Smart Meters Market to Surpass Market Valuation of USD 49.35 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 03, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Smart Meters Market will reach a value of USD 49.35 Billion by 2031, with a CAGR of 10.1% during the forecast period (2024-2031). Smart metering has presented unparalleled growth in the recent past. The technology has impressively advanced and improved efficiency for energy distribution companies. Moreover, the growth of Advanced Metering Infrastructure (AMI) 2.0 is one of the leading trends seen in the market. It allows 2-way communication between consumers and the utilities, which streamlines management and monitoring of power consumption in real-time and helps lower losses in the distribution system. This trend will majorly drive the smart meters market over the forecast period.
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Browse in-depth TOC on the “Smart Meters Market”
Pages – 257
Tables – 115
Figures – 77
Smart Meters Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 22.86 Billion |
| Estimated Value by 2031 | USD 49.35 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, Communication Type, Technology, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Mounting Demand for Power and Energy |
| Key Market Drivers | Rising Demand for Smart Electricity Meters and Supportive Government Initiatives |
Key Benefits Offered to Aid Advanced Metering Infrastructure Segment to Dominate Market
By technology, the advanced metering infrastructure segment is expected to lead the market owing to the advantages offered, leading to the rise in the deployment of these metering. It offers data collection and analysis in real-time besides automated meter reading and remote management. These factors are helping the segment grow significantly over the estimated period. On the other hand, the auto meter reading segment is expected to rise at a steady pace in the coming years owing to the efficiency offered in meter reading. With respect to installation, the segment is witnessing notable growth as compared to advanced metering infrastructure, impacting the market.
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Growing Consumption of Energy to Help the Residential Segment Lead
By end-user, the residential segment held a majority share of the smart meters market in the past years and will continue dominance in future as well due to the rising consumption of energy. Residential places use consumer electronics in a wider scale, leading to segment growth. On the other hand, the industrial segment is projected to witness considerable growth owing to speedy industrialization mainly in the emerging economies. Also, the growth of construction and manufacturing sectors is significantly impacting the domain growth.
Asia-Pacific to Dominate Market Due to Heavy Adoption of Smart Meters by Developing Countries
Region-wise, Asia-Pacific region is projected to dominate the market share over the estimated period. This regional growth is backed by the rising adoption of smart meters to introduce tariff plans depending on consumers’ use and lessen the unexplained losses of electricity. The region holds the largest share as compared to others, with China registering for the maximum number of smart meters deployed.
The market in North America is expected to grow at a fastest pace owing to speedy replacement of the existing electric meters and huge roll-out of novel smart meters. The adoption of smart meters has notably expanded in the region in the past years due to supportive government initiatives and speedy adoption of modernized technologies. The United States and Canada nations are the leading adopters of smart meters in the region.
Smart Meters Market Insight
Drivers:
- Real-Time Data Offering
- Better Demand Response by Smart Meters
- Supportive Energy Regulations
Restraints:
- High Initial Costs
- Privacy and Data Security Concerns
- Compliance Challenges
Prominent Players in Smart Meters Market
The following are the Top Smart Meters Companies
- Itron Inc.
- Landis+Gyr AG
- Schneider Electric SE
- Siemens AG
- Honeywell International Inc.
- Kamstrup A/S
- Sensus USA Inc.
- Aclara Technologies LLC
- Holley Technology Ltd.
- Jiangsu Linyang Electronics Co. Ltd.
Key Questions Answered in Global Smart Meters Market Report
- What is the estimated size of the Smart Meters Market, as per SkyQuest Technology?
- Who are the top players in the Smart Meters Market?
- Which region holds the largest share in the Smart Meters Market?
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This report provides the following insights:
Analysis of key drivers (technological advancements, rising demand for transparency, the growth of smart home technologies), restraints (interoperability and technical challenges, economic & market conditions, connectivity issues), opportunities (consumer engagement and services, sustainability and ecological impact, global expansion), and challenges (slow consumer acceptance and adoption, deployment complexity, inconsistent power supply in rural areas) influencing the growth of smart meters market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart meters market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart meters market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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