The U.S. smart meter market size was $3.73 billion in 2019, and is projected to reach $7.69 billion by 2027 to register a CAGR of 10.47% during the forecast period. A smart meter is a digital meter that replaces old analog meters, which are used in homes to record electrical usage. These digital meters can transmit information on energy consumption to utility companies in frequent intervals and can monitor consumption more precisely. Smart meter uses wireless networks similar to mobile phone networks to send data directly to particular energy suppliers to know about how much gas and electricity is being used.
Smart meters are installed by utility service providers such as electricity, gas, and water. Teams from utility service providers visit sites, with prior intimation and installs smart meters at requested locations. Installation services are also offered by third party services. Installation services constitute majority of shares of overall services.
Major factors that drive the U.S. smart meter market size includes development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure. However, high cost of installations of smart meters hamper market growth of U.S. smart meters. In addition, developing smart city projects in the U.S. is expected to provide growth opportunities for U.S. smart meter market.
In recent times, several factors have been integrated to make smart meters more remarkable, reliable, and affordable. Different connectivity technologies used by smart meters further spur growth of the smart meter market. Major benefits offered by smart meter includes detection of any leakages in supply, continuous monitoring of electricity, gas & water flow, and detection of any theft in supply propel growth of the smart meter market. Moreover, smart meters help in elimination of manual monthly meter reading and optimizes profit with existing resources.
The U.S. Smart meter market is segmented on the basis of component and end use. The component segment further sub segmented into product, service, and connectivity. On the basis of product, the market is segmented into smart electricity meter, smart water meter, and smart gas meter. On the basis of service, it is classified into installation and repair & maintenance. On the basis of connectivity, it is classified into power line communication, cellular communication, and radio frequency. By end use, it is divided into residential, commercial, and industrial.
The key players operating in the market includes Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, Mueller Systems LLC, Aclara Technologies LLC, Neptune Technology Group Inc., Sensus, and Honeywell International Inc. These
U.S. Smart Meter Market Key Segments
Smart meters are installed by utility service providers such as electricity, gas, and water. Teams from utility service providers visit sites, with prior intimation and installs smart meters at requested locations. Installation services are also offered by third party services. Installation services constitute majority of shares of overall services.
Major factors that drive the U.S. smart meter market size includes development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure. However, high cost of installations of smart meters hamper market growth of U.S. smart meters. In addition, developing smart city projects in the U.S. is expected to provide growth opportunities for U.S. smart meter market.
In recent times, several factors have been integrated to make smart meters more remarkable, reliable, and affordable. Different connectivity technologies used by smart meters further spur growth of the smart meter market. Major benefits offered by smart meter includes detection of any leakages in supply, continuous monitoring of electricity, gas & water flow, and detection of any theft in supply propel growth of the smart meter market. Moreover, smart meters help in elimination of manual monthly meter reading and optimizes profit with existing resources.
The U.S. Smart meter market is segmented on the basis of component and end use. The component segment further sub segmented into product, service, and connectivity. On the basis of product, the market is segmented into smart electricity meter, smart water meter, and smart gas meter. On the basis of service, it is classified into installation and repair & maintenance. On the basis of connectivity, it is classified into power line communication, cellular communication, and radio frequency. By end use, it is divided into residential, commercial, and industrial.
The key players operating in the market includes Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, Mueller Systems LLC, Aclara Technologies LLC, Neptune Technology Group Inc., Sensus, and Honeywell International Inc. These
KEY PLAYERS
have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.U.S. Smart Meter Market Key Segments
By Component
- Product
- Smart Electricity Meter
- Smart Gas Meter
- Smart Water Meter
- Service
- Installation
- Repair & Maintenance
- Connectivity
- Power Line Communication
- Cellular Communication
- Radio Frequency
By End Use
- Residential
- Commercial
- Industrial
Key market players
- Itron Inc.
- Landis+Gyr
- Schneider Electric SA
- Siemens AG
- Badger Meter
- Mueller Systems LLC
- Aclara Technologies LLC
- Neptune Technology Group Inc.
- Sensus
- Honeywell International Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: U.S. SMART METER MARKET, BY COMPONENT
CHAPTER 5: U.S. SMART METER MARKET, BY END USE
CHAPTER 6: COMPETITIVE LANDSCAPE
CHAPTER 7: COMPANY PROFILES
List of Tables
List of Figures
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 117 |
| Published | April 2021 |
| Forecast Period | 2019 - 2027 |
| Estimated Market Value ( USD | $ 3.47 billion |
| Forecasted Market Value ( USD | $ 7.69 billion |
| Regions Covered | United States |
