North America Smart Meters Market Size (2024 - 2029)

The North American smart meters market is poised for significant expansion, driven by factors such as government incentives, the development of smart grids, and the increasing demand for enhanced energy quality. The market's growth is further supported by the rising adoption of renewable energy and the transition towards smart grids. Despite the high installation costs posing a challenge, the market is expected to benefit from the growing adoption of electric vehicles, which encourage the use of smart meters for cost-effective charging solutions. The United States, with its high population density and substantial energy consumption, is anticipated to be the fastest-growing region in terms of market size.

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Market Size of North America Smart Meters Industry

North America Smart Meters - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 11.20 %

Major Players

North America Smart Meters Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Smart Meters Market Analysis

The North American smart meters market is expected to register a CAGR of 11.2% during the forecast period (2022-2027). Due to the COVID-19 pandemic, the smart metering market witnessed growth. It enables real-time energy consumption and bi-directional communication with energy suppliers for accurate billing and analysis without physically accessing the meter. North America's smart meter market is expected to grow significantly due to government incentives and support, growth of smart grids, energy transition, and demand for higher energy quality. However, the high installation cost involved compared to a conventional meter is likely to hinder the market's growth during the forecast period.

  • The smart electricity meter segment is expected to be the fastest-growing in North America due to the increasing adoption of renewable energy and government support to convert grids into smart grids.
  • As the adoption of electric vehicles increases in North America in the future, the adoption of smart meters will increase as they facilitate customers to charge their EV in off-peak times and save them a significant amount of money, thus creating an opportunity for the smart meters market.
  • The United States is expected to be the fastest-growing geographical segment due to the high population density, electricity, water, and consumption among industries, residents, and commercial buildings.

North America Smart Meters Industry Segmentation

The scope of the North American smart meters market report includes:

Type
Electricity Meters
Water and Gas Meters
Geography
United States
Canada
Rest of North America
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North America Smart Meters Market Size Summary

The North American smart meters market is poised for substantial growth, driven by factors such as government incentives, the expansion of smart grids, and the transition towards renewable energy sources. Smart meters facilitate real-time energy consumption monitoring and bi-directional communication with energy suppliers, enhancing billing accuracy and enabling detailed energy analysis without the need for physical meter access. Despite the high installation costs associated with smart meters compared to conventional meters, the market is expected to expand significantly. The smart electricity meter segment is anticipated to experience the fastest growth, fueled by the increasing adoption of renewable energy and government initiatives to modernize grid infrastructure. The rise in electric vehicle adoption further presents opportunities for smart meter integration, allowing users to optimize charging times and reduce costs.

The United States stands out as the largest and fastest-growing market within North America, supported by robust government policies, smart grid development, and high consumer awareness. Initiatives like the Smart Grid Investment Grant Program have accelerated smart meter deployment, contributing to the widespread adoption across the country. The market is moderately consolidated, with key players including Schneider Electric, Siemens AG, Honeywell International Inc., Sensus, and Landis+Gyr. Significant projects, such as the installation of millions of smart meters by companies like Louisville Gas and Electric and FortisBC Energy, underscore the ongoing commitment to upgrading metering infrastructure. As the demand for higher power quality and renewable energy integration continues to rise, the smart meters market in North America is expected to maintain its upward trajectory.

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North America Smart Meters Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

      6. 1.7.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Electricity Meters

      2. 2.1.2 Water and Gas Meters

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Rest of North America

North America Smart Meters Market Size FAQs

The North America Smart Meters Market is projected to register a CAGR of greater than 11.20% during the forecast period (2024-2029)

Siemens AG, Schneider Electric SE, Sensus, Landis+Gyr and Honeywell International Inc. are the major companies operating in the North America Smart Meters Market.

North America Smart Meters Report Snapshots

North America Smart Meters Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)