The global smart
meters market is foreseen to grow by 8.8%, from USD 21.37 Billion in 2021 to
USD 41.96 Billion in 2029. Supportive government policies and financial
incentives for digitalization of grids, increased need to monitor utility
systems in real time, reduced blackouts and failures of utility systems, Increased
need to monitor energy consumption to achieve carbon neutrality is to drive the
market for the upcoming forecast period. However, high set up and operational
costs for utility suppliers to switch from traditional to smart meters, halted
smart grid and smart city projects due to COVID-19 pandemic remains one factor
hindering the market growth over the anticipated period.
Market Definition
What is Smart meters?
A smart meter is an electronic device that records
information such as consumption of electric energy, voltage levels, current,
and power factor.
Market Overview
The
smart meters market search study helps to thoroughly understand the
current trend in the market competitive analysis of the players in the emerging
market. Moreover, the DRO in the Smart meters market offers valuable
perspicuity and a current scenario for making the right decision. The research
study covers the eminent players in the market with a detailed analysis of the
company and a financial overview containing their net sales, business mix and
geographical reach It mainly focuses on the key developments of the
products/services offered by the company in recent years. Besides, we at
Zettabyte have the expertise to analyses the global Smart meters market player's
competitive landscape helping the client comprehend their specific strategic
growth approaches.
Smart meters
market study by "Zettabyte Analytics" offers details about the market
scope, market segmentation, technological advancement in the smart meters
market and highlights the optimistic, competitive landscape and trends enduring
over the years.
Major players in the
smart meters market include Schneider Electric, Landis+Gyr, Itron Gamesa,
Siemens, Wasion Group, Badger Meter, Sensus (Xylem), Honeywell International,
Larsen & Toubro, Kamstrup, Genus Power Infrastructure, Aclara Technologies,
Osaki Electric Co. (Edmi), Sagemcom, Iskraemeco, Jiangsu Linyang Electronics,
Hexing Electrical, Networked Energy Services Corporation, Pietro Fiorentini,
Secure Meters.
COVID-19 Impact on Global Smart
Meters Market
The global impact
of COVID-19 has lost millions of lives with a massive cost to the healthcare
system. Moreover, the treatment cost for patients with COVID-19 has also had a
financial impact globally. the impact of COVID-19 on the Smart meters market
has forced the companies to change their sourcing, pricing, and promotion
strategies. the Smart meters market players are seen focusing more on
optimizing the e-commerce networks with the rising innovations in the digital
sector, which are creating new business models for the information &
communications technology industry player.
Research Scope
The report
provides market value for the base year 2021 and a yearly forecast from 2022 to
2029 in revenue (USD Million/ Billion). the market for each segment is present
in North America, Europe, Asia Pacific, Latin America, Middle East &
Africa, and the regional basis for the forecast mentioned above.
Key industry
dynamics, regulatory scenarios, major material dynamics and Smart meters market
future markets are analyzed to understand their impact on demand for the
forecast period. growth rates have been estimated using correlation, regression
and time-series analysis.
Market Segmentation
For the purpose
of this report, the global Smart meters market segmented on the basis of component
type, product type, technology, communication type, end user, and region:
Component Type Outlook:
On the basis of
component type, the market is segmented into hardware, software. Further,
hardware is segmented into power systems, microcontrollers, communication
interface. Further, software is segmented into customer information system,
meter data management system, metering and billing software.
Product Type Outlook:
On the basis of
product type, the market is segmented into electric, gas, water.
Figure 1 Smart Meters Market By Product Type (Market
Size And Forecast By Value - USD Million, 2021 & 2029)