Smart Meters Market Outlook to 2028

Drivers:

• Increasing demand for secure meter systems due to tamper & fraud issues
• Growing support from governments in the form of tariffs and subsidies
• Supportive government policies, regulations, Mandates, targets
• Demand for insights and transparency into consumers’ power consumption to help reduce energy bills
• Increasing adoption of smart meters due to their Benefits
• Utilities growing need to provide a top-class customer experience
• Reduced operational expenses for utilities

Definition and Benefits:

A smart meter is an electronic device that provides businesses and households with a digital way to measure water, gas, and electricity consumption in hourly or fewer intervals and communicates detailed insights to the utility at least once a day for monitoring and billing. Most notably, it provides utility readings in a much faster, more precise manner.

Traditional meters just measure overall consumption and provide no further breakdown of data; smart meters, on the other hand, measure site-specific information, allowing utilities to charge varying rates for consumption depending on the time of day and season.

Benefits:

• Smart meters provide near-real-time data on resources consumed
• Smart meters will eliminate predicted billing, allowing consumers to better budget by only being charged for the resource actually used
• Smart meters will enable switching suppliers easier and faster in the future, making it easy to find the best pricing
• Eliminates supplying meter readings by sending automated readings directly to the energy supplier, saving business time for other tasks
• Quick Installations (one hour for the gas meter and one hour for the electricity meter)
• Smart meters can be set up to run in either a prepayment or credit mode

Restraints:

• Global economy slowdown due to Covid-19 and natural calamities
• Growing concerns of privacy for customers
• Lack of government support in some countries
• Declining revenues of utilities impacting utility operating models and capital expenditure

Recent Trends & Developments:

• In the United Kingdom, as part of a nationwide upgrade to the energy system, Smart meters are being installed by every energy supplier, such as ‘bulb’ for free
• In August 2020, Badger Meter has announced the availability of a new metering-as-a-service programme that includes end-to-end advanced metering deployments
• In August 2021, Landis+Gyr has signed a five-year deal with Louisville Gas and Electric Company (LG&E) and Kentucky Utilities Company (KU) for the provision of smart meters and smart grid infrastructure and technology that includes 930,000 advanced electricity meters and 300,000 gas modules

Opportunities:

• Markets for growth potential where governments mandate smart meters- USA, Uk, Europe, and the Asia Pacific
• Smart meters 2nd wave deployment - UK, Italy, Sweden, New Zealand
• Heating and Cooling meters- USA, UK, Europe
• subscription-based Smart metering as a service (SMaaS) - Germany, South Africa, Austria, New Zealand, Norway, and small utilities

Supportive schemes and policies for smart meter installations:

• India, July 2021- Revamped Distribution Sector Scheme
• Greece, 2021- Antonis Tritsis Programme
• Singapore, 2019- Smart services for efficient energy consumption - including smart meter

Publisher's smart meters market report provides insights into the current global and regional Global market demand scenario and its outlook.

This study offers a detailed analysis of various factors instrumental in affecting the smart meters market's growth. The study also comprehensively analyses the market based on the type of smart meter (electric, gas, and water), and on geography (North America, Europe, Asia-Pacific, and the Rest of the world).

This report also includes the latest market trends, drivers and restraints, present and future opportunities, new projects, the global impact of Covid-19 on the smart meters market, and significant developments.

Further, the report will also provide smart meters market size, demand forecast, and key competitors in the smart meter market.


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