Report Overview

Global Smart Meters Market- Industry Trends & Forecast Report 2028

The global smart meters market was worth USD 19.7 billion in 2021 and is further projected to reach USD 34.5 billion by 2028, exhibiting a CAGR of 8.4% during the forecast period. The market is gaining significant traction owing to the increasing power consumption along with favorable government initiatives and policies to boost the adoption of smart meters. Furthermore, rising public-private investment towards boosting smart meters integration is also presenting lucrative growth opportunities to the global smart meters market.

Smart Meters - Overview

A smart meter is an electric device, similar to a traditional meter. Nevertheless, it is a convenient alternative to traditional smart meters. A smart meter measures and records the consumption of electric energy or gas, voltage levels, current, and power factor. Not only does it record these details, but also reports at various points along the way. It also provides real-time information to users on their energy use. Smart meters overcome the limitations of traditional meters and even enable utility companies to charge at different prices according to season and demand sceanario.

Global Smart Meters Market Forecast and Trends

Growth Drivers

Increasing Focus Towards Efficient Energy Management

The growing consumer awareness regarding their energy consumption and saving is anticipated to present growth opportunities to the global smart meter market in the forecast period. Since smart meters send meter readings automatically to suppliers as well as owners and in real-time, they can assess how much energy they are consuming and manage it accordingly and efficiently. These devices help to generate consciousness towards their energy consumption and motivate the consumers to use energy-efficient electric devices.

Favorable Government Initiatives for Installation of Smart Meters

The governments of various regions are taking initiatives to boost the adoption of smart meters in their respective countries. They are funding the installation process as well as collaborating with the utility companies by facilitating the replacement of traditional meters with smart meters. For instance, the UK government is laying out new plans to boost the installation of smart meters across the country to cut energy bills and carbon emissions. The energy suppliers are given a time limit to ensure the installation of smart meters in households and small businesses.

Restraints

High Risks of Data Breaches and Privacy Issues

The smart meters are fitted with IoT sensors that perform the primary tasks of recording and transferring user’s data. However, this also raises the risks of data theft and security breaches and puts a huge question on the user’s privacy. Although the companies are significantly focusing on strengthening the data protection tools into their smart meter offerings, the lack of legitimate cybersecurity laws may further act as a huge restraining factor for the growth of the global smart meters market.

Impact of COVID-19 on Global Smart Meters Market

The unprecedented COVID-19 pandemic outbreak initially negatively halted the growth of the global smart meters market. This is because of the lockdown restrictions imposed in different parts of the world due to which the smart meter installation activities were temporarily paused. Furthermore, the market also faced a huge shortage of IoT sensors due to the low production of semiconductor chips. However, the global smart meters market is projected to flourish in the post lockdown period due to a significant surge in electricity consumption and a huge burden on the energy sector.

Global Smart Meters Market - By Product Type

Based on product type, the global smart meters market is segmented into smart electric meters, smart gas meters, and smart water meters. The smart electric meters market holds the largest share in the global smart meters market owing to the rising consumption of electricity due to rapid urbanization, increasing usage of electronic devices, and rising number of commercial and industrial facilities. Therefore, the demand for better management of electricity is also increasing. The smart meters are emerging as an effective tool for both users and utility providers, which is driving the overall market growth.

Global Smart Meters Market - By Communication Type

Based on communication type, the global smart meters market is segmented into programmable logic controller, radio-frequency, and cellular. The cellular communication type segment accounts for the largest market share owing to the common use of cellular networks for the transfer of data in the most prominent markets of smart meters such as the Asia-Pacific. Furthermore, the increasing launches of 5G networks in different parts of the world is also facilitating the growth of the cellular communication type.

Global Smart Meters Market - Regional Insights

Geographically, the global smart meters market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global smart meters market owing to the gradual adoption of smart metering solutions to limit the electricity consumption and boost its efficient management. The governments of various emerging economies such as China, India, Japan, etc., are taking various initiatives such as offering subsidies as well as establishing partnership with utility companies to boost the adoption of smart meters in their respective regions. This is significant propelling the growth of the global smart meters market.

