Smart Home Meter Market Size Booming to Touch USD 51 Billion by 2029
smart home meter market is flourishing because of the rising adoption of smart home technologies, increasing energy efficiency and cost savings, and governments’ supportive initiatives and regulations.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global smart home meter market size at USD 26.01 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global smart home meter market size to grow at a significant CAGR of 10.19% reaching a value of USD 51 billion by 2029. Major growth drivers for the global smart home meter market include growing adoption of smart home technologies, increasing concerns about energy conservation, and government initiatives promoting smart grid infrastructure. The market is expected to further witness significant growth as several households worldwide embrace the advantages of smart meters in managing their energy consumption and reducing costs. Smart meters offer various advantages, including cost savings in meter reading, prevention of disconnections, improved accuracy in readings, and reduced reconnection costs for both utility providers and end-users. The widespread installation of smart meters by utility providers has also strengthened the distribution network. Furthermore, governments' focus on reducing power grid losses and carbon emissions is expected to further drive market growth. Effective resolution of minor issues related to the complex design of smart meters requires highly skilled personnel. Additionally, safeguarding the vast amounts of consumer data collected by smart meters from malicious actors is of utmost importance. The increasing adoption of electric and hybrid vehicles by consumers is anticipated to fuel the demand for smart meters, while the integration of AI and machine learning technologies into these devices presents promising opportunities for future market growth. However, high upfront costs and privacy and data security concerns are anticipated to restrain the overall market during the period in analysis.
Global Smart Home Meter Market – Overview
The global smart home meter market refers to the industry that involves the production, deployment, and utilization of smart meters specifically designed for residential settings. Smart home meters are advanced measuring devices equipped with communication and sensing technologies that provide real-time monitoring and management of energy consumption, water usage, and other utilities within a household. These meters enable homeowners to track their resource consumption, make informed decisions for energy efficiency, and optimize utility usage. The market encompasses the development and distribution of smart meters, along with associated software, communication infrastructure, and services. The global smart home meter market is driven by factors such as increasing awareness of energy conservation, government initiatives promoting smart grid infrastructure, and the growing adoption of smart home technologies.
Impact of COVID-19 on Global Smart Home Meter Market
COVID-19 pandemic adversely affected the global smart home meter market, as smart meters under the category of non-essential businesses. The implementation of lockdown measures led to delays in the commencement of power distribution projects worldwide. Shipments and installations of smart meters also experienced a decline. Both companies and governments postponed their power infrastructure plans and investments during this time. However, there was a shift toward contactless and remote metering solutions, with increased investments in these areas. The reduced investments in infrastructure development and a lower return on investments contributed to delays in smart metering projects. During the pandemic, the demand for smart electric meters decreased, and manufacturers faced supply problems due to halted production. However, the manufacturing and supply of smart meters are gradually returning to normal levels, with several manufacturers witnessing a recovery in sales.
Global Smart Home Meter Market – By Technology
Based on technology, the global smart home meter market is split into Automatic Meter Reading and Advanced Meter Infrastructure segments. The advanced meter infrastructure (AMI) segment holds a higher share in the global smart home meter market by technology. AMI offers a comprehensive solution that includes smart meters, communication networks, and data management systems. This integrated approach enables efficient and real-time monitoring of energy consumption, water usage, and other utilities in residential settings. AMI provides advanced features such as two-way communication, remote meter reading, and demand response capabilities, enhancing consumer control and energy management. Also, regulatory mandates and government initiatives promoting smart grid infrastructure have accelerated the adoption of AMI solutions. The scalability and flexibility of AMI systems also make them suitable for various utility types and sizes. These factors contribute to the dominant position of the AMI segment in the global market.
Major players operating in the global 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Smart Home Meter Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Smart Home Meter Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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