New York, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Meter Market Assessment, By Product Type, By Phase, By Technology, and End-user, By Region, Opportunities, and Forecast, 2016-2030F" - https://www.reportlinker.com/p06488960/?utm_source=GNW
The Global Smart Meter Market has witnessed substantial growth and is anticipated to sustain this robust expansion rate in the foreseeable future. Having reached an estimated value of around USD 18.6 billion in 2022, the market is projected to achieve a value of USD 40.45 billion by 2030, demonstrating a steady CAGR of 10.2% between 2023 and 2030.
The global demand for smart meters is increasing due to their advantages, including accurate energy monitoring and better demand management. Factors driving the market growth include rising energy consumption, government initiatives, smart meter programs, and smart grid technologies. Implementing these programs in residential and commercial properties showcases their benefits, driving utility companies and consumers to embrace smart meters.
A noteworthy example is the United Kingdom’s (UK) commitment to the Smart Metering Implementation Programme (SMIP), a comprehensive effort to install approximately 53 million smart electricity and gas meters across British households and non-domestic establishments, benefiting an estimated 30 million locations. The program aims to empower consumers with real-time energy consumption data, enabling enhanced control, efficient energy management, cost savings, and reduced carbon emissions. Additionally, it seeks to eliminate estimated billing, facilitate seamless supplier switching, and support the transition to a more sustainable, low-carbon economy. To manage the far-reaching impact of this transformative endeavor, the Smart Energy Code (SEC) has been devised to delineate the roles, responsibilities, and obligations of stakeholders engaged in the program at an industry level.
Rise in Smart Meter Penetration Rate
The Global Smart Meter Market has experienced a notable surge in the adoption of smart meters. This uptake is attributed to the recognition by both consumers and utility companies of the advantages offered by real-time energy monitoring, precise billing, and the ability to respond to energy demands, driving their widespread usage. This increased integration of smart meters also reflects the growing focus on sustainable and effective energy management practices on a global scale. According to the 2023 report from the Edison Institute for Electric Innovation, it is projected that by the close of 2023, approximately 128 million smart meters will have been deployed in homes and businesses across the United States. This forecast suggests a penetration rate of around 80%, showcasing a significant climb from the 73% penetration achieved in 2021 with 114 million smart meters. Looking ahead to 2025, the aspirations are even more remarkable, with an anticipated installation of 135 million smart meters, setting the stage for an impressive penetration rate of nearly 85% in the United States.
Investment in Smart Buildings Accelerates Adoption of Smart Meters
Globally, the smart meter market has observed a significant surge in investments targeting smart buildings to expedite the adoption of renewable energy sources and reinforce the resilience of energy grids. Smart buildings, incorporating advanced technologies like smart meters, are engineered to fine-tune energy consumption, seamlessly integrate renewable energy resources, and play a role in fortifying grid stability. This upswing in investment is emblematic of the escalating emphasis on sustainable energy solutions, fostering a more effective and resilient energy landscape worldwide.
United States Department of Energy (DOE) has introduced a substantial USD 61 million program to support ten pilot projects to transform residences and workplaces into cutting-edge, energy-efficient structures. These Connected Communities will seamlessly integrate with the power grid, optimizing energy usage and significantly reducing carbon emissions and energy costs. This initiative aligns with the overarching goal of the Biden Administration, which is to achieve a net-zero carbon economy, thereby presenting a model to mitigate the climate crisis’s impact stemming from the building sector.
Rise in Grid Modernization Initiatives
The Global Smart Meter Market is observing a surge in initiatives dedicated to enhancing smart grid infrastructure. Governments and utility companies are investing in modernization projects incorporating cutting-edge technologies such as smart meters. These endeavors aim to achieve heightened grid reliability, optimize energy distribution, and promote more effective energy management, signifying an escalating commitment to sustainability and a more intelligent energy trajectory.
A noteworthy illustration is the Grid Modernization Initiative (GMI) established by the United States Department of Energy (DOE), which is poised to reshape the landscape of energy grid infrastructure. Through collaborative efforts with public and private partners, the DOE spearheads the development of advanced tools and technologies designed to measure, analyze, predict, secure, and control the grid. This comprehensive portfolio underscores the integration of diverse electricity sources, bolstering grid security, addressing challenges related to energy storage and distributed generation, and cultivating the United States competitiveness and innovation within the global energy arena. The overarching aspiration for the future grid is to deliver reliable, resilient, secure, flexible, sustainable, and affordable electricity catering to all needs.
Asia-Pacific Dominates Owing to Modernization of Electricity Infrastructure
The Asia-Pacific region is a prominent driver of market growth, spurred by various influential factors. The rapid pace of urbanization and the burgeoning populations of countries like China and India have triggered a substantial upsurge in energy demand, prompting the widespread adoption of smart meters to facilitate efficient energy management. Adding to this momentum are proactive government policies and initiatives that actively endorse the development of smart grid infrastructure and the conservation of energy resources, further amplifying the expansion of the market.
The region’s resolute dedication to the modernization of electricity infrastructure, bolstering grid reliability, and seamless integration of renewable energy sources have propelled the extensive deployment of smart meters, firmly establishing its preeminent stance on the global market stage. For instance, Chinese entities are increasingly focusing on deploying smart meters, exemplified by the collaborative efforts of China Mobile, the State Grid Electric Power Research Institute, and the Provincial Metrology Institute. This strategic partnership has introduced an innovative NB-IoT smart meter, currently undergoing deployment and testing across various cities. Integrated with the OneNET platform, these smart meters offer identical functionalities, facilitating smooth data exchange and command transmission. This collaborative endeavor represents a significant leap forward in advancing smart grid technology and elevating device management practices, ultimately fostering a realm of energy consumption that is both efficient and dependable.
Impact of COVID-19
The COVID-19 pandemic triggered significant global smart meter market shifts, altering its course from pre-pandemic patterns to the current scenario. Before the outbreak, the market experienced steady growth driven by rising energy needs, governmental energy efficiency initiatives, and smart grid integration. However, disruptions from the pandemic, affecting supply chains and installations, impeded smart meter projects. Despite these challenges, the pandemic highlighted smart meters’ pivotal role in remote energy monitoring and management, especially during lockdowns, reigniting interest in their adoption post-Covid. Utility firms and consumers now prioritize digital solutions and streamlined energy management, accelerating the long-term acceptance of smart meters. Ultimately, the pandemic catalyzed market growth by revealing the vital role of real-time data and remote capabilities during crisis and beyond.
Key Players Landscape and Outlook
The Global Smart Meter Market has grown substantially, with prominent companies emphasizing collaborations to drive technological advancements and enhance their services. These companies are investing significantly in developing advanced smart meters to ensure safety and improved electricity monitoring in residential, commercial, and industrial sectors. Additionally, they actively engaged in notable mergers, acquisitions, and joint ventures to effectively pursue their smart meter industry objectives.
Honeywell introduced the Next Generation Cellular Module (NXCM) in May 2023, transforming conventional gas and water meters into smart meters without additional infrastructure expenses. This module offers wireless connectivity through public cellular networks, improving monitoring, safety, and analytics for utility providers and consumers.
In February 2023, Itron and Smart Energy Water partnered to improve the smart meter technology customer experience. The partnership focuses on optimizing Itron’s DI ecosystem and advanced metering infrastructure data, enhancing data sharing and consumer empowerment. The streamlined, secure, and standardized approach enables utility companies and customers to utilize next-generation AMI technology while ensuring simplicity and security thoroughly.
Read the full report: https://www.reportlinker.com/p06488960/?utm_source=GNW
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