Smart Meters Market Size, Industry Analysis By Type (Electric, Gas, Water), By Communication Type (Radio Frequency (RF), Programmable Logic Controller (PLC), Cellular), By Component (Software, Hardware), By Technology (AMI (Advanced Metering Infrastructure), AMR (Automatic Meter Reading)), By End-Use (Residential, Industrial, Commercial) & Region - Forecasts
- PUBLISHED ON
- 2024-09-27
- NO OF PAGES
- 221
- CATEGORY
- Electronics & Communication
Global Smart Meter Market Analysis by Type, Communication Type, Component, Technology, End Use and Region and segments forecast till 2033
Market Overview
The global Smart Meter Market was worth USD 21,790 million in 2022 and is anticipated to amplify at a CAGR of 10.10% over 2023-2033, thereby accumulating USD 54,340 million by end of the analysis timeline.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 21,790 Million |
Market Forecast in 2033 | USD 54,340 Million |
CAGR % 2023-2033 | 10.10% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Communication Type, Component, Technology, End Use |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | The prominent players operating in the market sphere are Aichi Tokei Denki, Apator SA, Arad Group, Azbil Kimmon Co. Ltd., Badger Meter Inc., Diehl Stiftung & Co. KG., Elster Group GmbH, EM, Apator SA, General Electric Company, Hexing Electric Company Ltd., Holley Technology Ltd., Itron, Jiangsu Linyang Energy Co. Ltd., Kamstrup AS, Landis+ GYR Group AG, Mueller Systems LLC, Nanjing Xinlian Electronics Co. Ltd., Neptune Technology Group Inc., Schneider Electric, Sensus, Siemens, Wasion Group, AEM SA and others. |
Smart meter is referred to as an electronic equipment predominantly used to record crucial data pertaining to electric energy consumption, water usage, power factor, current, gas usage and voltage levels. These meters are equipped with the ability to communicate the crucial information via cellular or power line communication. This in turn helps the utility company to efficiently manage its energy usage. Smart meters also provide other advantages such as meter reading cost reduction along with the removal of billion inefficiencies.
Surging needs for continuous power supply driven by rising urbanization and industrialization worldwide is primarily augmenting the outlook of this industry sphere. Further, integration of digital technology to modernize energy efficiency measures and rising government investments in the field are adding traction to the market development. Also, the growing deployment of power grids coupled with technological advancements in the field are positively swaying the industry dynamics.
On the flipside, high installations costs and dearth of skilled professionals to manage the operations of smart meters are hindering the remuneration scope of this market sphere. Also, the COVID-19 pandemic adversely impacted the smart meter market progression. The impositions of rigid containment measures such as lockdowns and travel bans disrupted the supply chain network of the market. This in turn massively reduced the product demand, thereby impeding the overall industry growth.
There has been a steep rise in the number of government policies and investments pertaining to the digitalization of power grids across major nations. This is predominantly aimed at reducing the capital costs of commercial and residential energy utilities. Moreover, many countries are focusing on to reach their net zero emission goals and hence are investing on energy efficient technologies. These factors in turn are creating an upward trend for the marketplace.
With rapid economic developments across the globe, there has been a prompt surge in the number of industries. It is evident that manufacturing industries need continuous power supply for consistent and smooth operations. Therefore, manufacturing firms are deploying smart meters to promote energy efficiency and reduce their energy consumption costs.
Type Insights
The electric segment is expected to amass notable gains by 2030 owing to the escalating demand for continuous power supply in the emerging economies
Communication Type Insights
The cellular segment is slated to amplify with a substantial CAGR over 2022-2030 ascribing to the wide array of benefits offered by cellular technology such as efficient performance, quick service, and low investment cost.
Component Insights
The hardware segment is predicted to dominate the market in terms of revenue share owing to their simplified design and functional efficacy.
Regional Insights
North America, Middle East & Africa, Latin America, Europe, and Asia Pacific are the primary regions defining the geographical terrain of this business vertical. Among these, Asia Pacific is projected to showcase lucrative expansion trends over 2022-2030. This is attributable to rising industrialization, escalating demand for continuous power supply due to population expansion, and surge in smart grid investments across nations like China.
