The US Smart Meter Market: Size, Trends & Forecast with Impact Analysis of COVID 19 (2021-2025)

The report titled “The US Smart Meter Market: Size, Trends & Forecast with Impact Analysis of COVID 19 (2021-2025)”, provides an in depth analysis of the US Smart Meter market by value, by product, by end-user, etc. The report also provides a detailed analysis of the COVID-19 impact on the US smart meter market.

The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall smart meter market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

The US Smart Meter market is fragmented with many major market players operating worldwide. The manufacturers of smart meters produce different types of products to cater to the needs of various sectors. The key players of the US smart meter market are Honeywell International Inc. (Elster Group), Schneider Electric SE, Itron Inc., and Landis + Gyr. are also profiled with their financial information and respective business strategies.

Company Coverage

Honeywell International Inc. (Elster Group)
Schneider Electric SE
Itron Inc.
Landis + Gyr.

Executive Summary

Smart meter refers to an energy meter that is able to provide detailed and often real time readings, of electricity consumption in the building, business or home. The smart meter is also communicative and transmits the information collected using different channels (power line, Internet, telephone).

The smart meter market is segmented on the basis of product (Smart electricity meters, smart gas meters, and smart water meters), services (installation), and end-users (residential, commercial, and industrial). While most of the industries worldwide suffered a negative impact of COVID-19, the US smart meter market witnessed a mixed impact on it. Initially, the market witnessed a fall in the supply and shipment of smart meters, however the demand for smart meters were high during the pandemic. Later in the year, the supply nearly matched the demand. There were hindrance in installment of smart meters, due to prolonged lockdowns, limited man power and a fear of spread of virus, which made people hesitant to allow installation of smart meters. The demand of smart meters rose majorly in the residential areas.

The US smart meter market has increased significantly during the years 2019-2020 and projections are made that the market would rise in the next four years i.e. 2021-2025 tremendously. The US smart meter market is expected to increase due to the improvement in wireless network infrastructure, rapid urbanization, raising concerns about carbon emission, growing demand to switch to sustainable utility supply, supportive government initiatives, increased investment in smart meters, and growing popularity of smart homes, etc. Yet the market faces some challenges such as high cost involvement, health and security concerns, etc.