Global smart meters market stood at $ 8.6 billion in 2018 and is projected to grow at a CAGR of over 7% to reach $ 1.2 billion by 2024, backed by increasing upgrades of transmission & distribution infrastructure and rising investments in smart grid projects. Smart meter is an electronic device that records the consumption of electric energy and communicates the information to electricity suppliers for monitoring and billing. Smart meters typically record energy hourly or more frequently, and report at least daily. Growing pressure on conserving natural resources and government regulations on the use of water, electricity and gas coupled with the advancements in metering technologies are expected to positively influence global smart meters market during the forecast period.
In terms of application, global smart meters market has been categorized into residential, commercial and industrial segments. Among the applications, the residential category accounted for a significant portion of global smart meters market in 2018 and the trend is likely to continue in coming years, owing to increasing residential construction activities and government mandates such as the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one.
Regionally, Asia-Pacific smart meters market captured a significant portion of the global smart meters market in 2018.The market for smart meters is booming in the region, majorly due to huge demand of smart meters in countries like China, India and Japan.
The country is focusing on upgrading and replacing outdated infrastructure, enabling grid reliability, and installing smarter power networks. The factor responsible for this demand in Asia-Pacific is conducive government initiatives, including proper allocation of funds and making smart meters mandatory in many countries.
The intensity of rivalry in the smart meters market is moderate.Most of the major vendors in the industry is actively focusing on research & development to enhance quality of existing and upcoming digital meters.
They are also focusing on product launch and partnerships to enhance product features and expand their consumer base across the globe. Key players in global smart meters market are Landis+Gyr, Itron, Hubbel Incorporated, Honeywell International Inc., Xylem Inc., among others.