Competitive Landscape

The leading market players of the global smart meters market are AEM SA, Ningbo Sanxing Electric Co. Ltd, Aichi Tokei Denki, Neptune Technology Group Inc., Apator SA, Nanjing Xinlian Electronics Co. Ltd, Arad Group, Mueller Systems LLC, Azbil Kimmon Co. Ltd, Landis+GYR Group AG, Badger Meter Inc., Kamstrup AS, Diehl Stiftung & Co. KG, Elster Group GmbH, Jiangsu Linyang Energy Co. Ltd, General Electric Company, Itron Inc., Hexing Electric Company Ltd, Holley Technology Ltd, and other prominent players.

The global smart meters market is highly competitive with the presence of several multinational corporations as well as regional players. However, many startups are also emerging with efficient offerings, giving tough competition to the established players. The companies are significantly investing in research and development activities for bringing innovations and technological advancements into their products. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

• In March 2022, Itron, Inc., an American technology company, announced the collaboration with Utilismart Corporation to deliver smart metering solutions for Canadian and US cooperative and municipal electric utilities.
• In February 2022, Telstra, the Australian telecommunications company, announced a USD 100 million deal to provide up to 4.1 million SIMs to Australian and New Zealand utility services company Intellihub for use in smart meters.

Scope of the Report

By Product Type

• Smart Electric Meters
• Smart Gas Meters
• Smart Water Meter

By Communication Type

• Programmable Logic Controller
• Radio-Frequency
• Cellular

By Component

• Hardware
• Software

By Technology

• AMI
• AMR

By End-User

• Residential
• Commercial
• Industrial

By Region

• North America
• Europe
• Asia-Pacific (APAC)
• Latin America (LATAM)
• Middle East & Africa (MEA)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Smart Meters Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Smart Meters Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Electric Meter
         2. Gas Meter
         3. Water Meter
      2. By Communication Type
         1. RF
         2. PLC
         3. Cellular
      3. By Component
         1. Hardware
         2. Software
      4. By Technology
         1. AMR
         2. AMI
      5. By End User
         1. Residential
         2. Commercial
         3. Industrial
      6. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Smart Meters Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Communication Type
      3. By Component
      4. By Technology
      5. By End User
      6. By Country
         1. United States
         2. Canada
7. Europe Smart Meters Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Communication Type
      3. By Component
      4. By Technology
      5. By End User
      6. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. Asia-Pacific Smart Meters Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Communication Type
      3. By Component
      4. By Technology
      5. By End User
      6. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Smart Meters Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Communication Type
      3. By Component
      4. By Technology
      5. By End User
      6. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa Smart Meters Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Communication Type
       3. By Component
       4. By Technology
       5. By End User
       6. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of Covid-19 on Global Smart Meters Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Schneider Electric
    2. Landis+Gyr
    3. Itron
    4. Siemens
    5. Wasion Group
    6. Badger Meter
    7. Sensus
    8. EDMI
    9. Holley Metering Limited
    10. Neptune Technology Group Inc.
    11. Honeywell International Inc.
    12. Kaifa Technology
    13. Suntront Technology
    14. Kamstrup Company
    15. Aichi Tokei Denkei
    16. Other prominent players

14. Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List Of Figures

Figure 1        Global Smart Meters Market Segmentation

Figure 2        Global Smart Meters Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Smart Meters Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Smart Meters Market Share, By Type, By Value, 2018-2028

Figure 6        Global Smart Meters Market Share, By Communication type, By Value, 2018-2028

Figure 7        Global Smart Meters Market Share, By Component, By Value, 2018-2028

Figure 8        Global Smart Meters Market Share, By Technology, By Value, 2018-2028

Figure 9        Global Smart Meters Market Share, By End-user, By Value, 2018-2028

