Smart Meter Market by Type – Global Opportunities & Forecast, 2020-2027

 Smart Meter Market

According to GMI Research report, the global smart meter market is projected to expand at a rate of 9.0% over the forecast period. The increasing emphasis on smart grids, which boosts the adoption of smart meters, is a major factor driving the market growth.

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Smart Meter Market Dynamics

The market for smart meters is primarily driven by the intensified initiatives by the government to encourage smart meter installation. As per the US International Trade Commission, utilities are reluctant to invest in smart meter technology without any government obligation. This is because of the restricted expenditure potency of utilities. The increasing power consumption to allow two-way communication between meter and central system used by utilities is another major factor contributing to the growth of the smart meter market share. Further, the increasing economic growth among the emerging nations will create huge opportunities for the market. The ongoing technological innovation, such as infrastructural and smart grid development has strengthened the smart meter market size.

However, the evolution of the coronavirus is projected to leave a negative impact on the market. The rigorous lockdown norms enforced by the government has disturbed the supply chain and raised the complications in import and export of raw materials required to produce smart meters. Nevertheless, the market is expected to recover back in 2021, while showing a remarkable growth from 2022.

Regional Drivers

Based on region, the Asia-Pacific and Western Europe region will seize the largest share in the overall market over the forecast period. This is because of the increasing installation of new smart meters for the refurbishment over conventional meters. For instance, China included reconditioning of its grid infrastructure in the five-year plan. The rising preferences and varying lifestyles will steer the market growth. Also, as per the smart meter market report, the intensified investments by government will generate several growth opportunities in the developing nations such as China, India, and Japan.

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