This report describes and explains the smart meter market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global smart meter market reached a value of nearly $24.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.38% since 2018. The market is expected to grow from $24.3 billion in 2023 to $38.4 billion in 2028 at a rate of 9.55%. The market is then expected to grow at a CAGR of 8.71% from 2028 and reach $58.3 billion in 2033.
Growth in the historic period resulted from the increase in energy production and consumption, aging power grid infrastructure, rise in residential and commercial construction activities, rise in environmental concerns and increase in consumer awareness regarding energy efficiency. Factors that negatively affected growth in the historic period include high installation and maintenance costs of smart meters and data privacy concerns.
Going forward, the increasing adoption of renewable energy sources, rise in smart cities initiatives, favorable government initiatives, increasing industrialization and rising urbanization will drive the market. Factors that could hinder the growth of the smart meter market in the future include supply chain disruptions.
The smart meter market is segmented by type into smart electric meter, smart gas meter and smart water meter. The smart electric meter market was the largest segment of the smart meter market segmented by type, accounting for 65.95% or $16.1 billion of the total in 2023. Going forward, the smart water meter segment is expected to be the fastest growing segment in the smart meter market segmented by type, at a CAGR of 10.69% during 2023-2028.
The smart meter market is segmented by technology into advanced metering infrastructure (AMI) and automatic meter reading (AMR). The advanced metering infrastructure (AMI) market was the largest segment of the smart meter market segmented by technology, accounting for 71.73% or $17.5 billion of the total in 2023. Going forward, the automatic meter reading (AMR) segment is expected to be the fastest growing segment in the smart meter market segmented by technology, at a CAGR of 10.27% during 2023-2028.
The smart meter market is segmented by component into hardware and software. The hardware market was the largest segment of the smart meter market segmented by component, accounting for 72.97% or $17.8 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the smart meter market segmented by component, at a CAGR of 10.50% during 2023-2028.
The smart meter market is segmented by communication into radio frequency (RF), power line communication (PLC) and cellular. The power line communication (PLC) market was the largest segment of the smart meter market segmented by communication, accounting for 68.50% or $16.7 billion of the total in 2023. Going forward, the cellular segment is expected to be the fastest growing segment in the smart meter market segmented by communication, at a CAGR of 10.88% during 2023-2028.
The smart meter market is segmented by end use into residential, commercial and industrial. The residential market was the largest segment of the smart meter market segmented by end use, accounting for 64.07% or $15.6 billion of the total in 2023. Going forward, the residential segment is expected to be the fastest growing segment in the smart meter market segmented by end use, at a CAGR of 10.09% during 2023-2028.
North America was the largest region in the smart meter market, accounting for 34.84% or $8.5 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the smart meter market will be Asia-Pacific and Africa, where growth will be at CAGRs of 11.98% and 11.56% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 11.08% and 10.24% respectively.
The global smart meter market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.04% of the total market in 2023. Osaki Group was the largest competitor with a 2.83% share of the market, followed by Landis+ GYR Group AG with 0.32%, Badger Meter with 0.16%, Itron, Inc. with 0.13%, Kamstrup A/S with 0.12%, Siemens AG with 0.11%, Sagemcom SAS with 0.094%, Hubbell Incorporated with 0.093%, Mueller Water Products Inc. with 0.091% and Schneider Electric SE with 0.088%.
The top opportunities in the smart meter market segmented by type will arise in the smart electric meter segment, which will gain $9.3 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by technology will arise in the advanced metering infrastructure (AMI) segment, which will gain $9.7 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by end use will arise in the residential segment, which will gain $9.6 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by component will arise in the hardware segment, which will gain $9.8 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by communication will arise in the power line communication (PLC) segment, which will gain $9 billion of global annual sales by 2028. The smart meter market size will gain the most in the USA at $2.8 billion.
Market-trend-based strategies for the smart meter market include introduction of innovative advanced metering infrastructure (AMI) solutions to optimize water usage, revolutionizing energy management with smart technology, innovations in cellular communication for smart metering solutions, advanced smart meters with grid-edge capabilities to enhance energy efficiency and grid reliability and strategic partnerships and collaborations among market players.
Player-adopted strategies in the smart meter market include focus on strategic alliances to leverage combined technological strengths and develop comprehensive solutions, developing IoT-enabled solutions that enhance data accuracy and support grid stability, strategic collaborations aiming to enhance energy efficiency and reduce operational costs and strategic partnerships to deliver comprehensive smart metering solutions that align with regulatory compliance and address future energy infrastructure challenges.
