Smart Meter Market

According to a research report "Smart Meter Market by Type (Electric, Gas, Water), Component (Hardware, Software), Technology (AMI, AMR), Communication Technology (RF, PLC, Cellular), End User (Residential, Commercial, Industrial), and Region - Global Forecast to 2030" published by MarketsandMarkets, the global smart meter market is projected to reach USD 46.14 billion by 2030 from an estimated USD 26.36 billion in 2024, at a CAGR of 9.8% during the forecast period.

Browse 501 market data Tables and 70 Figures spread through 365 Pages and in-depth TOC on "Smart Meter Market by Type (Electric, Gas, Water), Component (Hardware, Software), Technology (AMI, AMR), Communication Technology (RF, PLC, Cellular), End User (Residential, Commercial, Industrial), and Region - Global Forecast to 2030"
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Utilization of electric, gas and water smart meters transformed how utility operations are conducted. The advancement of smart meters combined with sensors and control systems and communication components lets utility systems operate in real-time. These time-based tariffs allow more efficient management of electricity, gas and water distribution since they account for periods of changing customer needs and supply costs. Smart electric meters deliver accurate power consumption data through their specific time tick measurements which correspond to electricity market clock intervals. Energy providers utilize this capability to establish off-peak price plans with reduced rates which drives consumers toward off-peak energy utilization.

The Smart electric meter, by type, is expected to be the most significant application market during the forecast period.

A web-based monitoring system from smart electric meters maintains two-way communication between utility companies and their customers' meters. The automatic usage data collected by a smart electric meter wirelessly transmits residential commercial and industrial power consumption information to the energy provider. Some electric meters use their analysis capability to examine energy consumption patterns across peak and off-peak hours which helps foresee future consumption patterns to decrease electricity costs.

Radio Frequency (RF), by communication technology, is expected to grow at the second-highest CAGR during the forecast period

Smart meters with RF-based communication technology include two operational modules which support mesh technology and point-to-point technology. These meters establish a LAN connection to cloud collectors before using WAN methods to transfer data to utility central locations. The combining features of this technology provide extensive bandwidth and low-latency benefits while facing problems with distant and rough land in rural areas. The smart meters of point-to-point technology make direct connections with the collector through a primary tower function.

The commercial segment is expected to be the second fastest-growing end user in the smart meter market

Smart meter market expansion in the commercial sector mainly stems from commercial facilities growth and development initiatives. Businesses can use real-time energy usage details acquired from Smart meters to monitor consumption habits and notice usage patterns that need improvement. The improved utility of monitoring and managing energy activity delivers savings in energy costs that directly strengthen business profitability. Businesses can achieve maximum energy optimization with Smart meters because these devices provide them access to data that enables waste reduction and consumption optimization.

Asia Pacific segment is expected to be the fastest-growing region in the smart meter market

The Smart meter market expansion will show its most rapid growth within the Asia Pacific region. The Asia Pacific region demonstrates high demand for smart meters because governments have imposed new rules and companies invest more in transforming grid systems to handle elevated electricity consumption. The three nations of China, Japan, and India spend money on grid development activities to enhance distribution systems credibility.

Some of the major players in the smart meter market are Landis+Gyr (Switzerland), Itron Inc. (US), Sagemcom (France), OSAKI ELECTRIC CO., LTD. (EDMI) (Singapore), Siemens (Germany), and Sensus (Xylem) (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

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