Smart Meters Market

Increasing demand for energy is driving the market growth

Additionally, the smart electric meter is anticipated to be driven by the strategic relationship that leading market vendors have formed with communication technology providers to enhance their offerings and position. TATA Power DDL and Siemens have improved the energy distribution network in their service area by utilizing technology. Digital technology have boosted their operational effectiveness and productivity and helped them to provide a more dependable and efficient power supply for their clients. They can now monitor important energy distribution processes in real-time. Both emerging and developed nations have embraced smart metres extensively for use in commercial, residential, and industrial settings.

In the future years, 148 million smart meters are anticipated to be deployed throughout the world.

Market expansion potential for smart electricity meters is anticipated to result from increased investor interest in the digitalization of electrical systems and initiatives to upgrade grid infrastructure. The market can expand due to an increase in electricity demand from the business and residential sectors. The market for smart meters is constrained by the expensive initial installment fee that consumers must pay, data privacy concerns, and the large capital expenditure required by utilities to install smart meters in place of regular meters.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Smart Meters market area will dominate this market, owing to an increase in the number of people in need for energy supply at all levels. In addition, the growing number of establishing more factories or work places in industrial sector will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Smart Meters Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Smart Meters market accounts for the second-largest market share due to the increasing adoption of renewable source of energy. Further, the German Smart Meters market held the largest market share, and the UK Smart Meters market was the fastest growing market in the European region

The North American Smart Meters Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing replacement of the existing electric meters along with the roll-outs of the new smart meters planned in huge number. Moreover, China’s Smart Meters Market held the largest market share, and the Indian Smart Meters market was the fastest-growing market in the North American region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Smart Meters market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Smart Meters industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Smart Meters industry to benefit clients and increase the market sector. In recent years, the Smart Meters industry has offered some of the most significant advantages to manage power consistency. Major players in the Smart Meters market, including Siemens AG. (Germany), Schneider Electric (France), Landis+Gyr (Switzerland), Aclara Technologies LLC (U.S.), Xylem Inc. (US), Badger Meter Inc. (US), Itron Inc. (US).

Itron Inc. is a provider of technology and services. It provides tools for monitoring, controlling, and analyzing energy, gas, and water use. Metering systems, conventional meters, and next-generation smart metering goods and services are among the company's solutions. Itron also offers consultancy services, software-as-a-service, managed services, technical support, licensing of hardware technology, and meter data management and analytics software for the residential, commercial, and industrial markets.

Itron offers both direct sales of its goods and services as well as indirect sales through a network of partners, sales agents, and distributors. It provides services to utilities in North America, Europe, the Middle East, Africa, Latin America, and the Asia-Pacific area for electricity, gas, and water. The US city of Liberty Lake is where Itron is based. In June 2021, Itron Inc.'s ISAIM 2.0 interface software for Itron Enterprise Edition's (IEE) Meter Data Management System (MDMS) has received SAP certification. Utilities benefit from the integration by having cheaper project implementation costs and a lower total cost of ownership.

Kamstrup A/S creates solutions for energy metering systems. The company makes meters for water, electricity, heating, and cooling. Volume converters, remote reading, inspection systems and gas pressure regulators are further products made by Kamstrup. In August 2021, Kamstrup's new electricity meter enhances its smart metering system. By adding a meter platform that is just based on cellular IoT to go along with the current OMNIPOWER RF mesh-based meter platform, the company expands its portfolio with the release of the new OMNIA e-meter.