Smart meters market to exceed $55.7bn by 2028 – study

The smart meters market is expected to surpass $55.7 billion by 2028, as reported in a research study by Global Market Insights Inc.

The research report outlines a forecast for the market’s growth and highlights the following key findings:

• Rising electricity demand across growing economies in line with increasing consumer inclination toward internet of things (IoT)-based monitoring networks will enhance industry growth.

• Rapid expansion and modernisation of grid infrastructures along with growing awareness of energy conservation will propel the smart meters market scenario.

• The growing necessity of efficient resource utilisation, enhanced consumer satisfaction and optimum utility management will enhance product demand.

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Market factors

Favourable energy management government norms and continuous technological advancements toward the adoption of intelligent metering units will foster the industry scenario. The increasing replacement of conventional meters with intelligent meters along with ongoing infrastructural developments will further augment the industry outlook.

Optimised consumption mechanisms and implementation of government standards and measures toward energy efficiency will fuel the adoption of smart meters across commercial establishments. The introduction of government norms and directives along with rollout plans toward the deployment of intelligent meters will sway industry growth.

Rising investments from public and private sectors to develop advanced energy management systems in line with sustainable and accurate leak detection will further stimulate the industry landscape.

The advanced metering infrastructure (AMI) smart meters market will witness growth on account of ongoing government investments to develop intelligent units coupled with the increasing penetration of cloud-based networks. A paradigm shift toward effective energy management in line with cost-saving solutions for end-users through improved customer service will propel product demand.

The smart gas meters market size will observe an upsurge owing to enhanced operational efficiency combined with the rising awareness of effective utilisation of energy resources. Rising demand for effective measurement, monitoring and natural resource utilisation will propel product deployment. The ongoing development of the city gas distribution (CGD) network allows consumers to monitor and measure gas usage, which will further fuel the product demand across residential establishments.

The Asia Pacific smart meters market is anticipated to grow at a rate of over 14% till 2028. The robust adoption of smart metering solutions for streamlined operations along with strong private sector investments will propel the deployment of advanced meters across the region.

The COVID-19 outbreak has slightly influenced the industry owing to strict lockdowns across regions. However, increasing electricity demand alongside intelligent systems will foster business potential.

Furthermore, the expansion and integration of monitoring systems in line with the integration of innovative metering solutions will positively augment the industry landscape.

These findings follow a report released in March 2022, which predicted the smart electricity meters market to surge to $15.2 billion by 2026.

The report, Smart Meters Market Size By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), By Product (Smart Gas Meter, Smart Water Meter, Smart Electric Meter), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028,can be requested online.