- Growth of communication network infrastructure, government initiatives, and rise in investments in digital electricity infrastructure augment the growth of the global smart meter market.
PORTLAND, Ore., Nov. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Meter Market By Product (Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter), and End Use (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global smart meter industry garnered $21.13 billion in 2019, and is expected to reach $39.20 billion by 2027, growing at a CAGR of 8.80% from 2020 to 2027.
Key Determinants of the Market
Growth of communication network infrastructure, government initiatives, and rise in investments in digital electricity infrastructure augment the growth of the global smart meter market. On the other hand, high cost of installations of the smart meters restrains the market growth. Nevertheless, developing smart city projects is anticipated to offer lucrative opportunities to the market.
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- Initial phases of lockdown affected the manufacturing and supply chain management creating a number of challenges for them.
- The market has witnessed a drop in demand from the industrial and commercial sectors.
- Government in various regions have issued unlock procedures for economic benefits. This has aided the global market to continue with their processes.
The Smart Electricity Meter Segment would Rule the Roost throughout the Forecast Period
Based on product, the smart electricity meter segment held the highest market share in 2019, accounting for nearly three-fifths of the global smart meter market share, and will continue its dominance throughout the forecast period. Furthermore, the same segment is estimated to portray the largest CAGR of 9.7% from 2020 to 2027. This is attributed to surge in investment interest in digitalization of electrical systems, and efforts to expand grid infrastructures. In addition, increase in electricity demand from commercial and residential sectors further drives the growth of the segment.
The Residential Segment would Lead the Trail throughout the Forecast Period
Based on end use, the residential segment held the highest share in 2019, contributing to more than three-fifths of the global smart meter market, and is estimated to continue its lead during the forecast period. Rising adoption of smart meters in residential sector due to increase in power consumption augments the growth of the segment.
However, the industrial segment is estimated to register the highest CAGR of 10.5% from 2020 to 2027. Commercial segment is also included in the report. Smart grid applications in industrial sector integrates with distributed generation and smart meter infrastructures, which allows utilities to enable smart grid offerings that fully leverages distributed energy resources. This factors drives the demand for smart meter in industrial sector.
Asia-Pacific to Dominate the Market, North America to Grow Significantly By 2027
Based on region, Asia-Pacific accounted for the largest market share in 2019, holding nearly three-fifths of the global smart meter market, and will maintain its dominant position by 2027. Moreover, this segment is expected to manifest the highest CAGR of 9.5% during the forecast period. High adoption of smart technology in power grid infrastructure and rising challenges, such as aging transmission and distribution (T&D) infrastructure drive the growth of smart meter across Asia-Pacific. Moreover, the North America region is expected to manifest the second largest CAGR of 9.00% by 2027.
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Key Players Analyzed in the Market
- Badger Meter
- Holley Metering Limited
- Neptune Technology Group Inc.
- Itron Inc.
- Schneider Electric SA
- Siemens AG
- Honeywell International Inc.
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