The global smart meters market size is expected to grow from an estimated USD 19.6 billion in 2021 to USD 30.2 billion by 2026, at a CAGR of 9.0% during the forecast period. Smart Meters is increasingly being installed and is showing robust growth. The increase in the adoption of electric vehicles, development of microgrids, distributed energy storage, and the need for net-metering are a few of the major drivers for the smart meter market growth.
The smart meters market is primarily driven by government mandates and incentives for smart meter installation. According to the US International Trade Commission, utilities are reluctant to invest in smart meter technology without a government mandate or incentives. This is mainly due to the limited capital expenditure capability of utilities. In addition, utilities may not be aware of the benefits of smart meter installation for several years, making the investment less attractive in the absence of government incentives. Therefore, for the effective implementation of smart meters and smart grids, governments across the world have enacted several supportive policies and mandates.The net-zero goals and an ambitious plan for renewables, from energy utilities’ and impressive expansion plans are expected to trigger investments.
According to the International Energy Agency (IEA), global investments in building or improving the digital grid infrastructure are increasing, and smart meters are part of this infrastructure, which is likely to boost the smart meters market growth.
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The smart electric meter is expected to be the largest segment of the smart meters market
The smart electric segment accounted for the largest market share of 73.8% of smart meters market, by type in 2020, driven by the growing emphasis on dynamic pricing of utilities and the Increased need to monitor energy consumption to achieve carbon neutrality. The future growth of the segment can be attributed to increasing demand for the need to monitor utility systems in real-time for consumers across end-users such as residential, commercial, and industrial sectors.
The smart water meters segment is expected to be the fastest growing during the forecast period. The growth can be attributed to the reduction in the price of smart ultrasonic meters, making them cost-competitive along with advantages of ultrasonic meters such as long life, higher accuracy, and low maintenance.
Asia Pacific is expected to remain as the largest smart meters market
In this report, the smart meters market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to dominate the global smart meters market during 2021-2026. Asia Pacific region is the fastest growing smart meters market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis on efficient management of power distribution, power outages, and demand response (DR), and reduced operation cost
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The major players in the global Smart Meters Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).
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