load management, operational efficiency, sustainability, regulatory mandates, and consumer awareness is fueling the market's growth.

Westford,USA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Smart Meters market, increased  advanced metering infrastructure (AMI), Internet of Things (IoT) integration, cloud-based solutions, data analytics, artificial intelligence (AI), machine learning, blockchain technology, interoperability, edge computing, cybersecurity, mobile applications, customer engagement, time-of-use pricing, dynamic tariff structures, electrification of transportation, smart cities integration are the market trends promoting the growth.

Browse in-depth TOC on "Smart Meters Market"

  • Pages - 257
  • Tables - 115
  • Figures - 77

A smart meter is an electronic device that measures and records energy consumption in real time. It can be used to track energy usage patterns and to identify areas where energy can be saved. Smart meters also send this information to the utility company, which can be used to improve the efficiency of the power grid.

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Prominent Players in Smart Meters Market

  • Aclara
  • Advanced Metering International (AMI)
  • ABB
  • Cisco Systems
  • Eaton
  • General Electric (GE)
  • Honeywell
  • Itron
  • Landis+Gyr
  • Legrand
  • Mitsubishi Electric
  • Oracle
  • Schneider Electric
  • Siemens
  • Silver Spring Networks
  • Teledyne Controls
  • Thales

Smart Electricity Meters Demand to Grow Substantially in the Forecast Period

Smart electricity meters dominate the global market as electricity is the most widely used form of energy globally. It can also provide real-time data on energy usage, which can help consumers reduce their consumption and save money and help utilities improve the efficiency of their networks and reduce outages.

Residential is the Leading End-Use Segment

In terms of End-Use, residential is the leading segment as it is the largest energy consumer in the world. In addition, smart meters can help residential consumers to reduce their energy consumption. Moreover, smart meters can help residential consumers reduce their energy consumption by providing real-time data on their energy usage. This data can help consumers identify areas where they can save energy, such as turning off lights when they leave a room or unplugging appliances when they are not in use.

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Asia-Pacific is the leading Market Due to the Technological Advancements

Region-wise, Asia-Pacific is one of the largest growing markets due to the growing investments in smart grid infrastructure, increasing government initiatives to promote smart grid adoption, rising demand for energy efficiency and conservation, growing population and urbanization, increasing adoption of renewable energy sources. The rising demand for energy efficiency and conservation is another major factor driving the growth of the smart meters market in the Asia Pacific region. The increasing population and urbanization in the region are putting a strain on the existing power grids. Smart meters can help to reduce energy consumption by providing real-time data on energy usage. Consumers can use this data to make informed decisions about their energy consumption. In China, the government has set a target of installing 500 million smart meters by 2025.

A recent report thoroughly analyzes the major players operating within the Smart Meters market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Smart Meters.

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Key Developments in Smart Meters Market

  • In January 2023, Itron acquired Silver Spring Networks for $875 million. This acquisition will give Itron a significant market share in the smart meter market. Silver Spring Networks is a leading provider of smart meter networking solutions.
  • In March 2023, Schneider Electric acquired Telvent for €2.1 billion. This acquisition will give Schneider Electric a significant market share in the smart grid market. Telvent is a leading provider of smart grid solutions.

Key Questions Answered in Smart Meters Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?

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