Smart Meters Market Overview: 

Smart Meters Market is projected to be worth USD 31,181.3 million by 2027, registering a CAGR of 8.15% during the forecast period (2021 - 2027).

Attractive Features that Spur Market Growth

As per the latest MRFR report, there are numerous factors that are propelling the global smart meters market share.

Increasing Government Investments to Boost Market Growth 

The increasing government investments for supporting smart meter installation in end use sectors like commercial, residential, and industrial are likely to boost the smart meters market revenue over the forecast period.

Opportunities 

Communication Network Infrastructure Development to offer Robust Opportunities 

The continuous and ongoing communication network infrastructure development contributes towards the manufacturing of advanced and innovative level of smart meters. Besides, the availability of network infrastructure like 4G, 5G, radio frequency, and others propels the development of smart meters. Manufacturers are constantly engaged in the production of advanced level of smart meters as per the growing network infrastructure which is likely to offer robust market opportunities in the forecast period.

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Restraints 

High Installation Maintenance Cost to act as Market Restraint 

The high installation maintenance cost of smart meters is likely to act as key market restraints over the forecast period. Besides, the device’s compatibility issue is another cause of restraint that may impede market growth.

Challenges 

Lack of Awareness to act as Key Market Challenge 

The absence of awareness regarding the benefits of smart meters coupled with demand for mobilization may act as a key market challenge over the forecast period.

COVID-19 Impact on Smart Meters Market 

Due to the COVID-19 outbreak, there has been a reduction in the profitability of businesses in almost every industry. The power sector however has not been much negatively impacted in comparison to other sectors, the consumption of electricity by commercial and industrial customers is noticeably less. Besides, the power sector has experienced a price reduction trend and falling demand across the globe. Various regions, which also includes European countries are impacted heavily and have recorded all-time low electricity prices during the initial quarter of the financial year 2020. Besides, owing to the outbreak’s severity, most industries are laying emphasis on essential work which led to a pause on the installation of electric components. Different hardware device manufacturers in the smart grid market have faced various issues associated with closures owing to the global lockdown. Con Edison (US) for instance has halted all meter installations and readings of smart meters. Besides, Fitch Ratings in March revised the outlook of the revenue growth of Con Edison. The revised outlook highlights on the company’s weakened credit metrics.

Market Segmentation 

• By Type

By type, the water meters segment will lead the market over the forecast period for the increasing demand to monitor and optimize water consumption, increase need for accurate billing, increase in investment interest in digitalization of electrical systems, efforts to expand grid infrastructures, and increasing demand for electricity from residential and commercial sectors. 

• By Technology 

By technology, the automatic metering infrastructure segment will dominate the market over the forecast period as this is the most rapidly rising technology. 

• By Application

By application, the residential segment will spearhead the market over the forecast period for increasing power consumption, economic and technological advances, and growing government support for mandatory smart meter rollout projects. 

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Regional Analysis 

APAC to Have Lions Share in Smart Meters Market 

The Asia Pacific region will have the lions share in the market over the forecast period. Growing demand in economically powerful countries like Thailand and India, increasing adoption in China, growing emphasis to reduce carbon emissions from utility operations, effective integration of DER like wind and solar power for improved power sector operations, the high adoption of smart technology in power grid infrastructure, increasing challenges like aging TD infrastructure, growing smart city projects in Thailand, India, and China, the growing need for energy owing to improvements in lifestyles and escalating population level, and increase in investment in TD are adding to the global smart meters market growth in the region. The region will grow at a 9.91% CAGR. 

Industry Updates 

HPL Electric and Power has received production clearance and approval from leading private distribution company to implement NB-IoT based smart meters in parts of Delhi. These meters are 5G and 4G compatible. With this technology, the problems and interference arising because of public network congestion will not impede the performance of smart meters anymore because data will flow smoothly via a dedicated channel.

Key Players 

Eminent players profiled in the global smart meters industry report include Siemens AG. (Germany), Landis+Gyr (Switzerland), Schneider Electric (France), Aclara Technologies LLC (U.S.), Zenner (Germany), Xylem, Inc. (U.S.), Honeywell International Inc. (U.S.). Itron Inc. (U.S.), EDMI (Singapore), Apator Group (Poland), Badger Meter, Inc. (U.S.), DIEHL Metering (Germany), and Kamstrup A/S (Denmark) among others.