To take advantage of the opportunities, the analyst recommends the smart meter companies to focus on innovative smart water AMI solutions, focus on advancing smart energy meter technology, focus on innovations in cellular modules, focus on developing smart meters with grid-edge capabilities, focus on the smart water meter segment, focus on the automatic meter reading segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on strategic partnerships for market expansion and focus on the residential market segment.
The global smart meter market reached a value of nearly $24.3 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.38% since 2018. The market is expected to grow from $24.3 billion in 2023 to $38.4 billion in 2028 at a rate of 9.55%. The market is then expected to grow at a CAGR of 8.71% from 2028 and reach $58.3 billion in 2033.
Growth in the historic period resulted from the increase in energy production and consumption, aging power grid infrastructure, rise in residential and commercial construction activities, rise in environmental concerns and increase in consumer awareness regarding energy efficiency. Factors that negatively affected growth in the historic period include high installation and maintenance costs of smart meters and data privacy concerns.
Going forward, the increasing adoption of renewable energy sources, rise in smart cities initiatives, favorable government initiatives, increasing industrialization and rising urbanization will drive the market. Factors that could hinder the growth of the smart meter market in the future include supply chain disruptions.
The smart meter market is segmented by type into smart electric meter, smart gas meter and smart water meter. The smart electric meter market was the largest segment of the smart meter market segmented by type, accounting for 65.95% or $16.1 billion of the total in 2023. Going forward, the smart water meter segment is expected to be the fastest growing segment in the smart meter market segmented by type, at a CAGR of 10.69% during 2023-2028.
The smart meter market is segmented by technology into advanced metering infrastructure (AMI) and automatic meter reading (AMR). The advanced metering infrastructure (AMI) market was the largest segment of the smart meter market segmented by technology, accounting for 71.73% or $17.5 billion of the total in 2023. Going forward, the automatic meter reading (AMR) segment is expected to be the fastest growing segment in the smart meter market segmented by technology, at a CAGR of 10.27% during 2023-2028.
The smart meter market is segmented by component into hardware and software. The hardware market was the largest segment of the smart meter market segmented by component, accounting for 72.97% or $17.8 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the smart meter market segmented by component, at a CAGR of 10.50% during 2023-2028.
The smart meter market is segmented by communication into radio frequency (RF), power line communication (PLC) and cellular. The power line communication (PLC) market was the largest segment of the smart meter market segmented by communication, accounting for 68.50% or $16.7 billion of the total in 2023. Going forward, the cellular segment is expected to be the fastest growing segment in the smart meter market segmented by communication, at a CAGR of 10.88% during 2023-2028.
The smart meter market is segmented by end use into residential, commercial and industrial. The residential market was the largest segment of the smart meter market segmented by end use, accounting for 64.07% or $15.6 billion of the total in 2023. Going forward, the residential segment is expected to be the fastest growing segment in the smart meter market segmented by end use, at a CAGR of 10.09% during 2023-2028.
North America was the largest region in the smart meter market, accounting for 34.84% or $8.5 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the smart meter market will be Asia-Pacific and Africa, where growth will be at CAGRs of 11.98% and 11.56% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 11.08% and 10.24% respectively.
The global smart meter market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.04% of the total market in 2023. Osaki Group was the largest competitor with a 2.83% share of the market, followed by Landis+ GYR Group AG with 0.32%, Badger Meter with 0.16%, Itron, Inc. with 0.13%, Kamstrup A/S with 0.12%, Siemens AG with 0.11%, Sagemcom SAS with 0.094%, Hubbell Incorporated with 0.093%, Mueller Water Products Inc. with 0.091% and Schneider Electric SE with 0.088%.
The top opportunities in the smart meter market segmented by type will arise in the smart electric meter segment, which will gain $9.3 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by technology will arise in the advanced metering infrastructure (AMI) segment, which will gain $9.7 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by end use will arise in the residential segment, which will gain $9.6 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by component will arise in the hardware segment, which will gain $9.8 billion of global annual sales by 2028. The top opportunities in the smart meter market segmented by communication will arise in the power line communication (PLC) segment, which will gain $9 billion of global annual sales by 2028. The smart meter market size will gain the most in the USA at $2.8 billion.
Market-trend-based strategies for the smart meter market include introduction of innovative advanced metering infrastructure (AMI) solutions to optimize water usage, revolutionizing energy management with smart technology, innovations in cellular communication for smart metering solutions, advanced smart meters with grid-edge capabilities to enhance energy efficiency and grid reliability and strategic partnerships and collaborations among market players.
Player-adopted strategies in the smart meter market include focus on strategic alliances to leverage combined technological strengths and develop comprehensive solutions, developing IoT-enabled solutions that enhance data accuracy and support grid stability, strategic collaborations aiming to enhance energy efficiency and reduce operational costs and strategic partnerships to deliver comprehensive smart metering solutions that align with regulatory compliance and address future energy infrastructure challenges.
