Allied Market Research, titled, US Smart Meter Market By Component and End Use: Opportunity Analysis and Industry Forecast, 2020-2027″, the US smart meter market size size was $3.73 billion in 2019 and is projected to reach $7.69 billion by 2027, to register a CAGR of 10.47% during the forecast period.
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A smart meter is the next generation of gas, water, and electricity meter that measures how much gas, water, and electricity are being used. A smart water meter measures the water flow and also uses wireless communication to connect to local or wide-area networks that allow remote location monitoring and infrastructure maintenance through leak detection. The smart meter shows digital meter readings and uses a secure smart data network to automatically and wirelessly send readings to energy suppliers at least once a month, so accurate bills are received. In addition, smart meters also come with an in-home display screen, which shows exactly how much energy is used in near real-time.
Smart gas meters are electronic devices that measure gas flows and consumption of gas and provide information on how much gas has been consumed and its relevant costs. Smart gas meters are equipped with shock and leakage detection systems, increasing safety to a great extent. Smart gas meter installations help gas companies with some major operational advantages, including the elimination of manually noting monthly readings, the availability of real-time data, and continuous monitoring of pipelines.
Electric companies are enhancing the resilience and operations of the energy grid and gaining more detailed visibility into system operations that help them restore power more quickly or avoid outages. U.S. electric companies installed 98 million smart meters in 2019, and cover more than 70% of overall U.S. households. They will also install 107 million smart meters by the end of 2020.
Competitive Analysis:
The US mart Meter industry’s key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size, share analysis, operational results, and market positioning.
Some of the major key players in the global US smart meter market include,
ACLARA TECHNOLOGIES LLC.
SCHNEIDER ELECTRIC
LANDIS+GYR
MUELLER SYSTEMS LLC
SENSUS (XYLEM)
SIEMENS AG
ITRON INC.
BADGER METER, INC.
NEPTUNE TECHNOLOGY GROUP INC.
HONEYWELL INTERNATIONAL INC.
The major factor that drives the US smart meter market size includes the development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure. However, the high cost of installation of smart meters hampers the market growth of U.S. smart meters. In addition, developing smart city projects in the U.S. is expected to provide opportunities for the U.S. smart meter market growth during the forecast period.
The US smart meter market is segmented based on component and end-use. The component segment is further sub-segmented into product, service, and connectivity. Based on product, the US smart meter market is segmented into smart electricity meters, smart water meters, and smart gas meters. Based on service, it is classified into installation and repair & and maintenance. Based on connectivity, it is classified into power line communication, cellular communication, and radio frequency. By end use, it is divided into residential, commercial, and industrial.
The US smart meter market trends have been significantly impacted by the COVID-19 outbreak. At the start of the outbreak, the main impact faced by many smart meter manufacturers was supply problems, owing to halted production. Due to lockdown measures, non-essential businesses, and the demand for the residential, commercial, and industrial use of smart meters have decreased. Consequently, the manufacturing and supply of smart meters is returning to normal levels. Several manufacturers have started witnessing a recovery in sales.
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US Smart Meter Market – Report Highlights
By Component:
Product:
Smart Electricity Meter
Smart Gas Meter
Smart Water Meter
Service:
Installation
Repair & Maintenance
Connectivity:
Power Line Communication
Cellular Communication
Radio Frequency
By End Use:
Residential
Commercial
Industrial
Key Findings of the Study
– In 2019, the electricity meter segment accounted for maximum revenue and is projected to grow at a notable CAGR of 11.3% during the forecast period.
– The residential segment accounted for more than 60.0% of the US smart meter market share in 2019.
– The industrial segment witnessed the highest growth rate during the forecast period.
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