Smart Meters Market Is Anticipated To Register Robust Growth Till 2028

High blackouts and utility failures are significant factors driving the growth of the Global Smart Meters market in the forecast period of 2024-2028. According to TechSci Research report, “Smart Meters Market – Global Industry Size, Share, Trends, Competition, Opportunity And Forecast, 2018-2028”. The Global Smart Meters Market is projected to expand in the coming years. Smart meters track both the energy used and the energy added to the network. The information is transmitted regularly to distribution network operators. Smart Meters also pass it on to the energy supplier for billing purposes. One of the potentials of smart meters is more precise measurement and billing, which is frequently combined with dynamic pricing.

The main reason smart meters are referred to as smart is that they allow for two-way communication, can connect to other devices like smart appliances and home equipment, and can be monitored and controlled remotely by the distribution service operator (DSO).

The utility energy use on the device or outlet to which it is connected is monitored by a smart meter. For instance, a smart meter connected to a natural gas line keeps track of how many units of electricity are consumed. The meter smart feature allows it to control the flow of the resource in use, such as natural gas, water, or electricity. The meter can also be controlled from a distance.

A smart meter is an important component of the smart grid network that aids in remote monitoring of electricity supply using communication and wireless technologies. Smart meters enable two-way communication between the meter and central system wherein, users have the option of transferring surplus power generated at the consumer’s end through solar power panels, back to the grid. To reduce domestic consumption of natural gas for electricity generation, the government is encouraging the use of renewable sources. Further, increasing government focus to enhance electricity transmission and distribution efficiency has led to the rollout of a smart meter implementation program.

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The Global Smart Meters market is segmented based on technology, type, application, region, and competitive landscape.

The Global Smart Meters Market has been segmented by application into residential, commercial, and industrial segments. This trend is likely to continue in the years to come.

In terms of region, the market for smart meters in the Asia-Pacific region accounted for a sizable portion of the market for smart meters worldwide. The huge demand for smart meters in nations like China, India, and Japan is booming the smart meter market. The nations are concentrating on installing smarter power networks, enabling grid reliability, upgrading, and replacing dated infrastructure. The factors driving this demand in Asia-Pacific are favorable government initiatives, such as proper funding allocation and making smart meters mandatory in many countries.

Smart meter competition refers to the competition among companies to provide and install smart meters, which are advanced digital meter systems used to measure and track energy consumption in homes and businesses. The competition is driven by the increasing demand for more accurate and efficient energy management systems, as well as the need for better integration of renewable energy sources into the power grid. Companies in this market compete on factors such as technology, pricing, customer service, and installation processes.

The level of competition in the smart meter market is moderate. Most of the industry’s major vendors are actively focusing on research and development to improve the quality of existing and upcoming digital meters. They are also focusing on product launches and partnerships to improve product features and expand their global consumer base.

To grow business operations and gain a competitive edge, the market players are forming strategic alliances and partnerships.

• To provide an intelligent solution for supply, Kamstrup and Hjrring water utility formed a partnership in January 2022. Kamstrup offers a comprehensive solution that includes infrastructure, a remote reading system, installation, and use of Kamstrup’s flowIQ 2200 meters. With the help of new technology, businesses can operate more efficiently, and consumers can better monitor their consumption.
• To reduce the carbon footprint, Diehl Metering has partnered with Pöppelmann France. Pöppelmann develop a water meter protection cap made of post-consumer polyethylene. On average, PCR-PE emits at least four times less CO2 and consumes at least three times less energy during production than virgin PE.

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“Global Smart Meters Market is expected to thrive in a more stable and efficient grid by tracking electricity demand more precisely. This means that less investment will be required to fortify the grid by raising energy bills, resulting in lower power costs for consumers. Smart meters are also expected to improve grid management and are major focus areas for smart grid projects.”, said Mr. Karan Chechi, research director with TechSci Research, a research-based global management consulting firm.

“Smart Meters Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Technology (Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI)), By Type (Energy, Water, and Gas), By Application (Industrial, Commercial, and Residential), By Region, By Competition”, has evaluated the future growth potential of global Smart Meters market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Smart Meters market.

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