New York, June 30, 2021 (GLOBE NEWSWIRE) -- Smart Meters Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Smart Meters Market Research Report, Type, Technology, Application and Region - Forecast till 2027” the market is projected to be worth USD 43.31 Billion by 2027, registering a CAGR of 7.93% during the forecast period (2021 - 2027), The market was valued at USD 21.25 billion in 2020.
COVID-19 Impact on Smart Meters Market
Due to the COVID-19 outbreak, there has been a reduction in the profitability of businesses in almost every industry. The power sector however has not been much negatively impacted in comparison to other sectors, the consumption of electricity by commercial and industrial customers is noticeably less. Besides, the power sector has experienced a price reduction trend and falling demand across the globe. Various regions, which also includes European countries are impacted heavily and have recorded all-time low electricity prices during the initial quarter of the financial year 2020. Besides, owing to the outbreak’s severity, most industries are laying emphasis on essential work which led to a pause on the installation of electric components. Different hardware device manufacturers in the smart grid market have faced various issues associated with closures owing to the global lockdown.
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Key Players
Eminent players profiled in the global smart meters industry report include –
- Siemens AG. (Germany)
- Landis+Gyr (Switzerland)
- Schneider Electric (France)
- Aclara Technologies LLC (U.S.)
- Zenner (Germany)
- Xylem Inc. (U.S.)
- Honeywell International Inc. (U.S.). Itron Inc. (U.S.)
- EDMI (Singapore)
- Apator Group (Poland)
- Badger Meter Inc. (U.S.)
- DIEHL Metering (Germany)
- Kamstrup A/S (Denmark)
Industry Updates
HPL Electric and Power has received production clearance and approval from leading private distribution company to implement NB-IoT based smart meters in parts of Delhi. These meters are 5G and 4G compatible. With this technology, the problems and interference arising because of public network congestion will not impede the performance of smart meters anymore because data will flow smoothly via a dedicated channel.
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Attractive Features that Spur Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global smart meters market share.
Smart Meters Market Drivers/Smart Meters Market Trends
Increasing Government Investments to Boost Market Growth
The increasing government investments for supporting smart meter installation in end use sectors like commercial, residential, and industrial are likely to boost the smart meters market revenue over the forecast period.
Opportunities
Communication Network Infrastructure Development to offer Robust Opportunities
The continuous and ongoing communication network infrastructure development contributes towards the manufacturing of advanced and innovative level of smart meters. Besides, the availability of network infrastructure like 4G, 5G, radio frequency, and others propels the development of smart meters. Manufacturers are constantly engaged in the production of advanced level of smart meters as per the growing network infrastructure which is likely to offer robust market opportunities in the forecast period.
Restraints
High Installation & Maintenance Cost to act as Market Restraint
The high installation & maintenance cost of smart meters is likely to act as key market restraints over the forecast period. Besides, the device’s compatibility issue is another cause of restraint that may impede market growth.
Challenges
Lack of Awareness to act as Key Market Challenge
The absence of awareness regarding the benefits of smart meters coupled with demand for mobilization may act as a key market challenge over the forecast period.
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Market Segmentation
- By Type
By type, the water meters segment will lead the market over the forecast period for the increasing demand to monitor and optimize water consumption, increase need for accurate billing, increase in investment interest in digitalization of electrical systems, efforts to expand grid infrastructures, and increasing demand for electricity from residential and commercial sectors.
- By Technology
By technology, the automatic metering infrastructure segment will dominate the market over the forecast period as this is the most rapidly rising technology.
- By Application
By application, the residential segment will spearhead the market over the forecast period for increasing power consumption, economic and technological advances, and growing government support for mandatory smart meter rollout projects.
Regional Analysis
APAC to Have Lions Share in Smart Meters Market
The Asia Pacific region will have the lions share in the market over the forecast period. Growing demand in economically powerful countries like Thailand and India, increasing adoption in China, growing emphasis to reduce carbon emissions from utility operations, effective integration of DER like wind and solar power for improved power sector operations, the high adoption of smart technology in power grid infrastructure, increasing challenges like aging T&D infrastructure, growing smart city projects in Thailand, India, and China, the growing need for energy owing to improvements in lifestyles and escalating population level, and increase in investment in T&D are adding to the global smart meters market growth in the region. The region will grow at a 9.91% CAGR.
Segmentation of Market covered in the research:
Information by Type (Electric Meters, Gas Meters and Water Meters), By Technology (Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI)), By Application (Residential, Commercial and Industrial) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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