Smart Meter Market World-Wide Industry Trends, Entry Strategies, Regulatory Frameworks and Technologies till 2026, Fortune Business Insights
Fortune Business Insights
6 min read
Companies Profiled in Smart Meter Market are Siemens, ABB, Kamsturp, Itron, Landis + Gyr , Badger Meter, DiehlSecure Meter Limited, Aclara Technologies, Sensus, BMETER , Jabil, Honeywell , ZENNER.
Pune, India, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The global smart meter marketsize is projected to reach USD 44.18 by the end of 2026. Recent technological advancements have emerged in favor of the market in the coming years. According to a report published by Fortune Business Insights, titled “Smart Meter Market Size, Share & Industry Analysis, By Type (Smart Electric Meter, Smart Gas Meter, Smart Water Meter) By Technology (Automatic Meter Reading {AMR} and Advanced Meter Infrastructure), By Application (Residential, Commercial and Industrial), and Regional Forecast, 2019-2026,” the market was worth USD 24.53 billion in 2018 and will exhibit a CAGR of 7.7% during the forecast period, 2019-2026.
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The smart meter provides two-way communication and acts as a medium between customers and service providers. This allows for improved efficiency, subsequently aiding the demand for the product across the world. Modern smart meters allow for improved product operations. The use of advanced concepts such as the IoT and sensor-based monitoring has opened up the potential for widespread product applications. The presence of several large scale companies has made a huge impact on the growth of the market in the foreseeable future. The increasing number of company mergers and collaborations has also contributed to the growth of the market. The contributions from government organizations, as well as private companies, will bode well for the market.
Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on the market. In March 2017, PUB awarded a contract to CH2M Hill Singapore. The contract will be aimed at the development and installation of 300,000 water meters. The water meters will be installed existing residential, commercial, and industrial premises by the end of 2023. This contract will have a positive impact on the growth of the overall market in the foreseeable future.
The Asia Pacific Dominates the Market; Focus on Sustainable Energy Management to Aid Growth
The report analyzes the ongoing smart meter market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific currently dominates the market. The focus on the implementation of sustainable products by major companies will aid the growth of the regional market. As of 2018, the market in Asia Pacific was worth USD 12.23 billion and this value is projected to increase further in the coming years. The market in North America and Europe will witness considerable growth in the coming years, driven by the presence of several large scale companies in several countries across this region.
Companies Profiled in Smart Meter Market Are:
Siemens (Germany)
ABB (Switzerland)
Kastrup (Denmark)
Itron (US)
Landis + Gyr (Switzerland)
Badger Meter (US)
Diehl (Germany)
Secure Meter Limited(UK)
Aclara Technologies (US)
Sensus (US)
BMETER (UK)
Jabil(US)
Honeywell (US)
ZENNER (US)
Report Coverage
Details
Forecast Period
2019 to 2026
Forecast Period 2019 to 2026 CAGR
7.7%
2018 Value Projection
USD 24.25 Billion
Base Year
2018
Market Size in 2020
USD 44.18 Billion
Historical Data for
2015 to 2017
No. of Pages
140
Tables, Charts & Figures
Segments covered
By type, By technology, By application, By geography
Growth Drivers
Increasing Mobile Device Management Activities to Propel Market Growth
Practices to Promote Sustainable Energy Management to Drive the Market
Economical Advantage And Smooth Billing Procedure To Propel The Market Growth
High Capital and Lack of Knowledge Regarding the Advantages Can Hinder the Market Growth
Pitfalls & Challenges
Increasing Incidence of Data Frauds and Fewer Availability of Skilled Professionals to Hamper Growth
Industry Developments:
October 2019: The National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), announced a new joint venture labeled ‘IntelliSmart’.
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