Smart Meters Market Size, Industry Trends, Demand and Forecast 2023-2028
The global smart meters market size reached US$ 22.8 Billionin 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5%during 2023-2028.
Smart meters are electronic devices that accurately measure and record information regarding electricity consumption. They automatically and wirelessly transmit actual energy usage to the supplier through radiofrequency (RF) electromagnetic radiation, power line communication, and cellular communication. They help reduce the cost of meter readings, eliminate billing inefficiencies, prevent disconnections, and minimize emissions.
They are interactive and multifunctional, help track daily electricity usage, and allow two-way communication between the home or business and the utility, unlike traditional meters. Since they are cost-effective, smart meters find extensive applications in residential, commercial, and industrial sectors across the globe.
Key Industry Trends and Drivers:
The global smart meters market is primarily driven by the rising product demand for automatic meter reading and bill generation due to the growing concerns regarding power generation and distribution. Moreover, the increasing product use in smart cities to detect leakage in supply, identify theft, and continuously monitor electricity, gas, and water flow is positively influencing the market growth.
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Additionally, numerous technological advancements, including the integration of the Internet of Things (IoT), and the rising use of advanced components and control systems to improve security, safeguard data, and maximize uptime in emergencies, have catalyzed market growth. Furthermore, the implementation of numerous favorable government initiatives to replace existing traditional electric meters is contributing to market growth. Other factors, including increasing demand for electricity from renewable energy, development of communication network infrastructure, and rising investments in digital electricity infrastructure, are also anticipated to drive the market further.
who are the key players/companies in the global smart meters market?
Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd. and Zenner International GmbH & Co. KG.
The report has been segmented the market into following categories:
Breakup by Product:
- Smart Electricity Meter
- Smart Water Meter
- Smart Gas Meter
Breakup by Technology:
- AMI (Advanced Metering Infrastructure)
- AMR (Automatic Meter Reading)
Breakup by End Use:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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