Overview:

The global smart meter market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Smart meters are the next generation electronic devices which are able to record, read, and submit the reading of the usage of electricity, gas, and water. These meters enable the two way communication and also provide remote reading.

The smart meters include smart water meter, smart gas meter, and smart electricity meter. These meters offer various useful features such as monitoring and consumption of management of utility, remote reading, fraud detection, and many more. The benefits associated with the smart meters are a major factor driving growth of the global market.

Market Dynamics:

Implementation of stringent government guidelines about installation of smart meters across the globe is a key factor driving growth of the global smart meter market. The government authorities are focusing on smart meter penetration to collect the more accurate readings of water, gas, and electricity consumption.

In addition, growing power consumption, advancement in cellular communication infrastructure, and growing awareness among end users about accurate reading of meters are some other major factors supporting growth of the target market. The features associated with smart meters such as fraud detection, accurate readings, remote meter reading, remotely connecting or disconnecting services, and digital information collection and access is among the others factor propelling target market growth across the globe.

However, on-going covid-19 pandemic is currently affected the global market. The situation is expected to recover in the year 2021 and market is expected to grow significantly in the near future.

Key Trends:

Growing focus on smart meters deployment by government authorities is a key trend observed in the global smart meter market, which is expected to drive growth of the target market over the forecast period. For instance, in December 2019, the Government of Saudi Arabia has awarded the 10 Mn smart meter installation project having total value around US$ 2.5 Bn to consortium of Etihad Etisalat Co. (Mobily), Al- Fanar Construction, and a branch of China Electric Power Equipment and Technology (SGCC) for the central and eastern regions and western and southern regions of the Kingdom of Saudi Arabia respectively.

Regional Analysis:

For detailed understanding of market dynamics, the global smart meter market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently Asia Pacific region holds the major market share in the global market and is expected to maintain its dominance over the forecast period. This is attributed to growing number of smart meter deployment projects in countries such as China and India and increasing energy demand in the region.

Moreover, Europe is expected to witness significant growth in the global market in terms of CAGR in the forecast period. This is highly attributed to growing deployment of rising adoption of advanced technology in energy sector in the region.

Scope of the Report:

Detailed Segmentation:

Global Smart Meter Market, By Product Type:

• Electric Meter
• Gas Meter
• Water Meter

Global Smart Meter Market, By Component:

• Hardware
• Software

Global Smart Meter Market, By End User:

• Residential
• Commercial
• Industrial

Key Players Covered:

Key players operating in the global smart meter market includes, Siemens AG, Holley Metering Ltd., Elster Group GmbH, Schneider Electric SE, Itron Inc., Iskraemeco d.d., Landis+Gyr, Secure Meter Limited, Neptune Technology Group Inc., and Honeywell International Inc.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Smart Meter Market by product type, component, end user, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global smart meter market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.