The smart meters market is expected to grow at a CAGR of 9.34% from 2017 to 2022, to reach a market size of USD 19.98 billion by 2022. Major drivers of the smart meters include government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.
The smart meters market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the smart meters market include Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan).
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Asia-Pacific is estimated to be the fastest growing market for smart meters from 2017 to 2022. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the global smart meters market. China is expected to grow at the fastest pace during the forecast period. Furthermore, the growing power sector in India is expected to spur the growth of the market and represents a promising opportunity for major smart meters providers. Japan is also expected to witness a significant growth during the same period. On the other hand, Europe and the Middle East are trying to boost their energy efficiency programs, T&D spending, and construction & infrastructural activities.
With regards to the technology segment, Advanced Metering Infrastructure (AMI) are expected to constitute the fastest growing market from 2017 to 2022 because of its advanced technology. Moreover, AMI reduces labor cost, and several power, water, & gas utilities worldwide are replacing Automatic Meter Reading (AMR) with AMI infrastructure, further creating growth opportunities for the AMI market.
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The report segments the smart meters market in terms of application segment into residential, commercial, and industrial. The residential segment is expected to grow at the fastest rate during the forecast period. The meters measure the electricity, water, and gas consumption and communicate this to the central utility system. The installations of these devices in the residential sector helps in reducing CO2 emissions globally as the consumer’s inclination towards peak time savings of energy would increase. The increasing residential construction activities and government mandates like the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart meters. Market players such as Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan), among others can expand their customer base by gaining contracts from utilities, residential, industrial, and commercial customers to provide solutions such as advanced metering initiatives & residential feedback programs, IT solutions, and smart meter management service.