Smart Meters Market Set to Grow $19.98 Billion by 2022
Added: (Mon Oct 08 2018)
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According to the new market research report "Smart Meters Market by Type (Electric, Water, and Gas), Application (Commercial, Residential, and Industrial), Technology (Automatic Meter Reading and Advanced Metering Infrastructure), and by Region - Global Forecasts to 2022", published by MarketsandMarkets™, The smart meters market is projected to reach USD 19.98 billion by 2022, at a CAGR of 9.34% from 2017 to 2022. The North American market is estimated to be the largest market for smart meters, followed by Asia-Pacific in 2017. This trend is expected to continue till 2022. The growth of the smart meters market is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.
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Smart meters are used in the industrial, commercial, and residential sector, measuring energy consumption of the consumers. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the fastest end-users of smart meters, followed by commercial and industrial customers. High installation costs for end-users would be a restraint for the smart meters market.
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“The residential application segment is expected to grow at the highest CAGR from 2017 to 2022”
With regards to the application segment, the residential segment is expected to constitute the fastest growing market from 2017 to 2022. The meters measure the electricity, water, and gas consumption and communicate this to the central utility system. The installations of these devices in the residential sector helps in reducing CO2 emissions globally as the consumer’s inclination towards peak time savings of energy would increase. The increasing residential construction activities and government mandates like the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart meters.
“Asia-Pacific: The fastest growing market for smart meters”
Asia-Pacific is estimated to be the fastest growing market for smart meters from 2017 to 2022. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the global smart meters market. China is expected to grow at the fastest pace during the forecast period. Furthermore, the growing power sector in India is expected to spur the growth of the market, and represents a promising opportunity for major smart meters providers. Japan is also expected to witness a significant growth during the same period. On the other hand, Europe and the Middle East are trying to boost their energy efficiency programs, T&D spending, and construction & infrastructural activities.
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The smart meters market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the smart meters market include Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan).
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