Governments across the globe including North American, European as well as Asia-Pacific Countries are taking every possible step to install smart meters in every household that further contribute in the growth of the market. For instance, the US government is taking immense steps to install every household and industry with smart meters according to the US Energy Information Administration. The primary aim of this initiative is to curb the ongoing gas theft which is done by meter tampering. It is extremely dangerous to tamper gas meters to save money. It can cause minor leakages which can go unnoticed. Further, the flames of the gas on the fireplace or the gas fire can change their size and burn out yellow or burn yellower than blue. However, there's sometimes no sign of this at all until gas builds up that can leave devastating effects such as an explosion. These factors are forcing the government to install smart meters.
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In Europe primarily in the UK where the Government is committed to ensuring that every home and small business in the country is offered a smart meter by the end of 2020 according to the UK energy department. This Smart Metering Program aims to roll-out over 50 million smart gas and electricity meters to all domestic properties and smart or advanced meters to smaller non-domestic sites in Great Britain impacting approximately 30 million premises. Further in India, Tata Communications will work with Mahanagar Gas (MGL) a government-backed company to deploy 5,000 smart gas meters in Mumbai, India. According to the company said that the new smart meters will give households and businesses visibility and control over their gas usage, allowing to improve their operational efficiencies.
Rising smart City projects provide substantial opportunity to the smart meters market
Smart meters are one of the most essential elements of any smart city owing to which there is a high demand for these products. A large number of people are migrating into urban areas across the globe owing to which the demand for services and resources is increasing rapidly. According to the UN report of 2018, 55% of the world’s population reside in urban areas, a proportion that is expected to increase to 68% by 2050. Together, India, China and Nigeria will account for 35% of the projected growth of the world’s urban population between 2018 and 2050, it is projected that India will have added 416 million urban dwellers, China 255 million and Nigeria 189 million. As a result, these countries will face many challenges in meeting the needs of their rising urban populations, including housing, infrastructure, transportation, power and employment, as well as basic services such as education and health care.
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Global Smart Meters Market Segmentation
By Product Type
Smart Gas Meters
Smart Electric Meters
Smart Water Maters
Advanced Metering Infrastructure (AMI)
Automated Meter Reading (AMR)
Rest of Europe
Rest of Asia-Pacific
Rest of the World
Aclara Technologies LLC
Badger Meter, Inc.
Diehl Stiftung& Co. KG
General Electric Co.
Holley Technology UK Ltd.
Honeywell International, Inc.
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