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Smart Meters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 143 Pages
  • January 2023
  • Region: Global
  • IMARC Group
  • ID: 5732708

Quick Summary:

In the ever-evolving world of business technology, staying informed about emerging trends and market fluctuations is vital. Particularly in the rapidly expanding global smart meters market, opportunities for growth and innovation abound. To successfully chart a path in this burgeoning industry, access to the latest, most accurate data is key. This comprehensive market research report offers invaluable insights on the smart meters market, providing businesses and key industry stakeholders with the knowledge needed to make proactive, data-driven decisions.

Smart meters are an increasingly integral part of our day-to-day lives, driving efficient consumption and recording of power. Their numerous advantages, such as fluctuation monitoring, outage detection, reduced reading costs, and efficient billing, make them an indispensable solution in residential, commercial, and industrial settings. This report explores global trends in smart meters, detailing the market's significant growth and future expectations. Factors such as worldwide energy requirements, technological advancements like IoT integration, usage in smart cities, and government initiatives to replace traditional electric meters are analyzed to give a wider picture of the market. The report also tackles key segmentations including products, technology, and end use, further breaking down the market's layers.

Stay ahead of the competition and gear up for future growth by harnessing the power of this insightful report. Gain an unambiguous understanding of the global smart meters market and base your strategic decisions on rock-solid data and forward-looking trends.

The global smart meters market size reached US$ 22.8 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 37.9 Billion by 2028, exhibiting a CAGR of 8.84% during 2022-2028.

Smart meters refer to electronic devices that accurately measure and record power consumption data. They consist of a microcontroller, power system, and communications interface. They automatically and wirelessly send actual energy usage to the supplier through radiofrequency (RF) electromagnetic radiation, power line communication, and cellular communication. Smart meters accurately monitor village fluctuations, outage detection, gas, electricity, and water usage. They assist in reducing meter reading costs, removing inefficiencies in billing, preventing disconnection, and reducing emissions. In comparison to traditional meters, smart meters are interactive, multifunctional, aid in recording electricity usage on a daily basis, and enable two-way communication with the utility and the home or business. They are also cost-effective and therefore find widespread application in the residential, commercial and industrial sectors.

Smart Meters Market Trends:

The increasing energy requirement across the globe is one of the key factors driving the growth of the market. In line with this, the rising demand for smart electricity meters for automatic meter reading and bill generation due to the rising concerns regarding power generation and distribution is favoring the market growth. Moreover, various technological advancements, such as the integration of the Internet of Things (IoT), and the rapid utilization of advanced components and control systems to enhance security, protect data, and maximize uptime during emergencies, are providing an impetus to the market growth. Additionally, the widespread product adoption in smart cities for the detection of leakage in supply, detection of theft, and continuous monitoring of gas, water flow, and electricity is positively impacting the market growth. Apart from this, the increasing demand for electricity from renewable energy and the implementation of various government initiatives to replace existing traditional electric meters are creating a positive outlook for the market.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global smart meters market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, technology and end use.

Breakup by Product:

  • Smart Electricity Meter
  • Smart Water Meter
  • Smart Gas Meter

Breakup by Technology:

  • AMI (Advanced Metering Infrastructure)
  • AMR (Automatic Meter Reading)

Breakup by End Use:

  • Residential
  • Commercial
  • Industrial

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd. and Zenner International GmbH & Co. KG.

Key Questions Answered in This Report:

  • How has the global smart meters market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global smart meters market?
  • What are the key regional markets?
  • What is the breakup of the market based on the product?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the end use?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global smart meters market and who are the key players?
  • What is the degree of competition in the industry?
Frequently Asked Questions about the Smart Meters Market

What is the estimated value of the Smart Meters Market?

The Smart Meters Market was estimated to be valued at $22.8 Billion in 2022.

What is the growth rate of the Smart Meters Market?

The growth rate of the Smart Meters Market is 8.8%, with an estimated value of $37.9 Billion by 2028.

What is the forecasted size of the Smart Meters Market?

The Smart Meters Market is estimated to be worth $37.9 Billion by 2028.

Who are the key companies in the Smart Meters Market?

Key companies in the Smart Meters Market include Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.) and Schneider Electric SE.

