The smart meters market is expected to grow from an estimated USD 12.79 Billion in 2017 to USD 19.98 Billion by 2022, registering a CAGR of 9.34% from 2017 to 2022. The global market is witnessing a significant growth, which is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.
Browse 62 market data tables and 66 figures spread through 137 pages and in-depth TOC on "Smart Meters Market by Type (Electric, Water, and Gas) - Global Forecasts to 2022"
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Residential – the largest smart meters market by application
The smart meters market in this report has been classified based on application, into three segments, namely, residential, commercial, and industrial. The residential segment accounted for the largest market size, in terms of value, in 2016. 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 such as 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.
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North America: The leading market 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.
Market Ecosystem:
The smart meters ecosystem comprises of power and automation technology companies such as Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan), among others.
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