Global Smart Meter Market By Product (Smart Electric Meters, Smart Water Meters, and Smart Gas Meters), By End User (Residential, Commercial and Industrial), By Region, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The Global Smart Meter Market size is expected to reach $38 billion by 2026, rising at a market growth of 11.1% CAGR during the forecast period. Smart meters are referred to as electronic devices that precisely track electricity, gas, and water utilization. Usage information can be sent by these smart meters via power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, assisting the utility company to successfully manage the use of energy. A lot of advantages are provided by smart meters such as decreasing meter reading cost, preventing disconnection, reducing errors in billing, and re-connection cost to consumers and corporations.
Smart electricity metering systems are utilized to reduce the demand for peak electricity and permit end-users to smoothly track power consumption and decrease it accordingly. Energy suppliers use these devices to maximum advantages by aligning their advantages of a decrease in reaction time to solve hardware inefficiencies and power outages and providing enhanced customer service delivery because of remote reading conveniences. For the reason that energy production utilizing renewable methods differs with time, low power production finally results in unstable energy productivity.
Nonetheless, utilizing the metering device assists with repaying for this loss by managing the consumption of energy of numerous electronic devices because it is capable of controlling irregular supply. Numerous smart meters rollout policies in various regions like beneficial government initiatives being taken in nations that include U.S and U.K. are helping the deploying of these devices, which is anticipated to assume a significant role in the growth of the industry.
Based on Product, the market is segmented into Smart Electric Meters, Smart Water Meters, and Smart Gas Meters. In 2019, the market was dominated by the electricity meter segment in terms of revenue and is expected to continue the same trend during the forecast period. The introduction of beneficial regulatory policies to substitute traditional meters with intelligent metering systems to successfully track and govern power consumption will benefit the industry outlook. Furthermore, growing investments by private and public players for the installation of the smart grid will positively impact the business scenario.
By End User
Based on End User, the market is segmented into Residential, Commercial and Industrial. The Residential segment has generated maximum revenue in 2019. Progressing industrialization combined with economic growth and rising urbanization will boost the growth of the market. The considerable advancement in living standards in terms of increasing per capita income has moved consumer focus towards the acceptance of advanced technologies. Moreover, strict government norms towards the expansion of existing grid infrastructure and decreasing power theft will support the demand of the demand.
|Market size value in 2019||USD 20.9 Billion|
|Market size forecast in 2026||USD 38 Billion|
|Historical Period||2016 to 2018|
|Forecast Period||2020 to 2026|
|Revenue Growth Rate||CAGR of 11.1% from 2020 to 2026|
|Number of Pages||176|
|Number of Tables||264|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Landscape|
|Segments covered||Product, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Free Valuable Insights: Global Smart Meter Market to reach a market size of $38 Billion by 2026
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is the biggest market for smart meters in the world, mainly because of China, and the trend is anticipated to continue during the forecast period. The regional market is boosted by the increasing importance to decrease carbon emissions from utility operations and successfully incorporate DER such as wind and solar power for improved power sector operations.
KBV Cardinal Matrix - Smart Meter Market Competition Analysis
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Siemens AG, Schneider Electric SE, and Honeywell International, Inc. are the forerunners in the Smart Meter Market. Companies such as Itron, Inc., Landis+Gyr Group AG, Badger Meter, Inc., Xylem, Inc., General Electric (GE) Co., and Neptune Technology Group, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, Siemens AG, General Electric (GE) Co., Honeywell International, Inc., Xylem, Inc. (Sensus), Badger Meter, Inc., Landis+Gyr Group AG, Itron, Inc., Neptune Technology Group, Inc. (Roper Technologies, Inc.) and Holley Technology Ltd.
Recent Strategies Deployed in Smart Meter Market
» Partnerships, Collaborations, and Agreements:
- Oct-2020: Schneider Electric partnered with SolarEdge Technologies, a provider of power optimizers, solar inverter, and monitoring systems for photovoltaic arrays. The partnership aimed to boost the residential solar market and offer homeowners coherent energy management for smart homes in the nearby future.
- Oct-2020: Landis+Gyr extended its partnership agreement with Calvin Capital, a leading owner, and manager of essential energy infrastructure. The partnership provided a flexible volume of SMETS2 smart meters to help the roll-out obligations of independent UK energy suppliers that applied Calvin Capital as their Meter Asset Provider.
- Sep-2020: Landis+Gyr partnered with Vodafone, a telecommunication giant. The partnership focused on boosting the adoption of green energy technologies and allow Landis+Gyr customers to link their smart meters and smart grid applications to more than 400 networks in 180 countries by using Vodafone Business’ Internet of Things (IoT) services.
- May-2020: Landis+Gyr came in contract with Indianapolis Power & Light Company (IPL), an American utility company providing electric service. Under the contract, the company announced the addition of 350,000 advanced meters and updated network infrastructure to IPL's existing AMI program, and Landis+Gyr continued to offer network and meter management services, along with software hosting.
