Smart Meters Market 2022 – Global Industry Size Analysis by Top Key Vendors with Covid-19 Impact, Market Dynamics, Business Growth by Regions, and Competitive Landscape Forecast to 2031
Kenneth Research, in its repository of market research reports, have recently added a report on Smart Meters Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Smart Meters Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Meters Market products.
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The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users. According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports.
Global Smart Meters Industry was valued at USD 12.77 Billion for the year 2017. Smart Meters Industry is further expected to grow at a CAGR of 9.74% from 2018 to reach USD 26.86 Billion by the year 2025. Asia-Pacific region holds the highest Industry share in 2017. The Asia-Pacific region is also considered as the fastest growing Industry in the forecasted period. China is the major Industry in 2017 at country level and it is also further anticipated to grow at a steady pace in the next 5 years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Major market players in smart meters industry are Siemens AG, EDMI Limited, Schneider Electric, Honeywell International Inc., Itron Inc., Sensus, Holley Metering LTD, EDMI ltd, Badger Meter Inc., Aclara Technologies, LLC, Wasion Group, ICSA LTD, and other 10 more companies detailed information is provided in research report. Better global reach at an operational level, is the main reason for holding this Industry share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
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SWOT Analysis of Smart Meters Industry:
Strength:
Increasing investments in Smart Grids
Government Legislation and Policies
Weakness:
High installation cost
Opportunities:
Implementation of IoT & big data analytics
Threats:
High maintenance cost
The segmentation done on the basis of Technology include Advanced Metering Infrastructure (AMI), and Automatic Meter Reading (AMR) of which the AMI segment is expected to hold the highest Industry share during the forecast period.
By Application
*Industrial
*Residential
*Commercial
By Technology
*Advanced Metering Infrastructure
*Automatic Meter Reading
By Type
*Smart Water Meters
*Smart Gas Meters
*Smart Electric Meters
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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