Figure 10       Global Smart Meters Market Share, By Region, By Value, 2018-2028

Figure 11       North America Smart Meters Market Size, By Value (USD Million), 2018-2028

Figure 12       North America Smart Meters Market Share, By Type, By Value, 2018-2028

Figure 13       North America Smart Meters Market Share, By Communication type, By Value, 2018-2028

Figure 14       North America Smart Meters Market Share, By Component, By Value, 2018-2028

Figure 15       North America Smart Meters Market Share, By Technology, By Value, 2018-2028

Figure 16       North America Smart Meters Market Share, By End-user, By Value, 2018-2028

Figure 17       North America Smart Meters Market Share, By Country, By Value, 2018-2028

Figure 18       Europe Smart Meters Market Size, By Value (USD Million), 2018-2028

Figure 19       Europe Smart Meters Market Share, By Type, By Value, 2018-2028

Figure 20       Europe Smart Meters Market Share, By Communication type, By Value, 2018-2028

Figure 21       Europe Smart Meters Market Share, By Component, By Value, 2018-2028

Figure 22       Europe Smart Meters Market Share, By Technology, By Value, 2018-2028

Figure 23       Europe Smart Meters Market Share, By End-user, By Value, 2018-2028

Figure 24       Europe Smart Meters Market Share, By Country, By Value, 2018-2028

Figure 25       Asia-Pacific Smart Meters Market Size, By Value (USD Million), 2018-2028

Figure 26       Asia-Pacific Smart Meters Market Share, By Type, By Value, 2018-2028

Figure 27       Asia-Pacific Smart Meters Market Share, By Communication type, By Value, 2018-2028

Figure 28       Asia-Pacific Smart Meters Market Share, By Component, By Value, 2018-2028

Figure 29       Asia-Pacific Smart Meters Market Share, By Technology, By Value, 2018-2028

Figure 30       Asia-Pacific Smart Meters Market Share, By End-user, By Value, 2018-2028

Figure 31       Asia-Pacific Smart Meters Market Share, By Country, By Value, 2018-2028

Figure 32       Latin America Smart Meters Market Size, By Value (USD Million), 2018-2028

Figure 33       Latin America Smart Meters Market Share, By Type, By Value, 2018-2028

Figure 34       Latin America Smart Meters Market Share, By Communication type, By Value, 2018-2028

Figure 35       Latin America Smart Meters Market Share, By Component, By Value, 2018-2028

Figure 36       Latin America Smart Meters Market Share, By Technology, By Value, 2018-2028

Figure 37       Latin America Smart Meters Market Share, By End-user, By Value, 2018-2028

Figure 38       Latin America Smart Meters Market Share, By Country, By Value, 2018-2028

Figure 39       Middle East & Africa Smart Meters Market Size, By Value (USD Million), 2018-2028

Figure 40       Middle East & Africa Smart Meters Market Share, By Type, By Value, 2018-2028

Figure 41       Middle East & Africa Smart Meters Market Share, By Communication type, By Value, 2018-2028

Figure 42       Middle East & Africa Smart Meters Market Share, By Component, By Value, 2018-2028

Figure 43       Middle East & Africa Smart Meters Market Share, By Technology, By Value, 2018-2028

Figure 44       Middle East & Africa Smart Meters Market Share, By End-user, By Value, 2018-2028

Figure 45       Middle East & Africa Smart Meters Market Share, By Country, By Value, 2018-2028

List Of Tables

Table 1         Global Smart Meters Market Size, By Type, By Value, 2018-2028

Table 2         Global Smart Meters Market Size, By Communication type, By Value, 2018-2028

Table 3         Global Smart Meters Market Size, By Component, By Value, 2018-2028

Table 4         Global Smart Meters Market Size, By Technology, By Value, 2018-2028

Table 5         Global Smart Meters Market Size, By End-user, By Value, 2018-2028

Table 6         Global Smart Meters Market Size, By Region, By Value, 2018-2028

Table 7         North America Smart Meters Market Size, By Type, By Value, 2018-2028

