Dublin, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Smart Meters Market by Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End user (Residential, Commercial, Industrial), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The smart meters market is projected to reach USD 30.2 billion by 2026 from an estimated USD 19.6 billion in 2021, at a CAGR of 9.0% during the forecast period.
The smart meters market is driven by market for smart meters is primarily driven by government mandates and incentives for smart meter installation. The net-zero goals and an ambitious plan for renewables, from energy utilities' and impressive expansion plans are expected to trigger investments. The surge in electric vehicles charger also increased the need for grid stability for utilities and smart meters are helping them effectively.
The Water smart meters segment, by type, is expected to be the fastest-growing market from 2021 to 2026
The Type segment is categorized as smart electric, smart gas, and smart water. The smart water meter market is projected to grow at a CAGR of 11.7% during the forecast period. North America, with a share of 37.2% in 2020, dominated the smart water meters market. The demand for smart water meters in the region is driven by the increasing need for smart water meters to reduce the non-revenue water in water utility operations.
The Residential segment, by End User, is expected to be the largest market from 2021 to 2026
The residential segment accounted for the largest share of the smart meters market, by end user, in 2020. The demand for smart meters from the residential sector is driven by the growing power consumption due to the increased use of home appliances such as air conditioners, televisions, lighting, refrigerators, ceiling fans, cloth washers, dishwashers, personal computers, and heating and air-conditioning equipment at residential buildings. Utilities need to address the dynamic demand for power from the operations of this equipment and they are investing in smart meters to enhance grid resiliency and operations.
Asia Pacific: The largest and the fastest-growing region in the smart meters market
The Asia Pacific is expected to dominate the smart meters market during the forecast period due to governments mandates for digitization of grid networks, utilities monitoring real-time analysis for grid and consumers usage. The region has been segmented into China, Japan, Australia, India, and the Rest of Asia Pacific. The Asia Pacific is the most populated region in the world and consequently witnesses a high electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability. The region is expected to invest about USD 9.8 billion in developing its smart grid infrastructure between 2018 and 2027. The increase in smart grid investments, demand for power quality, energy efficiency targets, and reliability of the power system are the prominent factors for the growth of the smart electric metering market in the region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Smart Meters Market
4.2 Smart Meters Market in Asia-Pacific, by End-user and Country
4.3 Smart Meters Market, by Type
4.4 Smart Meters Market, by End-user
4.5 Smart Meters Market, by Technology
4.6 Smart Meters Market, by Component
4.7 Smart Meters Market, by Communication Type
4.8 Smart Meters Market, by Region
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 COVID-19 Economic Assessment
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Supportive Government Policies and Financial Incentives for Digitalization of Grids
5.4.1.2 Increased Need to Monitor Utility Systems in Real Time
5.4.1.3 Dynamic Pricing of Utilities
5.4.1.4 Reduced Blackouts and Failures of Utility Systems
5.4.1.5 Increased Need to Monitor Energy Consumption to Achieve Carbon Neutrality
5.4.2 Restraints
5.4.2.1 High Set Up and Operational Costs for Utility Suppliers to Switch from Traditional to Smart Meters
5.4.2.2 Halted Smart Grid and Smart City Projects due to COVID-19 Pandemic
5.4.2.3 Reduced Investment Toward Infrastructure Development and Low Return on Investment
5.4.3 Opportunities
5.4.3.1 Focus of Governments Worldwide on Reducing Aggregate Technical and Commercial Losses
5.4.3.2 Integration of Artificial Intelligence (Ai) and Machine Learning (Ml) Technologies into Smart Meters
5.4.3.3 Adoption of Electric and Hybrid Vehicles by Consumers