- May-2020: Itron collaborated with EDMI Limited, a global smart metering solutions company. The collaboration was focused on developing and launching a SMETS2-compliant gas meter for the United Kingdom, which address the increasing demand in the region by bringing a complete solution to the market for safe and reliable management of natural gas delivery.
- Mar-2020: Itron came into a partnership agreement with Smart Energy Water (SEW), a leading provider of cloud-based SaaS solutions to the energy, water, and gas providers. The partnership aimed to promote customer experience in the global energy and water industries, they provided SEW’s Smart Customer Mobile, a digital customer experience platform for energy and water utilities and cities migrating to advanced metering infrastructure (AMI) networks.
- Feb-2020: Itron partnered with Grid4C, an AI and Machine Learning solutions. Under this partnership agreement, Grid4C provided its AI software solution for integration with Itron’s Riva IoT smart metering solution, offered a secure computing environment, application management, and real-time data delivery to offer edge processing and real-time insights.
- Jan-2020: Sensus collaborated with Tacoma Public Utilities (TPU). Under this collaboration, the Sensus solution provided the latest technology to empower Tacoma's customers to make better decisions about their energy and water use.
- Jan-2020: Honeywell came into an agreement of collaboration with Verizon. The collaboration helped utilities speed up and simplify the deployment of new communication-enabled, intelligent sensors, and controls for the smart electric grid.
- Jun-2019: Schneider Electric came in contract with Hellenic Electricity Distribution Network Operator (HEDNO). The contract aimed to replace conventional electricity meters of HENDO with smart meters.
» Acquisition and Mergers:
- Nov-2020: Badger Meter acquired s::can GmbH, a privately-held provider of water quality monitoring systems. It enhanced the scope of actionable data for municipalities to upgrade operational security, awareness, and efficiency.
- Sep-2020: Schneider Electric owned a 65% stake in L&T's Electrical and Automation (E&A) business. The acquisition helped Schneider in making a much stronger balance sheet, thereby creating long-term value opportunities for the stakeholders by focusing on key aspects of the business.
- Jun-2017: Itron acquired Comverge by purchasing its parent company, Peak Holding Corp. This acquisition strengthened its portfolio of grid solutions with the changing distributed energy management applications using Itron's OpenWay Riva IoT solution.
» Product Launches and Product Expansions:
- Nov-2020: Siemens upgraded its EnergyIP meter data management application. It enabled more than 200 electricity, gas, and water utility companies to manage more than 90 million meters. The company improved its computing efficiency and customer service by offering a cloud-hosted service as well.
- Aug-2020: Badger Meter introduced a new metering-as-a-service solution, netAMP. The solution provides customers with a fixed, subscription-based metering-as-a-service program to collect all their Badger Meter equipment, meters, software, and services to upgrade antiquated infrastructures.
- Mar-2020: Itron introduced its Cyble 5 communications module. This module helped utilities to take profit from the extended connectivity options to further advance data collection and billing efficiency. The Cyble 5 communication module transform gas and water mechanical meters into connected data points that enables utilities to draw advantage of drive-by Automated Meter Reading (AMR) and IoT data collection (LoRaWan/Sigfox).
- Jan-2020: Schneider Electric expanded the PowerLogic ION9000 series by introducing PowerLogic ION9000T. The new range added high-speed transient capture capabilities, helping critical facilities avoid outages, equipment damage, failures, and interruption of operations.
- Jan-2020: Landis+Gyr introduced LTE-M, an Omni-carrier cellular meter, and services solution. The product simplified the installation and operation of cellular communications for utility IoT applications.
- Mar-2019: Badger Meter launched a full suite of smart water technologies and services, BEACON to the City of Columbia, South Carolina. It aimed to improve the city’s efficiency and reduce water loss by providing real-time access to detailed water usage data, enhanced customer service, and empowered their nearly 150,000 customers to better manage their water usage.
Scope of the Study
Market Segments Covered in the Report:
- Smart Electric Meters
- Smart Water Meters
- Smart Gas Meters
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Schneider Electric SE
- Siemens AG
- General Electric (GE) Co.
- Honeywell International, Inc.
- Xylem, Inc. (Sensus)
- Badger Meter, Inc.
- Landis+Gyr Group AG
- Itron, Inc.
- Neptune Technology Group, Inc. (Roper Technologies, Inc.)
- Holley Technology Ltd.
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Smart Meter Market Related Reports:
What would be the value of global smart meter market by 2026?
The global smart meter market size is expected to reach $38 billion by 2026.
What are the factors that anticipated to drive smart meter market trends?
The major factors that are anticipated to drive the smart meter industry include improvement of communication network infrastructure.
Who are the top market players in the smart meter industry?
Schneider Electric SE, Siemens AG, General Electric (GE) Co., Honeywell International, Inc., Xylem, Inc. (Sensus), Badger Meter, Inc., Landis+Gyr Group AG, Itron, Inc., Neptune Technology Group, Inc. (Roper Technologies, Inc.) and Holley Technology Ltd.
Which segment shows fastest growth rate of the smart meter market over the forecast period?
The residential segment is expected to develop at the highest rate during the forecast period.