Table 8         North America Smart Meters Market Size, By Communication type, By Value, 2018-2028

Table 9         North America Smart Meters Market Size, By Component, By Value, 2018-2028

Table 10        North America Smart Meters Market Size, By Technology, By Value, 2018-2028

Table 11        North America Smart Meters Market Size, By End-user, By Value, 2018-2028

Table 12        North America Smart Meters Market Size, By Country, By Value, 2018-2028

Table 13        Europe Smart Meters Market Size, By Type, By Value, 2018-2028

Table 14        Europe Smart Meters Market Size, By Communication type, By Value, 2018-2028

Table 15        Europe Smart Meters Market Size, By Component, By Value, 2018-2028

Table 16        Europe Smart Meters Market Size, By Technology, By Value, 2018-2028

Table 17        Europe Smart Meters Market Size, By End-user, By Value, 2018-2028

Table 18        Europe Smart Meters Market Size, By Country, By Value, 2018-2028

Table 19        Asia-Pacific Smart Meters Market Size, By Type, By Value, 2018-2028

Table 20        Asia-Pacific Smart Meters Market Size, By Communication type, By Value, 2018-2028

Table 21        Asia-Pacific Smart Meters Market Size, By Component, By Value, 2018-2028

Table 22        Asia-Pacific Smart Meters Market Size, By Technology, By Value, 2018-2028

Table 23        Asia-Pacific Smart Meters Market Size, By End-user, By Value, 2018-2028

Table 24        Asia-Pacific Smart Meters Market Size, By Country, By Value, 2018-2028

Table 25        Latin America Smart Meters Market Size, By Type, By Value, 2018-2028

Table 26        Latin America Smart Meters Market Size, By Communication type, By Value, 2018-2028

Table 27        Latin America Smart Meters Market Size, By Component, By Value, 2018-2028

Table 28        Latin America Smart Meters Market Size, By Technology, By Value, 2018-2028

Table 29        Latin America Smart Meters Market Size, By End-user, By Value, 2018-2028

Table 30        Latin America Smart Meters Market Size, By Country, By Value, 2018-2028

Table 31        Middle East & Africa Smart Meters Market Size, By Type, By Value, 2018-2028

Table 32        Middle East & Africa Smart Meters Market Size, By Communication type, By Value, 2018-2028

Table 33        Middle East & Africa Smart Meters Market Size, By Component, By Value, 2018-2028

Table 34        Middle East & Africa Smart Meters Market Size, By Technology, By Value, 2018-2028

Table 35        Middle East & Africa Smart Meters Market Size, By End-user, By Value, 2018-2028

Table 36        Middle East & Africa Smart Meters Market Size, By Country, By Value, 2018-2028

Table 37        Schneider Electric Company Overview

Table 38        Schneider Electric Financial Overview

Table 39        Landis+Gyr Company Overview

Table 40        Landis+Gyr Financial Overview

Table 41        Siemens Company Overview

Table 42        Siemens Financial Overview

Table 43        Wasion Group Company Overview

Table 44        Wasion Group Financial Overview

Table 45        Sensus Company Overview

Table 46        Sensus Financial Overview

Table 47        Holley Metering Limited Company Overview

Table 48        Holley Metering Limited Financial Overview

Table 49        Neptune Technology Group Inc. Company Overview

Table 50        Neptune Technology Group Inc. Financial Overview

Table 51        Honeywell International Inc. Company Overview

Table 52        Honeywell International Inc. Financial Overview

Table 53        Kaifa Technology Company Overview

Table 54        Kaifa Technology Financial Overview

Table 55        Suntront Technology Company Overview

Table 56        Suntront Technology Financial Overview

Table 57        Kamstrup Company Overview

Table 58        Kamstrup Company Financial Overview

Table 59        Aichi Tokei Denkei Company Overview

Table 60        Aichi Tokei Denkei Financial Overview