According to the new market research report “Smart Meters Market, By Type (Electric, Gas, Water), By Communication Type (RF, PLC, Cellular), By Component (Hardware, Software), By Technology (AMR, AMI), By End-user (Residential, Commercial, Industrial), and Region – Global Forecast To 2025″The global Smart Meters Market size is expected to grow from estimated revenue of USD 20.7 billion in 2020 to USD 28.6 billion by 2025, at a CAGR of 6.7%. Drivers of smart meters industry are government mandates and supportive policies for smart meters, real-time monitoring of utility systems and dynamic pricing, and the need for reduced blackouts and utility system failures across regions such as Asia Pacific, North America, South America, Europe, and Middle East & Africa. The market is segmented by type, communication type, component, technology, end-user, and region.
By type, smart electric meters are expected to dominate the global Smart Meters Market.
The market is segmented, by type, into electric, gas, and water. Smart electric meters accounted for the largest share of the Smart Meters Market in 2019. The smart electric meters market is driven by increased regulatory support and mandatory roll out policies by governments in regions such as North America, Europe, and Asia regions. In addition, power utilities are looking to install smart electric meters for enhancing their operations by using smart meter data for load forecast predictions and dynamic pricing of operations.
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By communication type, cellular is projected to have the highest growth rate in the Smart Meters Market
The market is segmented, by communication type, into RF, PLC, and cellular. The cellular segment is estimated to lead the market and is also expected to be the fastest-growing. The increasing need for real-time, accurate, fast, and precise utility consumption data for enhanced operations drives growth.
Asia Pacific is expected to dominate the global Smart Meters Market
Asia Pacific was the largest smart meters industry in 2019, driven mainly by a planned increase in investment and smart meter rollout in countries such as China, Japan, and India. Smart meters are being increasingly implemented to effectively integrate the growing share of DER in the region, such as solar and wind power.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top manufacturers in the Smart Meters Market. These players include Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).