The global smart meters market size is expected to grow from estimated revenue of USD 20.7 billion in 2020 to USD 28.6 billion by 2025, at a CAGR of 6.7% from 2020 to 2025. Drivers of smart meters industry are government mandates and supportive policies for smart meters, real-time monitoring of utility systems and dynamic pricing, and the need for reduced blackouts and utility system failures across regions such as Asia Pacific, North America, South America, Europe, and Middle East & Africa.
The smart electric meters are expected to dominate the global smart meters market.
The smart meters market is segmented, by type, into electric, gas, and water. Smart electric meters accounted for the largest share of the smart meters market in 2019. The smart electric meters market is driven by increased regulatory support and mandatory roll out policies by governments in regions such as North America, Europe, and Asia regions. In addition, power utilities are looking to install smart electric meters for enhancing their operations by using smart meter data for load forecast predictions and dynamic pricing of operations.
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Like a smart electric meter, a smart gas meter is equipment for measuring the amount of gas consumed at home, building, and industrial facilities. These smart meters use communication network to automatically transmit the signal with the gas utilities on an hourly or daily basis, which helps in improving the accuracy of bills, increasing energy efficiency, and reducing fuel poverty.
The residential segment is expected to be the fastest-growing market segment in the smart meters industry
The residential sector is projected to grow at the fastest rate during the forecast period. The increasing power consumption drives the smart meter growth rate in the sector among residential consumers due to technological and economic advancements and the growing government support for mandatory smart meter rollout projects in the sector.
Asia Pacific is expected to dominate the global Smart Meters Market
Asia Pacific was the largest smart meters industry in 2019, driven mainly by a planned increase in investment and smart meter rollout in countries such as China, Japan, and India. Smart meters are being increasingly implemented to effectively integrate the growing share of DER in the region, such as solar and wind power.
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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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