Table of Contents

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Smart Meters Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Product
6.1 Smart Electricity Meter
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Smart Water Meter
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Smart Gas Meter
6.3.1 Market Trends
6.3.2 Market Forecast

7 Market Breakup by Technology
7.1 AMI (Advanced Metering Infrastructure)
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 AMR (Automatic Meter Reading)
7.2.1 Market Trends
7.2.2 Market Forecast

8 Market Breakup by End Use
8.1 Residential
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Commercial
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Industrial
8.3.1 Market Trends
8.3.2 Market Forecast

9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast

10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Aichi Tokei Denki Co. Ltd.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.2 Apator SA
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.3 Arad Group
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.4 Badger Meter Inc.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Diehl Stiftung & Co. KG
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Holley Technology Ltd.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Itron Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Landis+Gyr
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.9 Neptune Technology Group Inc. (Roper Technologies Inc.)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 SWOT Analysis
14.3.10 Schneider Electric SE
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Sensus USA Inc. (Xylem Inc.)
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 SWOT Analysis
14.3.12 Shenzhen Kaifa Technology Co. Ltd.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Zenner International GmbH & Co. KG
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio

List of Figures
Figure 1: Global: Smart Meters Market: Major Drivers and Challenges
Figure 2: Global: Smart Meters Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Smart Meters Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Smart Meters Market: Breakup by Product (in %), 2022
Figure 5: Global: Smart Meters Market: Breakup by Technology (in %), 2022
Figure 6: Global: Smart Meters Market: Breakup by End Use (in %), 2022
Figure 7: Global: Smart Meters Market: Breakup by Region (in %), 2022
Figure 8: Global: Smart Meters (Smart Electricity Meter) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Smart Meters (Smart Electricity Meter) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Smart Meters (Smart Water Meter) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Smart Meters (Smart Water Meter) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Smart Meters (Smart Gas Meter) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Smart Meters (Smart Gas Meter) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Smart Meters (AMI (Advanced Metering Infrastructure)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Smart Meters (AMI (Advanced Metering Infrastructure)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Smart Meters (AMR (Automatic Meter Reading)) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Smart Meters (AMR (Automatic Meter Reading)) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Smart Meters (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Smart Meters (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Smart Meters (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Smart Meters (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Smart Meters (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Smart Meters (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: North America: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: North America: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: United States: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: United States: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Canada: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Canada: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Asia-Pacific: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Asia-Pacific: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: China: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: China: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Japan: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Japan: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: India: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: India: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: South Korea: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: South Korea: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Australia: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Australia: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Indonesia: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Indonesia: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Others: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Others: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Europe: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Europe: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Germany: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Germany: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: France: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: France: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: United Kingdom: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: United Kingdom: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Italy: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Italy: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Spain: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Spain: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Russia: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Russia: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Others: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Others: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Latin America: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Latin America: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Brazil: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Brazil: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Mexico: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Mexico: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Others: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Others: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Middle East and Africa: Smart Meters Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Middle East and Africa: Smart Meters Market: Breakup by Country (in %), 2022
Figure 72: Middle East and Africa: Smart Meters Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Global: Smart Meters Industry: SWOT Analysis
Figure 74: Global: Smart Meters Industry: Value Chain Analysis
Figure 75: Global: Smart Meters Industry: Porter's Five Forces Analysis

List of Tables
Table 1: Global: Smart Meters Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Smart Meters Market Forecast: Breakup by Product (in Million US$), 2023-2028
Table 3: Global: Smart Meters Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 4: Global: Smart Meters Market Forecast: Breakup by End Use (in Million US$), 2023-2028
Table 5: Global: Smart Meters Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Smart Meters Market: Competitive Structure
Table 7: Global: Smart Meters Market: Key Players

Companies Mentioned

  • Aichi Tokei Denki Co. Ltd.
  • Apator SA
  • Arad Group
  • Badger Meter Inc.
  • Diehl Stiftung & Co. KG
  • Holley Technology Ltd.
  • Itron Inc.
  • Landis+Gyr
  • Neptune Technology Group Inc. (Roper Technologies Inc.)
  • Schneider Electric SE
  • Sensus USA Inc. (Xylem Inc.)
  • Shenzhen Kaifa Technology Co. Ltd.
  • Zenner International GmbH & Co. KG.

Methodology

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