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.
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.
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