Global Smart Meters Market Set to Attain $20.0 Billion Valuation by 2030
The global smart meters market reached a valuation of $13.1 billion in 2019 and it is predicted to generate a revenue of $20.0 billion by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 4.9% between 2020 and 2030. The rising adoption of smart grids is one of the major factors fueling the expansion of the market across the globe.
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The governments of many countries are enacting policies aimed at encouraging the deployment of smart meters, on account of their increasing focus on clean energy production. For example, EESL, which is a state-owned company based in India, announced in February 2020 that it has completed the deployment of 1 million smart meters all over India, under the Indian Government’s Smart Meter National Programme. Furthermore, the organization aims to install 250 million smart meters in the country in the coming years.
Similarly, the state-run Saudi Electricity Company (SEC) signed contracts worth $2.53 billion in collaboration with the Alfanar Group in January 2020 for a comprehensive smart meter installation project. This project aims to deploy 10 million smart meters in Saudi Arabia before March 2021. Moreover, the entire project is estimated to be completed by March 2023. These factors are propelling the growth of the smart meters market all over the globe.
Depending on meter type, the market is divided into water meter, gas meter, and electric meter. Out of these, the water meter category is predicted to exhibit the fastest growth in the market in the forthcoming years. This will be because of the growing adoption of water meters in several countries for monitoring water consumption and tracking leakage, wastage, and pressure with the help of various inbuilt sensors and carrying out data analysis for optimizing the water usage.
When application is taken into consideration, the smart meters market is categorized into residential, commercial, industrial, and water utilities. Out of these, the residential category registered the highest growth in the market during the last few years and this trend is likely to continue in the coming years. This is ascribed to the fact that smart meters are required heavily in residential units and establishments such as autonomous houses and urban/suburban apartments around the world.
Globally, the smart meters market is predicted to demonstrate the highest growth in the Asia-Pacific (APAC) region in the upcoming years. This will be a result of the implementation of favorable government initiatives and regulations in many regional countries regarding the deployment of these devices. For example, in China, utilities are rapidly installing smart meters as part of the five-year countrywide plan for upgrading the existing grid infrastructure in the country.
Therefore, it can be said with full surety that the market will exhibit huge expansion all over the world in the forthcoming years, primarily because of the growing usage of smart meters in various residential units and the utilities sector in many countries.