Competitive Analysis
The prominent players operating in the market sphere are Aichi Tokei Denki, Apator SA, Arad Group, Azbil Kimmon Co. Ltd., Badger Meter Inc., Diehl Stiftung & Co. KG., Elster Group GmbH, EM, Apator SA, General Electric Company, Hexing Electric Company Ltd., Holley Technology Ltd., Itron, Jiangsu Linyang Energy Co. Ltd., Kamstrup AS, Landis+ GYR Group AG, Mueller Systems LLC, Nanjing Xinlian Electronics Co. Ltd., Neptune Technology Group Inc., Schneider Electric, Sensus, Siemens, Wasion Group, AEM SA and others. Notably, in 2019, IntelliHUB announced the acquisition of Metrix of Mercury to strengthen its footprint in New Zealand.
Global Smart Meter Market- Segmental Analysis
By Type:
• Electric
• Gas
• Water
By Communication Type:
• Radio Frequency (RF)
• Programmable Logic Controller (PLC)
• Cellular
By Component:
• Software
• Hardware
By Technology:
• AMI (Advanced Metering Infrastructure)
• AMR (Automatic Meter Reading)
By End-Use:
• Residential
• Industrial
• Commercial
Why to buy this Report?
The report provides quantitative and qualitative aspect for Smart Meter Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Smart Meter Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2020-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
1. Global Smart Meter Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Smart Meter Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value Value (US$ Million) & Volume (Million Units)
1.4. Global Smart Meter Market Scope and Market Estimation
1.4.1. Global Smart Meter Overall Market Size Value (US$ Million) & Volume (Million Units), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Smart Meter Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Smart Meter Market Segmentation
1.5.1. Types of Global Smart Meter Market
1.5.2. Communication types of Global Smart Meter Market
1.5.3. Component types for Global Smart Meter Market
1.5.4. Technology of Global Smart Meter Market
1.5.5. End-use of Global Smart Meter Market
1.5.6. Key Regions of Smart Meter Market
2. Global Smart Meter Market - Executive Summary
2.1. Global Smart Meter Market – Summary & Snapshot
2.2. Global Smart Meter Market, By Type Value (US$ Million) & Volume (Million Units)
2.3. Global Smart Meter Market, By communication types Value (US$ Million) & Volume (Million Units)
2.4. Global Smart Meter Market, By component types Value (US$ Million) & Volume (Million Units)
2.5. Global Smart Meter Market, By Technology Value (US$ Million) & Volume (Million Units)
2.6. Global Smart Meter Market, By End-use Value (US$ Million) & Volume (Million Units)
2.7. Global Smart Meter Market, By Geography Value (US$ Million) & Volume (Million Units)
2.8. Global Smart Meter Market Outlook & Future Opportunities
3. Smart Meter Market Trends, Outlook, and Factors Analysis
3.1. Global Smart Meter Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Smart Meter Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Smart Meter Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Government initiatives regarding use of Smart meters and extensive investment in electricity infrastructure
3.2.1.2. Driver 2
3.2.1.3. Driver 3
3.2.1.4. Driver 4
3.2.1.5. Driver 5
3.2.2. Restraints
3.2.2.1. High installation and maintenance cost, security concerns regarding data
3.2.2.2. Restraint 2
3.2.3. Opportunities
3.2.3.1. Development of Smart City products in several developing countries
3.2.3.2. Opportunity 2
3.2.3.3. Opportunity 3
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Smart Meter Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Smart Meter Market
3.9.1. By Type
3.9.2. By Communication
3.9.3. By Component
3.9.4. By Technology
3.9.5. By End-use
3.9.6. By Regions
