What is Global Residential Smart Metering Market?
The Global Residential Smart Metering Market is a rapidly evolving sector that focuses on the use of smart meters in residential settings. These devices are designed to record the consumption of electric energy, water, and gas in homes and communicate this information to the utility for monitoring and billing. The market encompasses a wide range of smart metering solutions, including advanced metering infrastructure (AMI), meter data management systems (MDMS), and home energy management systems (HEMS). The adoption of these technologies is driven by the need for energy efficiency, accurate billing, and improved customer service. The market is also influenced by government policies and regulations promoting the use of smart meters.
Smart Energy Metering, Smart Water Metering, Others in the Global Residential Smart Metering Market:
The Global Residential Smart Metering Market is segmented into Smart Energy Metering, Smart Water Metering, and Others. Smart Energy Metering involves the use of digital meters that record electricity consumption in real-time, allowing utilities and consumers to monitor and manage energy usage more effectively. Smart Water Metering, on the other hand, involves the use of intelligent devices that measure water consumption, helping to reduce water waste and improve water management. The 'Others' segment includes various other types of smart metering technologies, such as gas metering and heat metering. These technologies are gaining traction due to their potential to enhance resource management and conservation.
New Decoration, Renovated in the Global Residential Smart Metering Market:
The Global Residential Smart Metering Market finds its application in both New Decoration and Renovated areas. In New Decoration, smart meters are installed during the construction phase of a residential building. This allows for seamless integration of the metering system with the building's infrastructure, enabling efficient energy management from the get-go. In Renovated areas, smart meters are installed as part of a retrofitting process. This involves replacing traditional meters with smart ones in existing buildings. The adoption of smart meters in renovated areas is often driven by the need to improve energy efficiency and reduce utility costs.
Global Residential Smart Metering Market Outlook:
Looking at the market outlook, the Global Residential Smart Metering Market was valued at a significant US$ 3589 million in 2023. The market is expected to witness a steady growth, reaching an estimated value of US$ 4688.9 million by 2030. This represents a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing demand for energy-efficient solutions, technological advancements in smart metering, and supportive government policies.
| Report Metric | Details |
| Report Name | Residential Smart Metering Market |
| Accounted market size in 2023 | US$ 3589 million |
| Forecasted market size in 2030 | US$ 4688.9 million |
| CAGR | 3.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Arad Group, Xylem, Kamstrup, Badger Meter, Takahata Precison, Diehl Metering, Itron, Honeywell, BMeterts, Sanchuan, Suntront, iESLab, Chongqing Intelligence, Ningbo Water Meter, Wasion Group, Shenzhen Huaxu, Hunan Changde, Landis+Gyr, GE Digital Energy, Siemens |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
