Competitive Market Growth, Size, Share and Forecast to 2028 for Smart Meters Market 2019 2027, By Offering (Hardware, Software, Services); By Smart Meter Type (Electricity Meters, Gas Meters, Heat Meters, Water Meters); By Technology (Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI)); By Application (Residential, Commercial, Industrial);
The Smart Meters Market 2019 2027 was valued US$ 18.06 Bn in 2021 and will grow at a CAGR of 6.63% for the forecast period of 2018-2028, as per the market research report by Absolute Markets Insights titled ” Smart Meters Market 2019 2027
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The rapid pace of modernization and urbanization in countries around the world have posed an upsurge in energy demand for powering these cities. The International Energy Agency (IEA) released a ‘World Energy Outlook’ report in November 2019 which stated that world energy demand rose by 2.3% in 2018 and is anticipated to grow by 1.3% year-on-year till 2040.. Similarly, the gas, water and thermal grids around the world are also expanding owing to rise in need for basic utilities. The inefficient metering network and conventional meter technology has resulted in rising gap between cost and revenue leading to high financial losses in these respective sectors. In order to tackle the challenges posed by expanding utility grids and to reduce losses in revenue of energy suppliers owing to inefficient metering infrastructure, is showcasing increased demand for smart meters. Smart meters are electronic devices that records consumption of electricity, gas, water or heat and transfer the data to the supplier and consumer devices for monitoring and billing purposes. These meters record data more frequently compared to conventional meters and assists consumers in managing consumption of utility supplies, thereby ensuring cost-efficiency. The smart meter technologies enables energy providers to reduce billing errors, conduct demand analysis in real-time, reduce the peak load, assist in grid management and increase the monetary receivables by minimizing unbilled supply. The technology also facilitates prepayment billing method to better analyse the impact of lifestyle habits on consumption of amenities. These characteristics have made smart metering an essential element of the grid. Thus, the rising influence of smart metering technologies to cater the rising demand for amenities and efficiently monitor their supply is driving the growth of global smart meters market.
A number of factors affect the term Smart Meters Market 2019 2027 including forward/backward integration, economies of scale, the proportion of various distribution channels, factors influencing consumer behavior, such as brand loyalty, price, and accessibility of the product, capital investments, the regulatory environment, production rights and patents, marketing strategies, and other customer preferences. This information will probably be useful to the industry’s stakeholders, and it might even spur them on to action.
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Smart Meters Market 2019 2027 Competitive Landscape:
The prominent companies in the Smart Meters Market 2019 2027 are:
Aclara Technologies LLC, Bristol Energy, British Gas, Bulb Energy Limited, Duke Energy Corporation, E.ON UK plc, Jabil Inc., Npower, OVO Energy Ltd, Scottish Power Ltd, Sierra Wireless, Southern Company, STMicroelectronics and Thales Group amongst others.
Impact of COVID-19:
The consumer behavior, demand shifts, shopping trends, supply chain restructuring, market forces dynamics, and major government participation are all discussed in this article. More details, analyses, projections, and estimations of the market effects of COVID-19 are provided in the new report.
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Key Benefits of Global Smart Meters Market 2019 2027 Report:
- As part of the investigation into worldwide Smart Meters Market 2019 2027 patterns, a lot of time has been spent looking at both the present and the future.
The Global Smart Meters Market 2019 2027 Growth Research Report provides in-depth information on the Market Introduction, Market Summary, Global Market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and National levels.
Finding business opportunities may be aided by researching worldwide Smart Meters Market 2019 2027 trends.
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Smart Meters Market 2019 2027 Regional Insights
North America region registered the highest share in global smart meters market in 2018. However, Asia Pacific region is anticipated to show fastest growth rate over the forecast years owing to rise in demand for utility from rapid urbanization and industrialization in the developing countries of this region. The Energy Demand and Supply Outlook report of Asia Pacific Economic Cooperation released in May 2019 stated that the 21 economies from Asia Pacific region accounts for 60% of global energy demand. This high consumption of utilities has enforced the governments of Asian countries to invest towards developing smart metering infrastructure for efficiently catering the suppliers and consumers. For instance, in June 2020, an Indian government agency, Vidyut Vitran Nigam (JVVNL) entered into a US$13.2 million contract with CyanConnode to procure 430,000 smart meter modules, to be deployed across pan India network of JVVNL customers. Thus, similar initiatives by countries in Asia Pacific are poised to boost the growth of global smart meters market over forecast years.
In terms of revenue, global smart meters market was valued at US$ 18.06 Bn in 2018 and is anticipated to grow at a CAGR of 6.63% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The report provides a comprehensive examination of a number of factors, including the distribution of the Smart Meters Market 2019 2027 in significant geographic areas. North America, Europe, Asia-Pacific, and Latin America are the key geographical emphasis areas of the study.
Why the Smart Meters Market 2019 2027 Report is Beneficial?
- The Smart Meters Market 2019 2027 study was constructed using a comprehensive and modern research approach.
- The study contains a large amount of data on the most current technological and product advancements in the Smart Meters Market 2019 2027 and offers a complete analysis of the market competition for the Smart Meters Market 2019 2027.
- The numerous evaluations of how these upgrades may affect the ongoing growth of Smart Meters Market 2019 2027
In the research report for the Smart Meters Market 2019 2027 study, extensive historical data and analysis are presented.
- The graphical data representations used in the Smart Meters Market 2019 2027 report, such as bar graphs, statistics, pie charts, etc., make the report’s insights obvious and simple to comprehend.
Smart Meters Market 2019 2027 Segmentation:
The Smart Meters Market 2019 2027 market has been divided into a number of categories depending on the product’s composition and intended application. Each market segment’s growth rate and market share are evaluated. The specialists have also looked into potential places where the producers can profit in the years to come. Participants in the market are better able to comprehend the entire industry thanks to the precise volume and value estimates offered by the geography analysis.
Global Smart Meters Market:
- By Offering
- By Smart Meter Type
- Electricity Meters
- Gas Meters
- Heat Meters
- Water Meters
- By Technology
- Automatic Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
- By Application
Global Smart Meters Market 2019 2027 by Region Smart Meters Market 2019 2027
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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