A smart meter is an advanced energy meter that records consumption of electric energy in intervals of an hour or less and communicates this information at least daily to the utility for monitoring and billing purposes. Unlike traditional meters, smart meters enable two-way communication between the meter and the central system, allowing for real-time monitoring of energy usage, remote reading and automated reporting.
The smart meter market consists of sales, by entities (organizations, sole traders and partnerships), of smart meters that enable real-time monitoring and two-way communication for electricity, gas and water utilities.
The global smart meter market was valued at $18,728.21 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Increase In Energy Production And Consumption
The increase in global energy production and consumption drove the growth of the smart meter market during the historic period. As populations expand and economies develop, the need for efficient energy management has intensified, prompting governments and utilities to invest in smart meter technologies. Smart meters not only facilitate real-time monitoring and management of energy usage but also empower consumers to make informed decisions about their energy consumption. For instance, in June 2023, according to a report published by the Energy Institute (EI), a UK-based professional membership body for the energy sector, total primary energy consumption globally increased by 1% in 2022, reaching approximately 3% above the pre-COVID level in 2019, while global electricity generation experienced a 2.3% increase during the same year. Furthermore, in March 2022, according to a report published by the United Nations Statistics Division, a US-based branch of the United Nations (UN), world primary energy production reached 613 exajoules (EJ) in 2019, showing a 2.0% increase compared to production in 2018. Therefore, the increase in energy production and consumption propelled the growth of the smart meter market.
Increase In Energy Production And Consumption
The increase in global energy production and consumption drove the growth of the smart meter market during the historic period. As populations expand and economies develop, the need for efficient energy management has intensified, prompting governments and utilities to invest in smart meter technologies. Smart meters not only facilitate real-time monitoring and management of energy usage but also empower consumers to make informed decisions about their energy consumption. For instance, in June 2023, according to a report published by the Energy Institute (EI), a UK-based professional membership body for the energy sector, total primary energy consumption globally increased by 1% in 2022, reaching approximately 3% above the pre-COVID level in 2019, while global electricity generation experienced a 2.3% increase during the same year. Furthermore, in March 2022, according to a report published by the United Nations Statistics Division, a US-based branch of the United Nations (UN), world primary energy production reached 613 exajoules (EJ) in 2019, showing a 2.0% increase compared to production in 2018. Therefore, the increase in energy production and consumption propelled the growth of the smart meter market.
The global smart meter market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.04% of the total market in 2023.
Smart Meter Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global smart meter market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for smart meter? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The smart meter market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider smart meter market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by component, by technology, by communication and by end use.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the smart meter market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by component, by technology, by communication and by end use in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for smart meter providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Smart Electric Meter; Smart Gas Meter; Smart Water Meter
- 2) By Component: Hardware; Software
- 3) By Technology: Advanced Metering Infrastructure (AMI); Automatic Meter Reading (AMR)
- 4) By Communication: Radio Frequency (RF); Power Line Communication (PLC); Cellular
- 5) By End Use: Residential; Commercial; Industrial
- Companies Mentioned: Osaki Group; Landis+ GYR Group AG; Badger Meter; Itron, Inc.; Kamstrup A/S
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; smart meter indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.