4. Global Smart Meter Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Smart Meter Market, 2020 – 2021 Value (US$ Million) & Volume (Million Units)
4.2. Global Smart Meter Market, By Type, 2020 To 2021 Value (US$ Million) & Volume (Million Units)
4.3. Global Smart Meter Market, By Communication, 2020 To 2021 Value (US$ Million) & Volume (Million Units)
4.4. Global Smart Meter Market, By Component, 2020 To 2021 Value (US$ Million) & Volume (Million Units)
4.5. Global Smart Meter Market, By Technology, 2020 To 2021 Value (US$ Million) & Volume (Million Units)
4.6. Global Smart Meter Market, By End-use, 2020 To 2021 Value (US$ Million) & Volume (Million Units)
4.7. Global Smart Meter Market, By Region, 2020 To 2021 Value (US$ Million) & Volume (Million Units)
5. Global Smart Meter Market Estimates & Forecast Trend Analysis, by Type
5.1. Global Smart Meter Market Share (%) Estimates and Forecasts, by Type, 2022 & 2033
5.2. Global Smart Meter Market Revenue Value (US$ Million) & Volume (Million Units) Estimates and Forecasts, by Type, 2022 to 2033
5.2.1. Electric
5.2.2. Gas
5.2.3. Water
6. Global Smart Meter Market Estimates & Forecast Trend Analysis, by Communication Type
6.1. Global Smart Meter Market Share (%) Estimates and Forecasts, By Communication Type, 2022 & 2033
6.2. Global Smart Meter Market Revenue Value (US$ Million) & Volume (Million Units) Estimates and Forecasts, by Communication Type, 2022 to 2033
6.2.1. Radio Frequency (RF)
6.2.2. Programmable Logic Controller (PLC)
6.2.3. Cellular
7. Global Smart Meter Market Estimates & Forecast Trend Analysis, by Component
7.1. Global Smart Meter Market Share (%) Estimates and Forecasts, By Component, 2022 & 2033
7.2. Global Smart Meter Market Revenue Value (US$ Million) & Volume (Million Units) Estimates and Forecasts, by Component, 2022 to 2033
7.2.1. Hardware
7.2.2. Software
8. Global Smart Meter Market Estimates & Forecast Trend Analysis, by Technology
8.1. Global Smart Meter Market Share (%) Estimates and Forecasts, By Technology, 2022 & 2033
8.2. Global Smart Meter Market Revenue Value (US$ Million) & Volume (Million Units) Estimates and Forecasts, by Technology, 2022 to 2033
8.2.1. AMI (Advanced Metering Infrastructure)
8.2.2. AMR (Automatic Meter Reading)
9. Global Smart Meter Market Estimates & Forecast Trend Analysis, by End-use
9.1. Global Smart Meter Market Share (%) Estimates and Forecasts, By end-use, 2022 & 2033
9.2. Global Smart Meter Market Revenue Value (US$ Million) & Volume (Million Units) Estimates and Forecasts, by end-use, 2022 to 2033
9.2.1. Residential
9.2.2. Commercial
9.2.3. Industrial
10. Global Smart Meter Market Analysis and Forecast, by Region
10.1. Global Smart Meter Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033
10.2. Global Smart Meter Market Revenue Value (US$ Million) & Volume (Million Units) Estimates and Forecasts, By Region, 2022 To 2033
10.2.1. North America
10.2.2. Europe
10.2.3. Asia Pacific
10.2.4. Middle East and Africa
10.2.5. Latin America
11. North America Smart Meter Market: Estimates & Forecast Trend Analysis
11.1. North America Smart Meter Market Assessments & Key Findings
11.2. North America Smart Meter Market Share (%) Estimates and Forecasts, 2022 & 2033
11.3. North America Smart Meter Market Size Estimates and Forecast Value (US$ Million) & Volume (Million Units) (2022 To 2033)
11.3.1. By Type
11.3.2. By Communication Type
11.3.3. By Component
11.3.4. By Technology
11.3.5. By End-use
11.3.6. By Major Country
11.3.6.1. The U.S.
11.3.6.2. Canada
12. Europe Smart Meter Market: Estimates & Forecast Trend Analysis
12.1. Europe Smart Meter Market Assessments & Key Findings
12.2. Europe Smart Meter Market Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Europe Smart Meter Market Size Estimates and Forecast Value (US$ Million) & Volume (Million Units) (2022 to 2033)
