The smart meter market is estimated to grow from USD 11.9 billion in 2019 to USD 16.7 billion by 2025, at a CAGR of approximately 6%. The future of the smart meter market creates new opportunities for smart meter manufacturers and players presence across the value chain. The smart meter market is expected to decline in 2020 due to COVID-19 and is expected to recover in 2021. The major growth drivers for this market are government’s mandates for adoption of smart meters and benefits smart meter over traditional meter.
APAC is the largest along with the fastest growing region in the global smart meter market due to roll out of smart meters to replace traditional meters in China and India. Smart electricity meter is the largest segment for smart meter market.
Smart meter market is fragmented and some of the major players in this market include Landis + Gyr, Itron, Xylem (Sensus), Elster SE (Honeywell),Wasion Group, Aclara ( Part of Hubbell), Holley Technologies and others
The sample figures with some insights are shown below
The scope of the global Smart Meter market report is as follows:
- Key Features Description
- Base Year 2019
- Trend Period 2014-2019
- Forecast Period 2020-2025
- Units Considered Value ($ Million)
Market Segments By Product Type (Electricity, Gas, and Water), By Application (Residential Building, Commercial Building, and Industrial. By Product & Services (Hardware, Software and Services)
Regional / Country North America ( US, Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia Pacific (Japan, China, India, and Rest of APAC), and RoW
The report performed both primary as well as exhaustive secondary research for this study. Initially, the report analyzed all the leading smart meter manufacturers across the globe. Subsequently, conducted primary research surveys with the identified companies. While interviewing, the company personnel were enquired about their key products, revenues, manufacturing plant location, and competitors. For this study, the report conducted more than 20 interviews, the same are mentioned below:
- By company type: Manufacturers (50%), Consumers (25%), Researchers (15%), Independent industry consultant (10%)
- By geography: North America (25%), Asia (40%), Europe (25%), Rest of the World (15%)
- By designation: Top level (40%), Operation level (20%), Mid-level (40%)
The report analyzed by product type, products & services, application, and regional presence of all major smart meter manufacturers across the globe. Market size for global smart meter was calculated by using bottom-up approach as well as top –down approach. Various secondary sources such as secondary sources directories, database, company annual reports, white papers, investor presentations and financial reports were also studied to estimate the market size and growth rate.