U.S. Smart Meter Market by Product (Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter), Service (Installation and Repair & Maintenance), and Connectivity (Power Line Communication, Cellular Communication, and Radio Frequency): Opportunity Analysis and Industry Forecast, 2020–2027
The U.S. smart meter market size was valued at $3,731.6 million in 2019, and is projected to reach $7,693.6 million by 2027, growing at a CAGR of 10.5% from 2020 to 2027. Smart Meters are devices for accurately monitoring gas and electricity meter usage that can send usage information via radiofrequency electromagnetic radiation (RF) which helps the utility company to effectively manage the energy usage. Smart meters offer a host of benefits such as reduction of meter reading cost, removing inefficiencies in billing, preventing disconnection and re-connection costs to corporations and consumers.
Favorable government policies along with fiscal incentives is a key factor driving the smart meters market. Furthermore, large scale deployment of smart grid and the utility companies focusing on enhancing distribution efficiency are other factors boosting the market growth. High installation cost of smart meters borne by end-users is a factor hampering the growth of the smart meters. Various grid operators trying to effectively managing the demand for power offer ample growth opportunities for the smart meters to grow. Creating awareness among consumers along with bringing interoperability is a key market challenge that needs to overcome by key market players to gain a stronghold in the market. Furthermore, improper installation of smart meters is a major market challenge.
The report segments the U.S. smart meters market on the basis of product, service and connectivity. On the basis of product, the market is segmented into smart electricity meters, smart water meters and smart gas meters. On the basis of service, the market is segmented into installation service and repair & maintenance service On the basis of connectivity, the market is segmented into power line communication, cellular communication and radio frequency.
The market is poised to grow at a significant rate in the North America driven by the huge market demand in the U.S. The country is focusing on upgrading and replacing outdated infrastructure, enabling grid reliability, and installing smarter power networks. The factors responsible for the market demand in North America is conducive government initiatives, consisting of proper allocation of funds and making smart meters mandatory in many states such as Texas and California.
Key market players extensively profiled in the report include Elster Group, Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter , ICSA India Limited, Circuator SA , EDMI, Holley Metering Limited , Neptune Technology Group Inc., Sensus, and Honeywell International Inc.
KEY BENEFITS FOR STAKEHOLDERS:
The report provides a comprehensive analysis of current & future market trends and emerging avenues for the growth of the market across the globe.
The report offers an extensive analysis of smart meter mandates by government in different countries and its impact on their installation in these countries.
The report offers an insight into competitive landscape in terms of new technological developments, untapped segments, and value chain analysis.
This report entails the detailed quantitative analysis of the current market and estimations through 2014 and 2020, which assists in identifying the prevailing market opportunities.
The report analyses the top impacting factors in detail and offers adoption rate analysis of the market on the basis of different segment across different countries.
Porters Five Forces analysis is offered in the report along with highlighting bargaining power of buyers and suppliers.
The report offers strategic analysis of financial status of key market players, and highlights market share of key vendors.
The report offers information on the status of new projects along with offering investment feasibility analysis of the same.
SMART METERS MARKET KEY SEGMENTS:
Smart Meters Market By Product
Smart Electric Meters
Smart Water Meters
Smart Gas Meters
Smart Meters Market By Service
Repair & Maintenance Service
Smart Meters Market By Connectivity
Power Line Communication
Schneider Electric SA
ICSA India Limited
Holley Metering Limited
Neptune Technology Group Inc.
Honeywell International Inc.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook