Maintaining energy efficiency and reduction of carbon emissions will keep driving growth of Global Smart Meter Market

Date: 4 June 2020

According to a research report published by Azoth Analytics in April 2020, the Global Smart Meter Market was valued at USD 22652.46 Million in the year 2019. The growth in the market for Smart Meter is chiefly accredited to rise in awareness of maintaining energy efficiency and reduction of carbon emissions, extensive research and development in the smart grid technologies and growth of next generation meters. Also, the need for devices that enables real time meter reading and two-way communication between the utilities and consumers and rapid industrialization in developing economies are also anticipated to infuse growth in the market of Smart Meter market at global level. 

Global Smart Meter market will be majorly driven by plans and policies formulated by government to equip households and industrial units with smart meters, rise in awareness of maintaining energy efficiency and reduction of carbon emissions, extensive research and development in the smart grid technologies and growth of next generation meters, need for devices that enables real time meter reading and two way communication between the utilities and consumers. Rapid industrialization in developing economies also estimated to drive a remarkable growth in the market for Smart Meter during the coming years. However, the market has slowed down due to  the occurrence of COVID -19 outbreak in late December 2019 and due to which all global economic activities suspended for almost first half of 2020 and due to uncertainty of duration, a lower growth is expected till 2021. 

Furthermore, among the regions, APAC is followed by North America. Asia Pacific is expected to experience remarkable market share owing to formulation of infrastructural development plans by the government and energy led industries and rising participation of countries like India, South Korea, China in rolling out large scale policies of installing smart meters in residential units and commercial units. All these factors will facilitate market growth over the forecast period.

The Azoth Analytics research report titled GlobalSmart Meter Market has analysed and segmented the Smart Meter Market by Value (USD million). The report has further analysed the Smart Meter Market By Type (Smart Electric Meter, Smart Water Meter, and Smart Gas Meter) and By End User (Residentials Units and Commercial & Industrial Units). The Global Smart Meter Market has been analysed By Region (North America, Europe, and Asia Pacific) and By Country (US, Canada, UK, Germany, Netherlands, Spain, China, India, South Korea, Japan) for the historical period of 2015-2019 and the forecast period of 2020-2025.
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