Global Smart Meter Market Report and Forecast 2024-2032

Global Smart Meter Market Outlook

The global smart meter market stood at a value of around USD 29.50 billion in 2023. The market is further expected to grow at a CAGR of 8.8% in the forecast period of 2024-2032 to attain a value of around USD 63.01 billion by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rising Demand for Electricity Meters to Curb Electricity Bill and Control its Consumption to Bolster the Smart Meter Industry Growth

Based on product, electricity meters accounted for a significant share and are likely to witness a considerable growth over the forecast period. This can be attributed to the rising demand for electricity, along with the growing need to monitor and curb the electricity bills. The high electricity prices are a matter of concern in emerging economies. Therefore, in these regions, electricity meters help the masses to adjust their habits in order to lower their electricity bills. The product also encourages efficient use of power resources and provides responsive data for balancing electric loads while reducing blackouts.

Meanwhile, the water meter segment is anticipated to occupy a significant share in the market, owing to the low initial costs and simple in-line maintenance. It prevents the wastage of water and can help detect leakage. For instance, if no water is on, but the meter still records, then there might be a leak somewhere. Furthermore, the favourable government policies both in developed and developing economies to conserve water and prevent its wastage are expected to further propel the market growth in the forecast period.

The Asia Pacific Accounts for a Significant Share in the Market

The Asia Pacific is anticipated to occupy a significant share in the market, owing to the rapid development of infrastructure, with India and China being two of the largest electricity consuming countries in the world. Over the forecast period, the rising urbanisation is expected to provide a further impetus to the market growth. Furthermore, the development of nuclear power and hydro power plants in China is likely to propel the demand for smart meters.

Smart Meter: Market Segmentation

Smart meter is an electronic device that can measure gas, water, or electricity consumption. Being an automatic Internet-capable device, it uses a secure network to send the energy information to supplier. Smart meters can efficiently transfer the information to the consumer for greater clarity of consumption behaviour, and electricity suppliers for system monitoring and customer billing.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on product, the market is divided into:

• Electricity Meter
• Gas Meter
• Water Meter

On the basis of end use, the industry is segmented into:

• Residential
• Commercial
• Industrial

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Rapid Technological Advancements Boosting the Growth of the Smart Meter Industry

The global smart meter industry is driven by the rapid technological advancements and the thriving residential and commercial sector. The rising standards of living in emerging economies is likely to propel the demand for smart devices to measure electricity, gas, and water consumption, thereby, propelling the smart meter industry growth. In residential and commercial complexes, smart meter can help the consumers monitor electricity consumption and adjust their habits in order to reduce electricity bills, which is further resulting in its increased utilisation. Furthermore, the stringent government regulations across the continents to minimise the wastage of water and electricity, coupled with the rising environmental concern, are likely to support the adoption of smart meters over the forecast period.

Key Industry Players in the Global Smart Meter Market

The report gives a detailed analysis of the following key players in the global smart meter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Honeywell International Inc.
• Schneider Electric SE
• Itron Inc. 
• SIEMENS AG
• Badger Meter, Inc. 
• Sensus (Xylem)
• Landis+Gyr AG
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report