Skip to main content

Smart Meters Market Size, Share, Growth, Trends, Applications, and Industry Strategies

The global smart meters market revenue stood at $13.1 billion in 2019, and it is expected to rise to $20.0 billion by 2030. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 4.9% from 2020 to 2030. The major factors fueling the expansion of the market are the rising adoption of smart grids across the world.

In addition, the rising public awareness of energy conservation and the increasing focus of several governments on replacing conventional meters with smart ones are also driving the market growth. In recent years, many governments have focused on supporting the deployment of smart meters in order to conserve energy and reduce power wastage.

As part of their clean power initiatives, the governments of several countries have enacted legislations that make the usage of smart meters mandatory. For example, EESL, which is state-owned organization in India, announced the installation of one million or 10 lakh smart meters all over India under the Indian government’s Smart Meter National Programme, in February 2020.


Furthermore, the company aims to install 250 million smart meters across the country over the next few years. Similarly, Alfanar Group and state-owned Saudi Electricity Company (SEC) collaborated in January 2020 and signed contracts worth $2.53 billion for a project, under which, the latter would install 10 million smart meters all over Saudi Arabia before March 2021 and complete the project by March 2023. Depending on meter type, the smart meters market is divided into electric meter, gas meter, and water meter.

Geographically, the Asia-Pacific (APAC) region is expected to dominate the smart meters market in the upcoming years, due to the implementation of favorable government initiatives in various regional countries regarding the deployment of these devices. For example, utilities in China are installing smart meters in abundance, as part of the country’s plan to upgrade the existing grid infrastructure. Moreover, many APAC countries are increasingly focusing on modernizing their grid network, which is also boosting the demand for smart meters in the region.

Hence, it can be safely said that the sales of smart meters will surge across the world in the coming years, mainly because of the rising requirement for energy conservation, increasing adoption of smart grids, and surging implementation of government initiatives in several countries for replacing the conventional meters with smart meters.

Comments

Popular posts from this blog

Business Impacts of COVID-19 on AR and VR Market Strategies of Major Industry Competitors

The global augmented reality (AR) and virtual reality (VR) market generated a revenue of $37.0 billion in 2019 and it is predicted to progress at a CAGR of 42.9% between 2020 and 2030. Furthermore, the market will reach a value of $1,274.4 billion by 2030. The increasing adoption of the AR and VR technologies in the healthcare, entertainment, education, gaming, and tourism sectors is one of the major factors fueling the advancement of the market across the globe. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/augmented-reality-and-virtual-reality-market/report-sample   Besides the aforementioned factor, the growing usage of smartphones and tablet computers is also propelling the expansion of the AR and VR industry across the world. According to various reports, the total number of smartphone users all over the world is predicted to rise to 3.5 billion by 2020, registering a growth rate of 9.3% from 2019. As smartphones are suitable hardware i...

How Is 5G Infrastructure Enhancing Reliability of IoT-Enabled Devices?

To cater to the needs of end users, Ciena Corporation, Samsung Electronics Co. Ltd., China Mobile Ltd., KT Corporation, American Tower Corp., Hewlett Packard Enterprise Development LP, Airspan Networks Inc., Cisco Systems Inc., NEC Corporation, AT&T Inc., Huawei Technologies Co. Ltd., Affirmed Networks Inc., Telefonaktiebolaget LM Ericsson, and others are introducing new and advanced solutions and collaborating with other organizations to offer a strong 5G infrastructure. For instance, in June 2019, AT&T Inc. entered into a collaboration with International Business Machines (IBM) Corporation to provide edge computing and wireless 5G networking for business entities. The end user segment of the 5G infrastructure market is categorized into government, commercial, residential, and industrial. Among these, the industrial category is projected to witness the fastest growth during the forecast period, owing to the increasing advancements in IoT technology and expanding opportunities ...

How Are Electronic Transactions Propelling Fraud Detection and Prevention System Usage?

To combat the various types of threats effectively, market players like TransUnion LLC and SAS Institute Inc. are offering a hybrid analytical approach. This approach integrates various aspects of fraud detection into one technological solution. Such integrated applications swiftly connect each and every aspect of the fraudulent activity and analyze each strand individually as a potentially greater threat. Thus, These solutions provide a holistic view of fraudulent behavior and support prepayment detection and prevention. Geographically, the North American fraud detection and prevention market generated the highest revenue in 2018. This was due to the wide-scale adoption of cloud-based technologies in small and large businesses, which has resulted in a significant number of fraudulent activities. Moreover, the extensive research and development (R&D) being undertaken for integrating the internet of things (IoT) technology in fraud detection and prevention systems will steer the ma...