The global smart meters market will grow 9.34% between 2017 and 2022, according to MarketsandMarkets.
Revenue generation is expected to grow from $12.79 billion in 2017 to $19.98 billion by 2022.
This growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, government policies, and energy conservation.
Asia-Pacific is estimated to be the fastest growing market for smart meters from 2017 to 2022. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the global smart meters market.
China is expected to grow at the fastest pace during the forecast period. Furthermore, the growing power sector in India is expected to spur the growth of the market and represents a promising opportunity for major smart meters providers.
Japan is also expected to witness a significant growth during the same period. On the other hand, Europe and the Middle East are trying to boost their energy efficiency programs, T&D spending, and construction & infrastructural activities.
With regards to the technology segment, Advanced Metering Infrastructure (AMI) are expected to constitute the fastest growing market from 2017 to 2022 because of its advanced technology. Moreover, AMI reduces labor cost, and several power, water, & gas utilities worldwide are replacing Automatic Meter Reading (AMR) with AMI infrastructure, further creating growth opportunities for the AMI market.
The residential segment is expected to constitute the fastest growing market from 2017 to 2022. The meters measure the electricity, water, and gas consumption and communicate this to the central utility system.
The installations of these devices in the residential sector helps in reducing CO2 emissions globally as the consumer’s inclination towards peak time savings of energy would increase. The increasing residential construction activities and government mandates like the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart meters.
The North American market dominates the smart meters market during the forecast period. In North America, the growth of the smart meters market can be attributed to focus on electricity, water, & gas, monitoring & prevention of leakage, and the repair & upgrade of aging infrastructure. Lot of smart meters rollouts are taking place in countries such as the U.S., Canada, and Mexico which would impart growth in the North American region.
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