The study involved major activities in estimating the current size of the smart meter market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the smart meter market involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg, Businessweek, Factiva, International Energy Agency, and BP Statistical Review of World Energy, to identify and collect information useful for a technical, market-oriented, and commercial study of the global smart meter market. The other secondary sources included annual reports, press releases, and investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The smart meter market comprises several stakeholders such as smart meter manufacturers, manufacturers of components of smart meter infrastructure, technology providers, and technology support providers in the supply chain. The demand side of this market is characterized by the rising demand for smart meter in the nations to reduce the non-revenue water losses and to improve the power infrastructure. The supply side is characterized by rising demand for contracts from the distribution utilities, and mergers and acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tier 1 companies’ revenues are more than USD 10 billion; tier 2 companies’ revenues range between USD 1 and 10 billion; and tier 3 companies’ revenues range between USD 500 million and USD 1 billion.
Source: Industry Experts
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the size of the smart meters market and its dependent submarkets. The key players in the market were identified through secondary research, and their market share in the respective regions was obtained through primary and secondary research. The research methodology includes the study of the annual and financial reports of top market players and interviews with industry experts, such as chief executive officers, vice presidents, directors, sales managers, and marketing executives, for key quantitative and qualitative insights related to the smart meters market.
Smart Meter Market : Top-Down and Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments, the data triangulation and market breakdown processes have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
Smart meters are devices which measure and send instant utility consumption data for electricity, gas, and water service providers. Digital communication systems built into these meters allow automatic data sharing which results in improved billing procedures and improved grid efficiency and consumer demand control systems. Smart meters use wireless networks and sensors to measure power consumption patterns and detect unusual patterns to boost energy efficiency programs. Smart meters achieve remote monitoring and predictive maintenance of utilities through IoT and AI combined with cloud-based platforms while modern utility infrastructure benefits from their seamless connectivity.
Stakeholders
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Government and research organizations
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Institutional investors and investment banks
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Investors/shareholders
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Environmental research institutes
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Consulting companies in energy & power sector
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Raw materials and component manufacturers
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Manufacturers’ associations
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Manufacturing industry
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Energy efficiency consultancies
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Original equipment manufacturers (OEMs) and system integrators
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Engineering, procurement, and construction (EPC) contractors
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Standardization and testing firms
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Meter data management software providers
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Meter manufacturing companies
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Water utilities
Report Objectives
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To define, describe, analyze, and forecast the size of the smart meter market, by type, technology, communication technology, end user, and Component, in terms of value
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To forecast the market size for five major regions?North America, Europe, Asia Pacific, South America, Middle East & Africa?along with their key countries
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To forecast the smart meter market, by region, in terms of volume
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To provide detailed information about the major drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the smart meter market
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To provide detailed information on the market map, value chain, case studies, technologies, market ecosystem, tariff & regulatory landscape, Porter’s Five Forces, and trends/disruptions impacting customers’ businesses that are specific to the smart meter market
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To analyze market opportunities for stakeholders in the smart meter market and draw a competitive landscape for market players
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To benchmark players within the market using the company evaluation matrix, which analyzes market players on various parameters within the broad categories of business excellence and strength of product portfolio
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To compare key market players with respect to market share, product specifications, and end users
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To strategically analyze micromarkets1 with regard to individual growth trends, prospects, and contributions to the total market
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To strategically profile the key players and comprehensively analyze their market share and core competencies2
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To analyze competitive developments in the smart meter market, such as expansions, product launches, and acquisitions
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To study the impact of AI/gen AI on the market under study, along with the macroeconomic outlook for each region.
Note: 1. Core competencies of companies are captured in terms of their key developments and product portfolios, as well as key strategies adopted to sustain their position in the smart meters market.
Available Customizations
MarketsandMarkets offers customizations according to the specific needs of the companies with the given market data.
The following customization options are available for the report:
Product Analysis
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Product matrix, which gives a detailed comparison of the product portfolio of each company
Geographic Analysis as per Feasibility
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Further breakdown of the smart meters market, by country
Company Information
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Detailed analysis and profiling of additional market players (up to five)
HIGHEST CAGR MARKET IN 2024–2030
GERMANY TO BE FASTEST-GROWING MARKET IN REGION
Daniel
May, 2022
We are interested in Smart Meters Market size for the North America region for the 2022 to 2026 forecast year..
Kathie
Jun, 2022
How do emerging markets offer revenue expansion opportunities and scope for the Smart Meters Market?.