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Smart Meter Market to Rise at 7.7% CAGR till 2026; Growing Emphasis on Use of Sustainable Energy Management Systems Will Aid Growth

April 21, 2020 | Energy & Power

The global smart meter market size is projected to reach USD 44.18 by the end of 2026. The increasing emphasis on sustainable energy management will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Smart Meter Market Size, Share & Industry Analysis, By Type (Smart Electric Meter, Smart Gas Meter, Smart Water Meter) By Technology (Automatic Meter Reading {AMR} and Advanced Meter Infrastructure), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” the market was worth USD 24.53 billion in 2018 and will exhibit a CAGR of 7.7% during the forecast period, 2019-2026.


Smart meter is a device that provides a bi-directional communications medium between the service providers and customers. The device is used as an alternative to traditional electric meters and provides higher efficiency and enhanced output. The efforts taken to integrate smart meters in rural as well as urban areas will have a direct impact on the growth of the overall market in the coming years. The ability of smart meters to simplify billing procedures and maintain customer records will fuel the demand for the products across the world. Moreover, the ability of smart meters to detect failures and leakages will bode well for the market in the forthcoming years.


NIIF Announces Joint Venture with Energy Efficiency Services Limited


The growing demand for smart meters has created a huge emphasis on the distribution and sale of the product across the world. The massive demand for the product is consequential to the exceptional properties that it possesses. Several large scale companies are looking to capitalize on the benefits of the product by forming joint ventures and collaborating in other ways. In October 2019, the National Investment and Infrastructure Fund (NIIF) announced that it has formed a joint venture with Energy Efficiency Services Limited (EESL). The venture will be called IntelliSmart and will be aimed at implementation, operation, and finance of smart meter roll out programs for power distribution companies. IntelliSmart will have a massive impact on the overall market in the coming years.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/smart-meter-market-102666


Emphasis on Sustainable Energy Management to Aid Growth


The report encompasses several factors that have contributed to the growth of the market in recent years. The increasing demand for sustainable energy management systems will emerge in favor of the companies operating in the market. Since smart meters cater to sustainable energy needs, they have witnessed a huge demand in recent years. Moreover, high investments in development of smart meters will open up a huge potential for the market in the foreseeable future.


ABB, Siemens, and Landis + Gyr Are Among the Leading Companies in the Market


The smart meters market is fragmented in nature. This is primarily accountable to the constantly rising demand for the product, owing to exceptional technological advancements in recent times. Contributions from government as well as private organizations will contribute to the growth of the market in the forthcoming years. A few of the other companies that have profiled in the report include:



  • Kamsturp (Denmark)

  • Itron (US)

  • Badger Meter (US)

  • Diehl (Germany)

  • Secure Meter Limited(UK)

  • Aclara Technologies (US)

  • Sensus (US)

  • BMETER (UK)

  • Jabil(US)

  • Honeywell (US)

  • ZENNER (US)


Further Report Findings:



  • The report analyzes the ongoing smart meter trends across five major regions. The market in Asia Pacific is set to dominate the market in the coming years. The efforts put in by countries such as China and Japan towards sustainable energy management will aid the growth fo the region. The market in Asia Pacific was worth USD 12.23 billion in 2018 and this value is projected to increase further in the coming years.

  • Europe and North America to witness considerable growth driven by the increasing investment by major companies in several countries across this region.


Industry Developments:



  • March 2017: PUB, the national water agency awarded a contract to CH2M HILL Singapore Private Limited. The contract will be aimed at the Smart Water Meter roll-out in Singapore. 


The global market is segmented on the basis of:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Type



  • Smart Electric Meter

  • Smart Gas Meter

  • Smart Water Meter



By Technology



  • Automatic Meter Reading

  • Advanced Meter Infrastructure



By Application



  • Residential

  • Commercial

  • Industrial



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico,and Rest of Latin America)

  • Middle East& Africa (South Africa, GCC, and Rest of Middle East & Africa)



 

Smart Meter Market
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