US and Canada Report

Smart Meters Market to Surpass $30.2 Billion by 2026

Smart Meters Market to Surpass $30.2 Billion by 2026

January 31
07:33 2023
Smart Meters Market to Surpass $30.2 Billion by 2026
The global smart meters market size is expected to grow from an estimated USD 19.6 billion in 2021 to USD 30.2 billion by 2026, at a CAGR of 9.0% during the forecast period.

The global smart meters market size is expected to grow from an estimated USD 19.6 billion in 2021 to USD 30.2 billion by 2026, at a CAGR of 9.0% during the forecast period. Smart Meters is increasingly being installed and is showing robust growth. The increase in the adoption of electric vehicles, development of microgrids, distributed energy storage, and the need for net-metering are a few of the major drivers for the smart meter market growth.

According to the International Energy Agency (IEA), global investments in building or improving the digital grid infrastructure are increasing, and smart meters are part of this infrastructure, which is likely to boost the smart meters market growth.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=366

The smart meters market is primarily driven by government mandates and incentives for smart meter installation. According to the US International Trade Commission, utilities are reluctant to invest in smart meter technology without a government mandate or incentives. This is mainly due to the limited capital expenditure capability of utilities. In addition, utilities may not be aware of the benefits of smart meter installation for several years, making the investment less attractive in the absence of government incentives. Therefore, for the effective implementation of smart meters and smart grids, governments across the world have enacted several supportive policies and mandates.The net-zero goals and an ambitious plan for renewables, from energy utilities’ and impressive expansion plans are expected to trigger investments.

The smart electric meter is expected to be the largest segment of the smart meters market

The smart electric segment accounted for the largest market share of 73.8% of smart meters market, by type in 2020, driven by the growing emphasis on dynamic pricing of utilities and the Increased need to monitor energy consumption to achieve carbon neutrality. The future growth of the segment can be attributed to increasing demand for the need to monitor utility systems in real-time for consumers across end-users such as residential, commercial, and industrial sectors.

The smart water meters segment is expected to be the fastest growing during the forecast period. The growth can be attributed to the reduction in the price of smart ultrasonic meters, making them cost-competitive along with advantages of ultrasonic meters such as long life, higher accuracy, and low maintenance.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=366

Asia Pacific is expected to remain as the largest smart meters market

In this report, the smart meters market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific region is expected to dominate the global smart meters market during 2021-2026. Asia Pacific region is the fastest growing smart meters market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis on efficient management of power distribution, power outages, and demand response (DR), and reduced operation cost

The major players in the global Smart Meters Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn, and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Content Source: https://www.marketsandmarkets.com/PressReleases/smart-meter.asp

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/smart-meter-366.html

About Author

admin

admin