Smart meter market to top $28bn by 2025, says M&M
April 7, 2020
The global smart meters market is expected to grow from estimated revenues of $20.7bn in 2020 to $28.6bn by 2025, at a CAGR of 6.7%, according to a report from Markets & Markets.
The drivers of the smart meters industry include 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, Middle East and Africa.
The report segments the market by type, communication type, component, technology, end-user and region. 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. 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.
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 is driving growth.
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 integrate the growing share of distributed energy resources, such as solar and wind power, in the region.
The report includes the profiles of some of the top manufacturers in the smart meters market. These include Schneider Electric (France), Itron (USA), Siemens (Germany), Wasion Group (China), Badger Meter (USA) and Sensus (Xylem) (USA).