U.S. markets closed
  • S&P 500

    3,825.33
    +39.95 (+1.06%)
     
  • Dow 30

    31,097.26
    +321.86 (+1.05%)
     
  • Nasdaq

    11,127.84
    +99.14 (+0.90%)
     
  • Russell 2000

    1,727.76
    +19.77 (+1.16%)
     
  • Crude Oil

    108.46
    +2.70 (+2.55%)
     
  • Gold

    1,812.90
    +5.60 (+0.31%)
     
  • Silver

    19.85
    -0.50 (-2.44%)
     
  • EUR/USD

    1.0426
    -0.0057 (-0.54%)
     
  • 10-Yr Bond

    2.8890
    -0.0830 (-2.79%)
     
  • GBP/USD

    1.2088
    -0.0087 (-0.72%)
     
  • USD/JPY

    135.1900
    -0.5380 (-0.40%)
     
  • BTC-USD

    19,209.16
    -69.03 (-0.36%)
     
  • CMC Crypto 200

    420.84
    +0.70 (+0.17%)
     
  • FTSE 100

    7,168.65
    -0.63 (-0.01%)
     
  • Nikkei 225

    25,935.62
    -457.38 (-1.73%)
     

Smart Meters Market Size to Worth Around US$ 65.6 Bn by 2030

·6 min read
Precedence Research
Precedence Research

The global smart meters market size was valued at US$ 28.03 billion in 2021 and is expected to hit US$ 65.6 billion by 2030, growing at a CAGR of 11.5% from 2022 to 2030.

Tokyo, June 08, 2022 (GLOBE NEWSWIRE) -- The global smart meters market was valued at US$ 28.03 billion in 2021. The global smart meters market is expected to develop due to increasing government spending in infrastructure projects over the forecast period. Growing government initiatives are another element driving the growth of the global smart meter market.

For commercial, residential, and industrial purposes, smart meters are widely used in both developing and developed countries. In the following years, it is predicted that 148 million smart meters would be placed globally. However, concerns such as rising maintenance and installation costs are posing a significant obstacle to the worldwide smart meter market's expansion. The rising need for energy and power, on the other hand, is creating profitable chances for the worldwide smart meter market to develop.

Get the Sample Pages of Report@ https://www.precedenceresearch.com/sample/1687

Report Highlights

  • By product, smart electricity meters segment holds the largest market share in the global smart meters market. The rise of the smart electricity meter industry is being aided by rising urbanization. The segment’s rise is also being fueled by the expanding number of smarty city initiatives. As a result, the smart meters market is rapidly expanding.

  • By end user, residential segment holds the largest market share in the global smart meters market. Due to rising energy usage, the demand for smart meters is increasing in the residential sector. Consumer gadgets are widely used in residential locations. As a result, demand and need for smart meters among residential end users is rapidly increasing.

Ask here for more customization study@ https://www.precedenceresearch.com/customization/1687

Regional Snapshot

Asia-Pacific is the largest segment for smart meters market in terms of region.China is dominating the smart meters market in the Asia-Pacific region. The expansion of the smart meter market in the region is being driven by increasing infrastructure investments. China is investing extensively in infrastructure to develop a new 40,000-kilometer gas pipeline that will connect 470 million people, according to the Groupe Speciale Mobile Association. Furthermore, industry participants are employing distinct techniques to drive the smart meter market forward.

Europe region is the fastest growing region in the smart meters market.The UK, France, Spain, and Italy hold the highest market share in the Europe smart meters market. The need for smart meters in the region is being driven by the increasing number of smart electric meter installations. The presence of significant market players, increased usage of novel technologies, and increasing acceptance of renewable energy sources are all driving the growth of the smart meter market in Europe.

Scope of the Report

Report Attributes

Details

Market Size in 2021

USD 28.03 Billion

Revenue Forecast by 2030

USD 65.60 Billion

CAGR

11.5% from 2022 to 2030

Base Year

2021

Forecast Year

2022 to 2030

Key Players

Holley Metering Limited, Neptune Technology Group Inc., Siemens AG, Honeywell International Inc., Kaifa Technology, Suntront Technology, Wasion Group, Aichi Tokei Denkei, Badger Meter and Sensus

Market Dynamics

Drivers

Surge in consumption ofelectricity

As per the U.S. Energy Information Administration’s International Energy Statistics, worldwide electricity consumption continues to grow faster than global population, resulting in the surge in the average amount of power and energy consumed per person. This factor results in the increase in demand for smart electric meters. As a result, surge in consumption of electricity is boosting the growth of global smart meters market.

Restraints

High initial costs

The smart meters manufacturing units requires large amount of money. In addition, not only cost of set up is high but also the operations and maintenance require huge capital amount. Thus, the smart meters set up requires high investments, which is restricting the expansion of global smart meters market over the projected period.

Opportunities

Growing government initiatives

The government of emerging and established nations is highly investing in the installation of smart meters. The government is providing tax benefits to the manufacturers of smart meters such as tax incentives and tax subsidies. Some of the government agencies are also collaborating with market players for the development of smart meters market. As a result, growing government initiatives are providing lucrative opportunities for the growth of global smart meters market.

Challenges

Lack of skilled professionals

The installation process of smart meters is quite complex and complicated in nature. For installation of smart meters, skilled and trained professionals are required. These personnel should follow mandates of government during this process. There should be data security and privacy associated with smart meters. Thus, lack of skilled professionals is a biggest challenge for the growth and development of global smart meters market.

Related Reports

Browse Our Latest Press Releases@ https://www.precedenceresearch.com/press-releases

Recent Developments

  • PayGo and Landis+Gyr announced their partnership on January 2021, by signing payment and billing partner agreement. Landis+Gyr sophisticated metering customers will be able to use PayGo’s payment services and prepaid digital billing as a result of the agreement. The utility prepayment systems have proven to be beneficial to both consumers and utilities, giving customers more control over their energy utilization and encouraging them to use more energy.

  • SENSUS USA Inc. teamed with Grey Stone Corporation to install 12,000 new smart meters in March 2020. New Stratus IQ household smart meters will be installed as part of the cooperative’s smart utility network, which will also seen an update from wire technology to the FlexNet communication network.

Market Segmentation

By Product

  • Electricity Meter

  • Gas Meter

  • Water Meter

By End Use

  • Residential

  • Commercial

  • Industrial

By Component

  • Hardware

  • Software

By Technology

  • AMI

  • AMR

By Communication

  • RF

  • PLC

  • Cellular

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1687

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com  | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R