What Is The Overview Of The Global Smart Meter Market?
A smart meter is an advanced device that digitally measures and records electricity, gas, or water usage in real time, transmitting this data securely to utility companies for billing and monitoring purposes. Smart meters are used to accurately measure and monitor energy consumption in real time, facilitating efficient energy management and billing.
Smart Meter Global Market Report 2024 provides data on the global smart meter market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The smart meter market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Smart Meter Sector?
The smart meter market has expanded strongly, from $24.34 billion in 2023 to $26.65 billion in 2024 at a CAGR of 9.5%. Growth in the historical period was due to energy efficiency mandates, renewable energy integration, and growing demand for transparent energy consumption data. By 2028, the market is expected to reach $38.51 billion at a CAGR of 9.6%, driven by urbanization, EV adoption support, and government energy initiatives. Major trends include IoT and AI integration, smart grid expansion, robust cybersecurity measures, and tools for real-time energy monitoring.
Which Factors Are Boosting Growth In The Smart Meter Market?
The adoption of renewable energy sources is likely to propel the smart meter market's growth. Renewable energy, derived from sustainable natural resources like solar and wind, is becoming increasingly popular due to technological advancements, environmental awareness, and government incentives. Smart meters aid in efficiently managing renewable energy by providing real-time energy consumption and production data. The U.S. Energy Information Administration reported that solar power generation in the U.S. reached 63 billion kWh in 2023 and is projected to rise to 286 billion kWh by 2025, illustrating the role of smart meters in supporting this transition.
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What Key Areas Define The Segmentation Of The Global Smart Meter Market?
The smart meter market covered in this report is segmented –
1) By Type: Smart Electric Meter, Smart Gas Meter, Smart Water Meter
2) By Component: Hardware, Software
3) By Technology: Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)
4) By Communication: Radio Frequency (RF), Power Line Communication (PLC), Cellular
5) By End Use: Residential, Commercial, Industrial
How Are Emerging Trends Reshaping The Dynamics Of The Smart Meter Market?
The smart meter market is witnessing innovation with advanced metering infrastructure and data analytics, including smart meters with grid-edge capabilities to improve energy efficiency and grid reliability. These devices provide real-time insights into energy consumption and enhance electricity distribution monitoring. For example, in December 2023, Xylem, a U.S.-based industrial machinery company, launched the Stratus IQ+ electricity meter. This meter supports detailed diagnostics and insights, including EV charging data, and features edge computing algorithms for battery EV detection, aiding utilities in capacity planning and off-peak management.
Which Region Has The Fastest Expansion In The Smart Meter Market?
Asia-Pacific was the largest region in the smart meter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the smart meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
