Asia-Pacific Smart Meter Market Outlook, 2027

China is the world’s biggest emitter of greenhouse gases and has been on a safer side due to adoption of smart meters at a early stage. This has helped China to optimize its energy deployment. Japan has started investing in nationalized grid restructuring programme, following the decommissioning of nuclear power plants in the country. Japanese government is working on generating power from renewable sources by 2030. For Singapore smart meter adoption can leverage AMI metering to shift to clean energy resources. Since 2017 Singapore has installed only 5,00,000 smart meters and plans to hit 1.4 Million mark by 2024. Smart electric meter market in the region is driven by increase in grid investment, demand for power quality, energy efficiency targets and reliability. With the UN’s 2030 agenda for Sustainable Development, the demand for smart water and smart gas meters in the region is expected to rise with smart city projects in China, Japan, India and Australia. Pilot projects are also established in Thailand and Malaysia, with additional projects under process in Indonesia and the Philippines. India has been a challenging ground for utility providers to lure them to smart meters as still literacy rate is quite low here. The users need to think digital and develop skills. India has around 20% populace who do not pay their electric bills regularly which adds up to billions of dollar losses every year. Large scale training and awareness camps need to be conducted to ensure wide spread use of smart meters.

According to the report title “Asia Pacific Smart Meter Market Outlook, 2027”, published by Bonafide Research, the Smart Meter market is anticipated to grow at a CAGR of 11.21% during the forecast period. Globally China is the leading country in smart meter market and expected to cross value of USD 7 Billion by the end of 2027. Markets in India and Australia are expected to rapidly adapt smart meters during the forecast period. After successful adoption of smart electric meters by residential users across China, the trend is now followed by adoption of smart water meters, to avoid wastage or overuse of water and ultimately save these scarce resources. AMR meters were rapidly replaced by the AMI technology meters at a CAGR of 11.30% during the historic period across Asia Pacific region. 81% of the market share is occupied by the residential users while commercial users are gaining traction in the market towards smart electric meters. Varied software’s and applications are being developed by utility providers to ease the access and give more functionality to the users. Australia has been very late in adoption of smart meters, but the scenario is changing steadily now, and is driving the growth for smart electric meters in homes.

In India and Japan electricity thefts are above average, which can be overcome with the adoption of smart meters. The low per capita electricity rates are making large scale deployments costly in these developing economies. Smart grid is further bolstering the smart meter market growth in coming years. Apart from this, domestic players and international smart metering vendors are making an entry into the market. Union Finance Minister Nirmala Sitaram in 2020 budget proposed that all conventional meters be replaced with smart meters by 2022 under the Smart Meter National Programme (SMNP) by Energy Efficiency Services Ltd (EESL). In 2020, French power utility firm EDF along with Energy Efficiency Services Ltd. installed nearly 1 Lakh smart electric meters across India. This breakthrough marks the beginning of 5 Million smart electric meters in commercial segment and half of which are installed in Bihar. Bihar is leading Indian state in adoption of smart electric meters even though not a rich state in terms of per capita income, where prepaid meters are being installed. Further, already 19 lakh smart electric meters have already in place across various states of India. After years of efforts on the massive task of modernising India’s distribution sector to reduce losses and improve operational and financial efficiencies, the government has doubled down on the drive to deploy smart meters to all residential customers by 2025.

Government of India has started a BOOT (Build own operate transfer) model to further pursue Indian states to adapt to smart meters. Under this scheme government will invest up to 15% as well help in distribution upgrades and also lure in other investors. The first ever state to adopt this programme is Assam. IntelliSmart Infrastructure Private Limited is a JV between Energy Efficiency Services Ltd (EESL), an Indian government energy service company, and the National Investment and Infrastructure Fund (NIIF), established to enable the implementation of smart meters through a BOOT (Build, Own, Operate, Transfer) model. ICSA (India) Ltd based in Hyderabad is a leading company that provides software applications, infrastructure solutions and embedded technologies for gas, power, water and oil sectors. Further it also has a broad product portfolio that includes power quality measurement system, remote streetlight control system, theft detection device, general automatic meter reading, agricultural load management system, micro remote terminal unit, compact modem among others.

COVID-19 pandemic has decelerated the growth of the smart meters due to the implement of lockdown in almost all the major countries and halt the non-essential operations. This adversely affected the smart meters owing to less focus on development of end user’s industry. Apart from this, manufacturing and supply chain delays were also witnessed which poised a challenge to the smart meters. Manpower that is required for initial layout of meters and installations carried out was also affected as movement of people was restricted.

Major Companies present in the market:
Kamstrup A/S, Aclara Technologies LLC, Osaki Electric Co. (Edmi), Holley Technology Ltd, Secure Meter Limited, KAMSTRUP A/S, Schneider Electric SE, Landis+Gyr, Itron Inc., Siemens AG, Badger Meter, Inc., Xylem Inc. (Sensus), Honeywell International Limited (Smart Energy), Diehl Stiftung & Co. KG, Zenner International GmbH & Co. KG., Shenzhen Kaifa Technology Co., Ltd., Suntront Tech Co., Ltd., Aichi Tokei Denki Co., Ltd., Wasion Holdings Limited,

Considered in this report
• Geography: Asia Pacific
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Asia Pacific Smart Meter market with its value and forecast along with its segments
• Country wise market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report
• China
• Japan
• India
• Australia
• South Korea

By Type of Smart Meter in the report:
• Electricity Meter
• Gas Meter
• Water Meter

By End User of Solid-State Drive in the report:
• Residential
• Industrial
• Commercial

By Technology in the report:
• Automotive Meter Reading
• Advanced Metering infrastructure

By Component in the report:
• Hardware
• Software & Services

By Phase in the report:
• Single Phase
• Three Phase

By Communication Type in the report:
• Cellular Technology
• Radio Frequency
• Power Line communication
• Other Communication Types

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry manufactures, consultants, Key vendors related to Smart meter & Utility providers etc. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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Manmayi Raval

Research Consultant

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