Smart Meters Market Projected to Reach USD 40.85 Billion by 2032, at a 8.20% CAGR – Report by Market Research Future (MRFR)
Smart Meters Market Growth Boost by Growing Technology, Investment in Smart Grid Projects, and Increasing Demand of Energy Across the Globe
New York, US, May 31, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Smart Meters Market Research Report Information by Technology, Region, Application, and Type – Forecast Till 2032”, the industrial boiler market is predicted to grow substantially over the assessment timeframe from 2023 to 2032 at a healthy CAGR of around 8.20%. The reports even share predictions regarding the market’s growing revenue share, which is likely to attain a market of USD 40.85 Billion by the end of 2032. As per the study documents, the market was worth around USD 20.1 Billion in 2022.
Smart meters Industry Overview:
The global Smart meters industry has advanced enormously. The primary aspect causing a surge in the performance of the market is the escalating demand for energy across the world.
Smart Meters Market Competitive Analysis
The catalog of the top leaders across the global Market for Smart meters includes players such as:
- DIEHL Metering (Germany)
- Siemens AG. (Germany)
- EDMI (Singapore)
- Schneider Electric (France)
- Honeywell International Inc. (U.S.)
- Landis+Gyr (Switzerland)
- Itron Inc. (U.S.)
- Aclara Technologies LLC (U.S.)
- Badger Meter Inc. (U.S.)
- Xylem Inc. (U.S.)
- Zenner (Germany)
- Kamstrup A/S (Denmark)
- Apator Group (Poland)
- Among others.
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Smart Meters Market USP Covered
Market Drivers
The global Smart meters industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand for energy across the world. Furthermore, the factors such as strategic relationships that leading market vendors have formed, improved energy distribution network, increased investor interest in the digitalization of electrical systems, and time use monitoring & bill production are also projected to have a positive impact on the performance of the market over the coming years.
Smart Meters Market Restraints
However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 40.85 Billion |
| CAGR during 2023-2032 | 8.20% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, and Application and Region |
| Key Market Opportunities | Growing investment in smart grid projects |
| Key Market Dynamics | Increasing demand of energy across the globe |
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Smart Meters Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Smart meters industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Smart Meters Market Segment Analysis
Among all the types, the electric meters smart meter segment is anticipated to ensure the leading position across the global market for smart meters over the assessment period. The main aspect boosting the segment’s growth is the expanding population and urbanization causing the rise in demand for electricity worldwide.
Among all the technologies, the advanced metering infrastructure (AMI) category is anticipated to ensure the leading position across the global market for smart meters over the assessment period. The main aspect boosting the segment’s growth is the utilities favoring their installation. Their two-way communication capabilities categorize advanced metering infrastructure and automatic meter reading.
Among all the application areas, the residential category is anticipated to ensure the leading position across the global market for smart meters over the assessment period. The main aspect is boosting the segment’s growth as they utilize the most water and electricity. Furthermore, factors such as growing urbanization, the growing number of government initiatives, and expansion in the commercial & industrial sectors are also likely to boost the market segment’s performance over the coming years.
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Smart Meters Market Regional Analysis
The global smart-meter market is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that the Asia-pacific Region carried the top position across the global Smart meters industry in 2021. India, China, and Japan are the leading development contributors in the region. Further, the China Smart meters Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the increase in people needing energy supply at all levels. Furthermore, the rising number of establishing more factories or workplaces in the industrial sector is also considered one of the crucial parameters enhancing the performance of the regional market.
The research documents by MRFR indicate that the European Region is anticipated to secure the second position across the global Smart meters industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Smart meters Market held the largest market share, and the U.K. was the fastest-growing market in Europe. The main aspect supporting regional market expansion is the increasing adoption of renewable energy sources.
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The North American Region carried a significant position across the global Smart meters industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Smart meters Market held the largest market share, and Canada was the fastest-growing market in the North American Region. The main aspect supporting regional market expansion is the increasing replacement of the existing electric meters. Furthermore, the rollout of the new smart meters planned in huge numbers is also considered to be one of the crucial parameters enhancing the performance of the regional market.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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