The smart meters market is expected to grow at a CAGR of 9.43% from 2018 to 2025, to reach USD 25 billion by 2025. The smart meters market is segmented on the basis of type, application, and technology. The type segment is further segmented into smart electric meters, smart water meters, and smart gas meters. The application segment is classified as residential smart meters market, commercial smart meters market, and industrial smart meters market. The technology segment is sub-segmented into automatic meter reading and advanced metering infrastructure.
The use of smart meters has been widely encouraged by governments, as the countries such as U.K and U.S have introduced various schemes that favor installation of smart meters in homes. The gradual shift to renewable sources of energy and the deficit can often cause problems in the supply. Smart meters assist in better forecasting of the use of devices and peak hours for adjusting supply. The deployment of smart-grids and smart-city planning are the key drivers for the smart meters market, as power generation companies seek to boost their distribution efficiency.
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On the basis of application, the residential segment is expected to achieve the largest growth and market share as homes accounted for the highest number of smart meter installations. The rise in demand for smart meters in this sector is driven by the widespread implementation of smart technologies. The interlinking of electronic devices through a central command module helps in more efficient monitoring of consumption and reduced efforts.
The smart meters market is expected to be led by the North American region, which contributes the highest revenue and holds the largest market share. The high demand for smart meters in the U.S. amid the overhaul in the power sector is driving growth in the industry. The implementation of smart-city programs across the country and the upgradation of old infrastructure along with ensuring better reliability in the power grid continues to drive demand for smart meters.
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The smart meters market is dominated by major players such as Schneider Electric, Siemens, Honeywell International, Itron, Sensus, EDMI, Badger Meter, Holley Metering, ICSA, Aclara Technologies, Kamstrup, Wasion, Jiangsu Linyang Energy, Atmel, and Landis+GYR.