Smart Meters Market Size, Share, Industry Analysis and Future Outlook 2023-2028

Smart Meters Market Size, Share, Industry Analysis and Future Outlook 2023-2028

According to the latest report by IMARC Group, titled “Smart Meters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global smart meters market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global smart meters market size reached US$ 22.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.

Smart meters represent electronic devices that accurately record and measure power consumption data. They usually consist of a power system, microcontroller, communications interface, etc. Smart meters automatically and wirelessly send actual energy usage to the supplier via power line communication, radiofrequency (RF) electromagnetic radiation, and cellular communication. In line with this, they precisely monitor village fluctuations, outage detection, gas, electricity, and water utilization, etc.

Smart meters aid in reducing meter reading costs, removing inefficiencies in billing, preventing disconnection, minimizing emissions, etc. As compared to traditional meters, they are multifunctional, cost-effective, and interactive, assist in recording electricity use on a daily basis, enable two-way communication with the utility and the home or business, etc. Consequently, smart meters find extensive applications in various sectors, including residential, commercial, and industrial.

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Market Trends

The inflating need for energy is primarily driving the smart meters market. Additionally, the widespread adoption of these devices in smart cities for the detection of leakage in supply, detection of theft, continuous monitoring of gas, water flow, and electricity, etc., is further catalyzing the market growth. Besides this, the development of smart electricity meters for automatic meter reading and bill generation, owing to the growing consumer concerns towards power generation and distribution, is acting as another significant growth-inducing factor.

Moreover, the launch of several favorable policies by government bodies across countries to replace existing traditional electric meters is also positively influencing the global market. Apart from this, the introduction of the Internet of Things (IoT) and the escalating demand for advanced components and control systems to protect data, enhance security, maximize uptime during emergencies, etc., are anticipated to fuel the smart meters market over the forecasted period.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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.

Report Segmentation:

The report has been segmented the market into following categories:

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

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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