Global Smart meter market was valued to USD 15 billion in 2019. Smart meter market is projected to grow at CAGR 6.0% from the period of 2020-2026.
However, COVID19 has impacted the market immensely. Due to shut down of industries because of lockdown all over the globe, the supply of raw material and production of new product has been halted for few months. The market has hit by covid19 and expected to showcase some decline.
For more details, visit: Global Smart Meter Market By Type(Electric Meter, Gas Meter, others), By Technology (Advanced Metering Infrastructure, Automated meter reading ), By End-User (Residential, Commercial, Others), By Region–Forecast & Opportunities to 2026
Smart meter are much in demand as it is used lower the peak electricity demand. As the use of electronic gadgets is rising rapidly, the use of electricity is also increasing. Smart meter allows users to monitor electricity use and helps in reduce it. This drives the market and increase the
Based on type the smart meter is segmented into electric meter, gas meter and water meter. Smart electric meter has accounted for the highest market share in 2019. Electric meter is expected to dominate the market during the forecast period. Smart electric meter market growth in future is to be driven by the demand for the accurate and precise measurement of power consumption for sectors such as residential, commercial and industrial sectors.
Based on technology the smart meter market is divided into AMI and AMR. In 2019 the AMR technology has dominated the market by registering highest market share. AMR technology is popular as it collects the data from meter and sends it to central database in order to give correct billing information. AMR is lower in cost when compared to AMI hence it is expected to register highest growth during forecast period
Based on end-user the smart meter market is segmented into residential, commercial and industrial sector. Residential accounts for maximum market share in 2019. The residential sector involves apartments, bungalows, resident houses in urban, suburban and rural areas. Residential sector is expected to dominate the market and grow at a highest CAGR.
Asia-Pacific region has the maximum market share in smart meter market. Asia-pacific is region is projected to grow at revenue based CAGR of XX% during the forecast period of 2020-2026. China in Asia-pacific region has accounted for maximum market share and it is expected to continue dominate the market over the forecast period.
The key players of Smart Meter Market are Schneider electric, Siemens AG, Landis+Gyr, Xylem, Aclara technology, Badger meter, Honeywell, Itron Inc, EDMI, Apator Group, DIEHL Metering, Zenner, Kamstrup A/S , Holley technology.
- What are the expected industry trends over the next three to five years?
- Which of the smart meters technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?