Smart Meters Market by Growth Insight, Competitive Analysis and Regional Statistics to 2028

in smart •  2 years ago 

Homeowners and businesses are increasingly relying on energy monitoring and maintenance systems to install efficient appliances with a low carbon footprint. Smart meters, in particular, are likely to gain momentum, mainly due to the rapid implementation of energy conservation projects.

Due to the growing awareness about the benefits of smart energy monitors, international energy companies are emphasizing innovations and designing of new product ranges to achieve climate goals.

Citing an instance, in January 2022, the University of Michigan announced initial spending of $5 million to conserve energy, reduce greenhouse gas emissions, and reach carbon neutrality targets. Factors like these could support smart meters market expansion, owing to the product’s ability to provide transparency into energy usage.

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E.ON-Vodafone partnership to modernize water meters with wireless tech

To reduce carbon emissions, several energy companies are entering strategic agreements to develop smart water meters. For example, in February 2022, E.ON partnered with Vodafone to retrofit water meters with wireless tech.

As a part of the partnership, the two companies were further planning to deploy the technology for electricity and gas meters as well in the future. With the adoption of this digital technology, water leaks or other irregularities could be rapidly detected, helping save resources and contributing to the growth of the smart meters industry.

Panasonic’s utility services for gas meters in Europe

Member states of the European Union are promoting the use of gas smart meters based on the issuance of directives following the introduction of greenhouse gas emission reduction targets.

In line with this, in July 2021, Panasonic Corporation announced its plan to provide gas utility services as a one-stop solution, including data monitoring, NB-IoT connectivity, and other devices for smart gas meters in Europe. This initiative was implemented with the objective to contribute to the reduction of GHG through the adoption of smart meters.

Approval of HPL’s NB-IoT-based smart electricity meters amid COVID-19 in India

Electric equipment manufacturers are continuing to offer dedicated channels for smart metering and developing advanced systems to lower obstruction or interference caused by congestion on the public network. In June 2022, HPL Electric & Power’s announced that it had received approval and production clearance from a prominent private distribution firm for the implementation of NB-IoT-based smart meters in Delhi, India.
These meters could make more remote meter readings possible and ensure the safety of consumers during the COVID-19 pandemic. This significant leap forward made by the company is likely to contribute greatly to strengthening its position as a leading manufacturer of smart meters for electricity.

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Landis+Gyr’s contract for smart energy meter deployment in the U.S.

Utility companies are focusing on providing reliable services to curb energy consumption. To that end, in August 2021, Louisville Gas and Electric Company and Kentucky Utilities Company signed a 5-year contract with Landis+Gyr for the supply of smart grid infrastructure and technologies as well as smart meters.

Under the agreement, the energy management solution provider was intended to provide 1.2 million smart energy meters for utility companies in the U.S., which could assert a positive influence on regional smart meters market dynamics.
Prominent players operating across smart meters market includes Honeywell International, Inc., Osaki Electric Co., Ltd., Raychem RPG Private Limited, Itron, Inc., Sensus, Aclara Technologies LLC, Landis+Gyr, Apator SA, Schneider Electric SE, Badger Meter, Inc., Neptune Technology Group, Inc., Zenner International GmbH & Co, .KG

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