Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Smart Home Meter Market Size is Expected to Grow from USD 29.15 Billion in 2023 to USD 77.09 Billion by 2033, at a CAGR of 10.21% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Smart Home Meter Market Size, Share, and COVID-19 Impact Analysis, By Type (Smart Electric Meter, Smart Gas Meter, and Smart Water Meter), By Technology (Automatic Meter Reading and Advanced Meter Infrastructure), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
A smart home meter is an electronic device that provides utility companies with real-time information on a home's usage of gas, electricity, and water. Advanced metering infrastructure, eventually replaces traditional meters by enabling effective monitoring and management of energy usage. Homeowners may measure their resource consumption, make educated decisions for energy efficiency, and optimize utility usage with the help of smart home meters, which are sophisticated devices that offer real-time monitoring and management of energy, water, and other utility usage within a household. The global smart home meter market is influenced by rising energy conservation awareness, government initiatives promoting smart grid infrastructure, and the growing adoption of smart home technologies, including the development and distribution of smart meters and associated software. Smart meter installation is being required by numerous governments to update the system and enhance energy management. For instance, smart prepaid meters are expected to replace 250 million traditional power meters in India by 2025–2026. The goal of this project is to modernize the power industry and increase the effectiveness of billing and collection. Smart meters also enable predictive maintenance, reducing power outage frequency and duration. Smart meters also support carbon emission reduction and sustainable energy practices. However, data security and privacy concerns are the main obstacles to the adoption of smart home meters because consumers are concerned about potential cyberattacks and data misuse.
The smart water meter segment is expected to hold the highest market share in the global smart home meter market.
Based on the type, the smart home meter market is classified into smart electric meter, smart gas meter, and smart water meter. Among these, the smart water meter segment is expected to hold the highest market share in the market. The demand for effective water management solutions has increased due to water scarcity, and smart water meters that integrate IoT technology for real-time data collecting and analysis are one such option. These meters increase billing accuracy and encourage water conservation by decreasing leaks, increasing operating efficiency, and providing real-time usage statistics.
The advanced meter infrastructure (AMI) segment is anticipated to hold the highest market share during the projected timeframe.
Based on the technology, the smart home meter market is divided into automatic meter reading and advanced meter infrastructure. Among these, the advanced meter infrastructure (AMI) segment is anticipated to hold the highest market share during the projected timeframe. AMI is a smart grid infrastructure solution that combines data management systems, communication networks, and smart meters to monitor household energy and water usage in real-time. It is appropriate for a range of utility sizes and types due to its scalability and versatility.
North America is estimated to hold the largest share of the smart home meter market over the forecast period.
North America is estimated to hold the largest share of the smart home meter market over the forecast period. North American governments are promoting the use of smart meters to modernize the energy grid, improve efficiency, and transition to renewable energy sources. These smart meters enable real-time monitoring of energy consumption, support efficient distribution, and reduce energy waste. The growing adoption of electric vehicles is also driving the need for smart meters.
Asia Pacific is predicted to have the fastest CAGR growth in the smart home meter market over the forecast period. Urbanization and industrialization in China, India, and Japan have increased energy consumption, prompting the adoption of smart meters. Advanced technologies like analytics, cloud computing, and IoT aid in managing this demand, combating pollution, and enhancing operational efficiency in the Asia-Pacific region.
Competitive Analysis
Major key players in the smart home meter market include Landis+Gy, Itron, Schneider Electric, Siemens AG, Kamstrup, Honeywell International Inc., ABB, EDMI, Iskraemeco, Sensus, Elster Group, General Electric, and Holley Technology, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the smart home meter market based on the below-mentioned segments:
Global Smart Home Meter Market, By Type
Global Smart Home Meter Market, By Technology
Global Smart Home Meter Market, By Regional Analysis
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