To take advantage of the opportunities, the analyst recommends the smart meter companies to focus on innovative smart water AMI solutions, focus on advancing smart energy meter technology, focus on innovations in cellular modules, focus on developing smart meters with grid-edge capabilities, focus on the smart water meter segment, focus on the automatic meter reading segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on strategic partnerships for market expansion and focus on the residential market segment.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Smart Meter Market - Macro-Economic Scenario
9 Global Market Size and Growth
10 Global Smart Meter Market Segmentation
11 Smart Meter Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Smart Meter Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Smart Meter Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global smart meter market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors..
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for smart meter? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart meter market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider smart meter market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by component, by technology, by communication and by end use.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the smart meter market.
- Global Market Size and Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by component, by technology, by communication and by end use in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations- This section includes recommendations for smart meter providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Type: Smart Electric Meter; Smart Gas Meter; Smart Water Meter2 by Component: Hardware; Software
3) by Technology: Advanced Metering Infrastructure (AMI); Automatic Meter Reading (AMR)
4) by Communication: Radio Frequency (RF); Power Line Communication (PLC); Cellular
5) by End Use: Residential; Commercial; Industrial
Key Companies Mentioned: Osaki Group; Landis+ GYR Group AG; Badger Meter; Itron, Inc.; Kamstrup a/S
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; smart meter indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Osaki Group
- Landis+ GYR Group AG
- Badger Meter
- Itron, Inc.
- Kamstrup A/S
- Siemens AG
- Sagemcom SAS
- Hubbell Incorporated
- Mueller Water Products Inc.
- Schneider Electric SE
- Intellihub
- Genus Power Infrastructures Limited
- Water Corporation
- IGL Genesis Technologies
- Unabiz pte ltd.
- Hangzhou Laison Technology co. ltd.
- Genus Power Infrastructure Ltd.
- Oakter
- Yokogawa Electric Corporation
- Adept Fluidyne Pvt. Ltd.
- LoRaWAN
- Brin
- Mitsubishi Electric Corporation
- EDMI
- AusNet Services
- Panasonic Corporation
- Toshiba Corporation
- Wasion Group Holdings Ltd.
- Ningbo Sanxing Electric Co., Ltd.
- Linyang Energy Co., Ltd.
- Shenzhen Clou Electronics Co., Ltd.
- NARI Technology Co., Ltd.
- ZTE Corporation
- Veolia Water
- Ancala
- Solandeo
- KKR
- E.ON SE
- Xylem Europe GmbH
- SET Distribuzione
- Telefonica Tech
- Smart Metering Systems (SMS)
- Syrinix
- Northumbrian Water Limited
- Diehl Metering
- Eaton
- Enel X
- Iberdrola
- Endesa
- Smappee
- Stoen Operator
- TAURON
- Vestra
- Iskraemeco
- Elster Metering s.r.o.
- ADREM
- Energomera
- INCOTEX Group
- Analytical Technology Inc.
- Trimble
- Trilliant
- UnaBiz
- WaterMeter Corp
- Sensus USA Inc.
- Arad Ltd.
- Neptune Technology Group Inc.
- WAVIoT Integrated Systems LLC
- Aclara Technologies LLC
- LAAGER Tecnologias Sustentáveis Ltda.
- Neoenergia
- Everynet Bv
- Agua y Saneamientos Argentinos
- Star Measure
- Accell Solutions - Unidade Americana
- Romy Water Group
- Hydrometer
- Hidrocontrol S.A.
- Maderas Hnos. Ltda.
- Sabesp
- Isotron Chile S.A.
- Dubai Electricity & Water Authority (DEWA)
- Honeywell Middle East
- Esyasoft Holding
- Bin Moosa & Daly Limited
- Kamstrup Middle East FZC
- DMC International
- Alderley FZE
- Halawa Tax Meter
- Newterra Ltd.
- Spire Metering Technology
- Idrica
- Munters
- Esli Water Treatment Company
- Iran Water Meter Co.
- Saudi Meters Company
- TAQA
- Iskraemeco d.d.
- Holley Technology
- Lesira-Teq
- Elektromed (Termikel Group)
- Sigfox
- Comsol Networks
- Water Utility Solutions
- Deelin Projects
- Precision Meters (Pty) Ltd.
- Willz Plumbing
- JCP Plumbing
- Indecx Instrumentation
- Flotron
- Free Rain
- Dayliff water meter
- Maji Milele
- Danco
- Guyana Water Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 305 |
| Published | November 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 24.34 Billion |
| Forecasted Market Value ( USD | $ 58.31 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 114 |
