Global Smart Meter Market to be Expedited Through 2031 Due to Rapid Technological Advancements

Utility system monitoring is expected to drive the global smart meter market during the forecasted period, 2024-2031. Furthermore, the continuously emerging regulatory trends are augmenting the market growth.        

According to the Markets and Data, Research report, “Global Smart Meter Market Assessment, By Region, Opportunities, and Forecast, 2017-2031F”, the global smart meter market was valued at USD 20,783.7 million in 2023 and is expected to register a CAGR of 10.14% during the forecast period.

A smart meter is an advanced electrical gadget that transmits data to electricity providers and users in real time, recording voltage levels, current, power factor, and energy usage. Its ability to communicate in both directions sets it apart from conventional meters and makes energy management more effective. Especially when considered in the context of smart grids, smart meters are essential to modernizing utility services. They allow utilities to apply dynamic pricing based on the timing and season of use, improving cash-flow models and results in more accurate invoicing. They also give precise information on patterns of energy usage. Furthermore, smart meters save labor expenses for utilities by doing human readings. Smart meters provide advantages for customers, such as the removal of predicted costs and the ability to efficiently control energy use.

Smart meters are important because they may increase energy efficiency, boost system dependability, and provide users with tools to track and manage their energy use. All these benefits add up to a more sustainable and effective energy infrastructure.

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Spread through 328 pages, the "Global Smart Meter Market" report includes an in-depth TOC, over 262 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report also offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail. 

Key Takeaways:

• The market is expediting at an exponential rate due to the rise in adoption of smart meters, which is driving up market growth.
• Key companies in the market are working together to enhance smart meter technologies, which is also driving up market growth.
• The proliferation of smart meters is being driven by emerging trends that augment energy efficiency, foster technical progress, and bolster the establishment of smart cities. The adoption of renewable energy, urbanization, rising energy consumption, and government efforts are some of the factors propelling the worldwide smart meter market's growth.

Global Smart Meter Market is segmented in the following categories:

By Product Type- Smart Electricity Meters, Smart Water Meters, and Smart Gas Meters

By Phase- Single-phase and Three-Phase

By Technology- Advanced Metering Infrastructure (AMI) and Automated Meter Reading (AMR)

By End-user- Residential, Commercial, and Industrial

By Region- North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Based on product type, smart electric meters comprehensively led the market due to their capacity to precisely document power use, enable automated readings, and improve outage response. These meters give utilities access to real-time data, facilitating timely corrections and increased system dependability. The modernization of utility services and the increasing need for energy efficiency are complementary to the installation of smart electric meters. They play a crucial part in the smart meter environment because they enable consumers to properly regulate their energy use and because they contribute to grid efficiency.

Asia-Pacific clearly led the industry due to the rising power demand, government measures encouraging energy conservation, and the necessity for a steady supply of electricity. Large-scale smart meter installations have been carried out in nations such as China, Japan, and South Korea as a result of an emphasis on energy efficiency and updating grid infrastructure. The region's leadership in smart meter installations is also a result of its increasing use of renewable energy sources and its emphasis on real-time energy data.

Major Companies Operating in the Global Smart Meter Market Include:

·         Itron Inc.

·         ABB Ltd.

·         Aclara Technologies LLC

·         Honeywell International Inc.

·         Iskraemeco Group

·         Sensus Inc. (Xylem)

·         Landis+Gyr Group

·         Schneider Electric SE

·         BadgeOsar Meter Inc.

·         Secure Meters Ltd

·         Siemens AG

·         Sagemcom

·         Osaki Electric Co. Ltd.

Companies in smart meter industry are introducing advanced smart metering tactics worldwide. This is driving the industry's fast evolution, with increased demand thereby contributing significantly to market growth.

In March 2024, by acquiring Elpis Squared, Itron increased the scope of its network knowledge and enhanced the architecture and functionality of its networks. This action made it possible for utilities to support the energy transition by enhancing cost-effective management via the use of data solutions and optimized solutions.

In November 2023, ABB signed a USD 543 million funding arrangement with the European Investment Bank (EIB) to support its electrification research and development initiatives. The funds will be used to create next-generation electrical distribution solutions, such as solid-state circuit breakers and environmentally friendly switchgear, to accelerate the energy transition and increasing efficiency. This partnership is consistent with the European Green Deal's aim of reaching net zero greenhouse gas emissions by 2050, highlighting the role of green innovation in fostering a sustainable economy and tackling climate change.

“Global Smart Meter Market Assessment, 2017-2031”, evaluates the future growth potential of global smart meter market and provides statistics & information on market size, structure, and future market growth. This detailed study provides essential market knowledge to company leaders, enabling them to make sound investment decisions. It examines the market's growth trends, key drivers, bottlenecks, and intriguing opportunities. The study's in-depth research equips industry professionals with the knowledge to manage the market's turbulent environment and capitalize on its development opportunities.

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