With increasing new discovery of offshore oil reserves in various regions across the globe, driving the growth of the market.
Growing demand for accurate billing and increasing efforts towards energy conservation will increase the global smart meter market growth. Smart meter is the next generation of a gas and electricity meter. It measures the amount of electricity a customer uses. It digitally send meter readings to the energy supplier for more accurate energy bills. Stringent government regulations for the adoption of smart meter also fuelling the growth of the market. However high installation costs is the factor may hamper the growth of the market.
Global smart meters market is projected to grow at a CAGR of 8.7% during the forecast period.
The key players of global Smart Meters market are Itron, Inc. (U.S.), Siemens AG (Germany), Sensus (Xylem) (U.S.), Badger Meter, Inc. (U.S.), Aclara Technologies, LLC. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), Wasion Group (China), and Toshiba Corporation (Japan).
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Market Research Analysis
Based on type, the market has been segmented into smart electricity meters, smart gas meters, smart water meters. Electric meters dominates the type segment of the market. It is the most widely consumed smart meters. Gas meters are expected to be the fastest growing segment during the forecast period. Increasing investments in gas distribution infrastructure, are the key factors driving the demand for gas meters. Additionally, increasing focus on advanced metering infrastructure development in developed regions, are supporting the demand for smart gas meters. On the basis of technology, market has been segmented into automatic meter reading (AMR) and advanced metering infrastructure (AMI). AMR dominates the technology segment of the market. AMR meters use one-way communication and primarily act as digital meter readers. AMI is expected to be the fastest growing technology of the market. AMI meters can use two-way communication to both transmit usage information and perform observation and maintenance tasks.
On the basis of application, market has been segmented into residential, commercial, and industrial. Residential sector dominates the application segment of the market. The increasing residential construction activities across the globe and government mandates, driving the growth of the market in residential sector.
Scope of the Report
This study provides an overview of the global smart meters market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and ROW. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global smart meters market by its on type, technology, application and region.
- By Type
- Smart Electricity Meters
- Smart Gas Meters
- Smart Water Meters
- By Technology
- Automatic Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
- By Application
- By Region
- North America
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