12.3.1. By Type
12.3.2. By Communication Type
12.3.3. By Component
12.3.4. By Technology
12.3.5. By End-use
12.3.6. By Major Country
12.3.6.1. Germany
12.3.6.2. The U.K.
12.3.6.3. France
12.3.6.4. Italy
12.3.6.5. Spain
12.3.6.6. Rest of Europe (includes all other European countries)
13. Asia Pacific Smart Meter Market: Estimates & Forecast Trend Analysis
13.1. Asia Pacific Smart Meter Market Assessments & Key Findings
13.2. Asia Pacific Smart Meter Market Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Asia Pacific Smart Meter Market Size Estimates and Forecast Value (US$ Million) & Volume (Million Units) (2022 To 2033)
13.3.1. By Type
13.3.2. By Communication Type
13.3.3. By Component
13.3.4. By Technology
13.3.5. By End-use
13.3.6. By Major Country
13.3.6.1. China
13.3.6.2. Japan
13.3.6.3. India
13.3.6.4. ASEAN
13.3.6.5. South Korea
13.3.6.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
14. Middle East & Africa Smart Meter Market: Estimates & Forecast Trend Analysis
14.1. Middle East & Africa Smart Meter Market Assessments & Key Findings
14.2. Middle East & Africa Smart Meter Market Share (%) Estimates and Forecasts, 2022 & 2033
14.3. Middle East & Africa Smart Meter Market Size Estimates and Forecast Value (US$ Million) & Volume (Million Units) (2022 To 2033)
14.3.1. By Type
14.3.2. By Communication Type
14.3.3. By Component
14.3.4. By Technology
14.3.5. By End-use
14.3.6. By Major Country
14.3.6.1. GCC
14.3.6.2. South Africa
14.3.6.3. Egypt
14.3.6.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
15. Latin America Smart Meter Market: Estimates & Forecast Trend Analysis
15.1. Latin America Market Assessments & Key Findings
15.2. Latin America Smart Meter Market Share (%) Estimates and Forecasts, 2022 & 2033
15.3. Latin America Smart Meter Market Size Estimates and Forecast Value (US$ Million) & Volume (Million Units) (2022 to 2033)
15.3.1. By Type
15.3.2. By Communication Type
15.3.3. By Component
15.3.4. By Technology
15.3.5. By End-use
15.3.6. By Major Country
15.3.6.1. Brazil
15.3.6.2. Mexico
15.3.6.3. Rest of Latin America (includes all other Latin America countries)
16. Competitive Landscape
16.1. Smart Meter Market Revenue Share Analysis (%), By Major Players (2021)
16.2. Smart Meter Market Competition Matrix, By Leading Players
16.3. Smart Meter List of Emerging, Prominent & Leading Players
16.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.
17. Company Profiles
17.1. AEM SA
17.1.1. Company Overview & Insights
17.1.2. Financials
17.1.3. Product / Service Portfolio
17.1.4. Geographical Footprint & Share
17.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
17.2. Aichi Tokei Denki
17.3. Apator SA
17.4. Arad Group
17.5. Azbil Kimmon Co. Ltd
17.6. Badger Meter Inc.
17.7. Diehl Stiftung & Co. KG.
17.8. Elster Group GmbH
17.9. EM, Apator SA
17.10. General Electric Company
17.11. Hexing Electric Company Ltd
17.12. Holley Technology Ltd
17.13. Itron
17.14. Jiangsu Linyang Energy Co. Ltd
17.15. Kamstrup AS]
17.16. Landis+ GYR Group AG
17.17. Landis+Gyr
17.18. Mueller Systems LLC
17.19. Nanjing Xinlian Electronics Co. Ltd
17.20. Neptune Technology Group Inc.
17.21. Schneider Electric
17.22. Sensus
17.23. Siemens
17.24. Wasion Group
17.25. Others
18. Assumptions and Research Methodology
18.1. Data Mining
18.2. Secondary Research
18.3. Primary Research
18.4. Subject Matter Expert Advice
18.5. Quality Check
18.6. Final Review
18.7. Data Triangulation
18.8. Bottom-Up Approach
18.9. Top Down Approach
18.10. Research Flow
18.11. Key Insights from Industry Experts
18.12. Data Sources
18.13. Assumptions
18.14. Limitations
19. Conclusions and Recommendations
19.1. Key Research Findings and Conclusion
19.2. Key Insights & Recommendations from Analysts
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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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