Smart meter market set for CAGR of 9.6%

  • September 10, 2024
  • Steve Rogerson

The global smart meter market expanded from $24.34bn in 2023 to $26.65bn in 2024; it is expected to reach $38.5bn in 2028 at a CAGR of 9.6%.

According to TBRC (The Business Research Company), the growth in the historic period can be attributed to increased mandates for energy efficiency and grid modernisation, consumer and utility focus on energy conservation and cost reduction, increasing renewable energy integration, growth in awareness and demand for energy consumption transparency, and reduced manual reading costs.

The smart meter market is projected to continue its growth, reaching $38.51bn in 2028 at a CAGR of 9.6%.

The growth in the forecast period can be attributed to enhanced analytics for predictive maintenance and efficiency, growth in developing regions and urbanisation, the need for metering to support electric vehicle (EV) adoption, the demand for comprehensive energy monitoring and optimisation, and government policies driving energy efficiency initiatives.

The increasing adoption of renewable energy is expected to propel the growth of the smart meter market going forward. The adoption of renewable energy is rising due to several factors, such as increasing environmental awareness, government incentives, advancements in technology, decreasing costs of renewable energy systems, and the need for energy security and sustainability. Smart meters are used for the efficient integration and management of renewable energy sources by providing real-time data on energy consumption and production.

Key players in the smart meter market include Siemens, Honeywell, ABB, Larsen & Toubro, Sensus Technologies, Sagemcom, Shenzhen Kaifa Technology, Itron, Landis & Gyr, Wasion Holdings, Osaki Electric, Hexing Electrical, Badger Meter, Pietro Fiorentini Aclara Technologies and Kamstrup Metering.

Major companies operating in the smart meter market are developing advanced metering infrastructure (AMI) and data analytics such as smart meters with grid-edge capabilities, to enhance energy efficiency, improve grid reliability and provide detailed insights into energy consumption patterns. A smart meter with grid-edge capabilities can track energy use and offer real-time data and insights from the edge of the power grid, improving monitoring and management of electricity distribution.

Asia-Pacific was the largest region in the smart meter market in 2023. Europe is expected to be the fastest-growing region in the forecast period.

A smart meter digitally measures and records electricity, gas or water usage in real time, transmitting these data securely to utility companies for billing and monitoring purposes.

For more on the report, go to www.thebusinessresearchcompany.com/report/smart-meter-global-market-report.