[186 Pages Report] The Smart Meter Market size was estimated at USD 16.91 billion in 2023 and expected to reach USD 18.34 billion in 2024, at a CAGR 8.94% to reach USD 30.79 billion by 2030.
A smart meter is a digital meter used in residential & commercial applications to enable a utility to provide detailed information about energy usage at different times of the day, allowing it to manage energy use more proactively. Smart meters enable consumers to make informed decisions about optimizing electricity consumption and reducing bills. Increase in electricity demand from commercial and residential sectors, rising adoption of renewable energy sources, and expanding investments in smart grid infrastructure accelerating the adoption of smart meters. Smart metering systems enable two-way communication between the meter and the central system operated by the utilities, enabling remote reading of data from water, gas, electricity, and other meters. In addition, high setup & operational costs, cybersecurity & data privacy factors affect the deployment of smart meters. New smart meters are deploying with firmware over-the-air (FOTA) to keep meters updated & provide end-to-end security against threats.
Regional Insights
North America has smart metering projects for deploying smart meters all over the region. North America has major manufacturers of smart meters. The European Union (EU) invests significant amounts in deploying smart meters for electricity & gas. The German government has adopted a draft law to restart the digitalization of the energy transition and accelerate smart metering. Asia-Pacific is the fastest-growing region for the smart meter & it is driven by the implementation of smart technologies such as analytics and cloud computing, which enable energy savings, remote monitoring, and smart home device adoption. China & Japan are significant countries in the APAC region for smart meters. The governments across India and China are introducing various initiatives to promote the usage of smart meters as it helps increase the efficiency of energy consumption & monitoring, subsequently benefiting the market growth in the APAC region.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Smart Meter Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Meter Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Smart Meter Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Aclara Technologies LLC, AEM SA, Aichi Tokei Denki Co., Ltd., Apator SA, Aqua Analytics, Arad Group, Azbil Kimmon Co. Ltd., Badger Meter Inc., Baylan Water Meters, Diehl Stiftung & Co. KG, Elster Group SE, EMH Metering GmbH & Co. KG, General Electric Company, Genus Power Infrastructures Limited, Hexing Electric Company Ltd., Holley Technology Ltd., Honeywell International Inc., Iskraemeco Group, Itron Inc., Jabil Inc., Jiangsu Linyang Energy Co. Ltd., Kamstrup A/S, Lakshmi Electrical Control Systems Ltd., Landis+ GYR Group AG, Larsen & Toubro Limited, Microchip Technology Inc., Mueller Systems LLC, Namjun Co., Ltd., Networked Energy Services Corporation, Ningbo Sanxing Electric Co.,Ltd., Ningbo Water Meter (Group) Co., Ltd., Osaki Electric Co., Ltd., Peltek India, Pietro Fiorentini S.p.a., Sagemcom Group, Schneider Electric SE, Secure Meters Ltd., Shenzhen Kaifa Technology Co., Ltd., Siemens AG, Silicon Laboratories, SmarterHomes Technologies Private Limited, Suntront Tech Co.,Ltd., Wasion International, WAVIoT Integrated Systems LLC, Wenling Younio Water Meter Co., Ltd., Xemex N.V., Xylem Inc., Zenner International GmbH & Co. KG, and ZPA Smart Energy a.s..
Market Segmentation & Coverage
This research report categorizes the Smart Meter Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Smart Electric Meter
- Smart Gas Meter
- Smart Water Meter
- Phase
- Single Phase
- Three Phase
- Type
- SMETS1
- SMETS2
- Application
- Commercial & Industrial Application
- Residential Application
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Smart Meter Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Meter Market?
- What are the technology trends and regulatory frameworks in the Smart Meter Market?
- What is the market share of the leading vendors in the Smart Meter Market?
- Which modes and strategic moves are suitable for entering the Smart Meter Market?
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