IoT Smart Meter Market Size, Share, Growth, and Industry Growth by Type (Smart Water Meter, Smart Meter and Smart Gas Meter) By Application (Home and Commercial), Regional Forecast To 2031

Updated On: 15 April 2024

IoT Smart Meter Market REPORT OVERVIEW

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The global IoT smart meter market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

Smart meters powered by the Internet of Things (IoT) are tools that make it easier for utilities to do their jobs and are more accurate than the traditional meters used to measure water use. Customers and service providers may benefit more from smart water metering technology, which will undoubtedly be the driving force for its adoption in various nations. Along with leak detection methods, these meters also assist in identifying high consumption. The major market participants are still making a variety of improvements to raise the performance requirements and make these meters a cost-effective tool for estimating water use.

COVID-19 Impact: Lockdown Affected the Construction Sector Which Challenged the Market

The COVID-19 outbreak has had a significant impact on the IoT smart meter market's rate of expansion. The COVID-19 pandemic in the construction sector resulted in a number of challenges for the market, including the lack of raw materials, a competent labor, safety precautions, deliverables, contractual responsibilities, and project delays or cancellations. As a result, there was a decline in the market for IoT smart meters. But after the pandemic, the market for IoT smart meters is anticipated to develop due to the expansion in digital infrastructure solutions across major nations.

LATEST TRENDS

"Expanding Use of Sophisticated Technologies to Augment the Market"

The loT (internet of things) has picked up speed in numerous sectors throughout the world due to the expanding use of sophisticated technologies. By setting up the necessary algorithms without human intervention, these systems assist in the exact control of supply chains and lower the likelihood of any malfunctions. Customers are given unique identifiers (UIDs), which enable data to be transferred over the network without the intervention of any humans, in smart water metering systems that use the Internet of Things. These interconnected computing devices, smart meters, and customers' smart meters are all connected.

IoT Smart Meter Market Segmentation

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• By Type Analysis

By type, market is segmented into smart water meter, smart meter and smart gas meter. The smart water meter segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into home and commercial. The home segment will lead the global share through 2031.

DRIVING FACTORS

"Actions to Encourage Sustainable Use of Water to Impel the Market"

The governments of numerous nations are taking the necessary actions to encourage the sustainable use of water. These actions have been taken as a result of the water demand increasing tremendously over the past ten years due to urbanization and a rapidly rising population. Due to the rise in energy consumption, new businesses and places of employment have emerged. Sustainable usage has taken on importance in order to meet the water demand that will be present and future. These systems are the greatest option since they have the ability to track water use across a water utility's supply chain. This has increased the number of water utilities installing them, which is propelling the growth of the IoT smart meter market.

"Minimal Maintenance and One- Time Investment to Propel the Market"

IoT smart meters are not only a cheap option for water utilities and customers, but they also provide an effective operating solution. The minimal maintenance required by these meters makes them an excellent one-time investment that may be used for many years. Due to the fact that consumers keep track of how much water they use and are charged for it, precise invoicing is a key aspect in attracting new clients. No confusion between the service provider and the end user is possible as a result. The largest advantage comes from these installations for sectors like those that use a lot of water, such the food and beverage sector, the textile sector, and others.

RESTRAINING FACTORS

"Unaware Population About the Existing Service to Hinder the Market"

Despite the numerous benefits that IoT smart meters offer, a significant section of the global population is unaware that these services even exist. IoT smart meter is now only barely adopted in rich countries and barely adopted in poor countries. This factor has the potential to slow market growth throughout the specified projection period. Additionally, water companies must make significant investments to guarantee the installation of IoT smart meters for each and every consumer they serve. Customers' wallets will undoubtedly suffer as a result. In the upcoming years, this may have a detrimental effect on this market.

IoT Smart Meter Market REGIONAL INSIGHTS

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"Europe’s IoT Smart Meter Market to Grow Exponentially with the Forecasted Period"

The roll-out of IoT smart meters to promote sustainable water consumption while also gaining financial advantages defines the market for these devices in the Europe area. These elements have contributed to the region holding a significant market share, combined with more consumer knowledge of smart meters in this area than in other regions. In addition, the area is home to several independent countries that are implementing similar roll-outs with government assistance. The market's second-largest region is North America, which comes after Europe. The largest nation in the area and home to several important participants on the IoT smart meter industry is the United States. In recent years, usage of IoT smart meters has increased significantly in Canada as well. China and other Southeast Asian nations are likely to function as economic accelerators in Asia-Pacific, which is expected to have the strongest growth of any region. The Gulf Cooperation Council (GCC) countries, Brazil, and Mexico are the top countries in rolling out installation plans for these systems, and it is anticipated that the Middle East, Africa, and Latin America would have modest development.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Chengdu Qinchuan Internet of Things Technology (China)
• Hefei Dewey Intelligent Technology (China)
• Hangzhou Sizhu Intelligent Equipment (China)
• Zhejiang Wansheng Intelligent Technology (China)
• Sanchuan Smart Technology (China)
• Shenzhen Kelu Electronic Technology (China)
• Xintian Technology (China)
• Xi'an Jingqi Electronics (China)
• Zhejiang Weixing Intelligent Instrument (China)
• Gold Card Smart Group (China)
• Beijing Cloud Optical Technology (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.