Smart Meters Market
Smart Meters Market Global Industry Assessment & Forecast
- By Product Water, Gas, Electricity
- By Application Residential, Commercial, Industrial
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||20.7 Billion|
|Revenue 2028:||34.78 Billion|
|Revenue CAGR (2021 - 2028):||6.70%|
|Fastest Growing Region (2022 - 2028)||North America|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
The global Smart Meters market was valued at USD 20.7 Billion in 2020 and is projected to reach USD 34.78 Billion by 2028, growing at a CAGR of 6.70%% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2028|
|Annual Market Size (2028)||34.78 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||6.70%%|
Overview and Description
A smart meter is an electronic device that records information such as consumption of electric energy, voltage levels, current, and power factor. Smart meters communicate the information to the consumer for greater clarity of consumption behavior, and electricity suppliers for system monitoring and customer billing.
The global Smart Meters market report provides a thorough analysis of each segment, region, and country. All the segments are studied considering historical and future trends across geographies. All the segments are analyzed based on trends, market size, and forecasts, and the data is provided for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report. In addition to that, the report will cover a thorough analysis of major players operating in the market based on company overview, product portfolio, recent developments, business strategies, financial performance, and market share among others. Cumulatively, the report will cover all aspects regarding the global Smart Meters market.
COVID-19 Impact Analysis
In 2020, swift spread of COVID-19 largely impacted the global business operations, disrupting the supply chain and impairing various industries. The global trading activities were declined severely owing to the nationwide lockdowns, international border seals, and strict social distancing measures. This had a drastic impact on the global economy, as the companies across the globe were forced to either fully close or partially close their operations, leading to disruption in the supply-demand ratio. Moreover, in 2021 several key markets such as U.S., India, and Brazil among others witnessed a second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
The report includes an exhaustive analysis of Smart Meters industry that includes drivers, restraints/challenges, opportunities, and segmental/regional trends among others. Apart from that, it will also cover extensive information on various marketing tools such as PEST Analysis, Porter’s Five Forces Analysis, pricing trends, SWOT analysis, and value chain among others.
Government mandates and supportive policies for smart meters to reduce power consumption are set to create a positive scope for the overall market growth.
Real-time monitoring of utility systems and dynamic pricing of the system has created a colossal demand for the system, thereby widening the market scope during the forecast period.
Ensuring the privacy and security of consumer data hamper the growth and market operation.
Global Smart Meters Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||Landis+Gyr Inc, Wasion Group Holdings, Hexing Electric Co, AEM SA, Sensusï¼ˆXylem Inc.ï¼‰, Diehl Metering FZE, Kamstrup A/S, Itron Inc, Secure Meters ltd, Elster Group GmbH, Holley Technology, Iskraemeco.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Product Analysis: Preview
On the basis of Product, the market is segmented into Water, Gas, Electricity,. Water held the highest share in the global Smart Meters market and is projected to witness the same trend during the forecast period.
Application Analysis: Preview
Based on Application, the market is segmented into Residential, Commercial, Industrial,. Commercial accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
Based on , the market is segmented into . dominates the global Smart Meters market and is expected to continue the same trend from 2021 to 2028.
Global Smart Meters Market: Product Segment Analysis
Global Smart Meters Market: Application Segment Analysis
Regional Analysis: Preview
Geographically, the global Smart Meters market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. The report covers a thorough segmental analysis for each region comprising of market size and estimations for each segment by region for the years 2016–2028. In addition to that the report analyses Smart Meters market at country-level hence the regional study is further bifurcated into key country-level markets from each region. North America is anticipated to dominate the global market during upcoming years. This is accredited to the presence of key market players combined with rising demand from the end-users. Some of the prominent country-level markets are U.S., China, Germany, France, India, and Japan.
Market Size, 2021 (USD Billion)
Global Smart Meters Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Major players in the global Smart Meters market are Landis+Gyr Inc, Wasion Group Holdings, Hexing Electric Co, AEM SA, Sensusï¼ˆXylem Inc.ï¼‰, Diehl Metering FZE, Kamstrup A/S, Itron Inc, Secure Meters ltd, Elster Group GmbH, Holley Technology, Iskraemeco.. The global Smart Meters market report covers an exhaustive analysis of all the key players in the industry. This includes a business overview, extensive portfolio, business strategies, news, financial performance, length of distribution network, and geographical presence among others. In addition to that, the report also covers company market share along with in-depth strategic developments.
Global Smart Meters Market: Key Highlights
- The global Smart Meters market was valued at USD 20.7 Billion in 2020
- The global Smart Meters Market is projected to reach USD 34.78 Billion by 2028
- North America held the highest share of the Smart Meters market in 2020
- Some of the major companies operating in the Smart Meters market are Landis+Gyr Inc, Wasion Group Holdings, Hexing Electric Co, AEM SA, Sensusï¼ˆXylem Inc.ï¼‰, Diehl Metering FZE, Kamstrup A/S, Itron Inc, Secure Meters ltd, Elster Group GmbH, Holley Technology, Iskraemeco.
Frequently Asked Question
What is the global demand for Smart Meters in terms of revenue?
The global Smart Meters valued at 20.7 Billion in 2020 and is expected to reach 34.78 Billion in 2028 growing at a CAGR of 6.70%%.
Which are the prominent players in the market?
The prominent players in the market are Landis+Gyr Inc, Wasion Group Holdings, Hexing Electric Co, AEM SA, Sensusï¼ˆXylem Inc.ï¼‰, Diehl Metering FZE, Kamstrup A/S, Itron Inc, Secure Meters ltd, Elster Group GmbH, Holley Technology, Iskraemeco..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 6.70%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
The driving factors of the Smart Meters include
- Government mandates and supportive policies for smart meters to reduce power consumption are set to create a positive scope for the overall market growth.
- Real-time monitoring of utility systems and dynamic pricing of the system has created a colossal demand for the system, thereby widening the market scope during the forecast period.
Which region accounted for the largest share in the market?
North America was the leading regional segment of the Smart Meters in 2020.