5.4.4 Challenges
5.4.4.1 Maintenance, Security, and Integrity of Smart Meters and Associated Data, Along with Requirement of Skilled Professionals
5.4.4.2 Dependency on Reliable Connections Between Smart Meters and Smart Grid Devices to Achieve Highly Accurate Data
5.5 Trends/Disruptions Impacting Customers' Businesses
5.5.1 Revenue Shift and New Revenue Pockets for Smart Meter Providers
5.6 Market Map
5.7 Value/Supply Chain Analysis
5.7.1 Raw Material/Component Providers
5.7.2 Smart Meter Manufacturers
5.7.3 Distributors and After-Sales Service Providers
5.7.4 End-users
5.8 Technology Analysis
5.8.1 Smart Meters Market Based on Different Technologies
5.9 Smart Meter: Codes and Regulations
5.10 Innovation and Patent Registration
5.11 Case Study Analysis
5.12 Porter's Five Forces Analysis
6 Smart Meters Market, by Type
6.1 Introduction
6.2 Smart Electric Meters
6.2.1 Need for Reducing Carbon Emissions and to Reform Power Sector is Driving Market Growth
6.3 Smart Gas Meters
6.3.1 Increase in Natural Gas Networks and Mandates to Retrofit Conventional Gas Meters are Boosting Smart Gas Meter Market Growth
6.4 Smart Water Meters
6.4.1 Effective Water Management and Extra Transparency in Billings are Enhancing Smart Water Meter Market Growth
7 Smart Meters Market, by Communication
7.1 Introduction
7.2 Rf
7.2.1 No Running Cost for Smart Meter Systems is Driving Market Growth
7.3 plc
7.3.1 Use of Existing Electrical Infrastructure and Long-Distance Operations are Boosting Market Growth
7.4 Cellular
7.4.1 Faster Data Transfer Rates and Reduced Infrastructure Costs are Accelerating Market Growth
8 Smart Meters Market, by Component
8.1 Introduction
8.2 Hardware
8.2.1 Power Systems
8.2.1.1 Software and Hardware with Higher Power Consumption are Driving Power Systems Market
8.2.2 Microcontrollers
8.2.2.1 Integration of Ai or IoT with Microcontrollers to Become More Consumer-Friendly Driving Market Growth
8.2.3 Communication Interface
8.2.3.1 Integration of Ai and Connectivity with Smart Phones is Driving the Market
8.3 Software
8.3.1 Customer Information System
8.3.1.1 Improving Communication Between Consumers and Service Providing Utilities is Boosting Market
8.3.2 Meter Data Management System
8.3.2.1 Vast Data Management with Multiple Users and Energy or Resource Demand Forecasting are Driving Market
8.3.3 Metering and Billing Software
8.3.3.1 Smart Payment Options Using Mobile Phones and Increased Billing Transparency are Propelling Market Growth
9 Smart Meters Market, by Technology
9.1 Introduction
9.2 Ami
9.2.1 Need for Accurate Meter Reading and Faster Restoration of Services is Driving Market
9.3 Amr
9.3.1 Need for Cost-Effective Smart Meters is Boosting Market Growth
10 Smart Meters Market, by End-user
10.1 Introduction
10.2 Residential
10.2.1 with Increased Energy-Consuming Devices in Every Household, Market for Continuous Energy Monitoring Through Smart Meters is Growing
10.3 Commercial
10.3.1 Efficient Electricity Usage and Renewable Energy Integration to Grid are Boosting Smart Meters Market Growth
10.4 Industrial
10.4.1 Effective Energy Load Management, Forecasting, and Reduced Energy Thefts are Driving Smart Meter Market
11 Geographic Analysis
12 Competitive Landscape
12.1 Key Player Strategies/Right to Win
12.2 Market Share Analysis
12.3 Market Evaluation Framework
12.4 Revenue Analysis of Top Market Players
12.5 Competitive Scenario
12.6 Company Evaluation Quadrant
12.6.1 Star
12.6.2 Emerging Leader
12.6.3 Pervasive
12.6.4 Participant
12.7 Start-Up/Sme Evaluation Quadrant, 2020
12.7.1 Progressive Company
12.7.2 Responsive Company
12.7.3 Dynamic Company
12.7.4 Starting Block
12.7.5 Competitive Benchmarking
13 Company Profiles
13.1 Major Players
13.1.1 Schneider Electric
13.1.2 Landis+Gyr
13.1.3 Itron Gamesa
13.1.4 Siemens
13.1.5 Wasion Group
13.1.6 Badger Meter
13.1.7 Sensus (Xylem)
13.1.8 Honeywell International
13.1.9 Larsen & Toubro
13.1.10 Kamstrup
13.1.11 Genus Power Infrastructure
13.1.12 Aclara Technologies
13.1.13 Osaki Electric Co. (Edmi)
13.1.14 Sagemcom
13.1.15 Iskraemeco
13.2 Key Players
13.2.1 Jiangsu Linyang Electronics
13.2.2 Hexing Electrical
13.2.3 Networked Energy Services Corporation
13.2.4 Pietro Fiorentini
13.2.5 Secure Meters
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/h2xhsq
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