New Zealand Smart Meters Market

The New Zealand smart meters market is a mature and rapidly evolving segment of the country’s energy landscape. With over 80% of households already equipped with smart meters, New Zealand is among the leaders in global smart metering adoption. These devices are central to the country’s strategy to optimize energy consumption, reduce carbon emissions, and integrate renewable energy sources.

The market is characterized by innovative solutions from key providers like Genesis Energy and Contact Energy, who are leveraging smart meters to offer dynamic pricing models and energy management tools. New Zealand’s emphasis on grid modernization and energy independence is further driving market expansion. The integration of smart meters with distributed energy resources, such as rooftop solar and electric vehicles, exemplifies the advanced capabilities of this market. While challenges around data privacy and cybersecurity persist, strong regulatory frameworks and consumer trust are fostering market growth.

The global smart meters market size is predicted to touch USD 44,936.27 million at a 8.15% CAGR during the forecast period (2024- 2032), states the latest Market Research Future (MRFR) report.

Attractive Features that Spur Market Growth

As per the latest MRFR report, there are numerous factors that are propelling the global smart meters market share.

Smart Meters Market Drivers/Smart Meters Market Trends 

Increasing Government Investments to Boost Market Growth 

The increasing government investments for supporting smart meter installation in end use sectors like commercial, residential, and industrial are likely to boost the smart meters market revenue over the forecast period.

Opportunities 

Communication Network Infrastructure Development to offer Robust Opportunities 

The continuous and ongoing communication network infrastructure development contributes towards the manufacturing of advanced and innovative level of smart meters. Besides, the availability of network infrastructure like 4G, 5G, radio frequency, and others propels the development of smart meters. Manufacturers are constantly engaged in the production of advanced level of smart meters as per the growing network infrastructure which is likely to offer robust market opportunities in the forecast period.

Restraints 

High Installation & Maintenance Cost to act as Market Restraint 

The high installation & maintenance cost of smart meters is likely to act as key market restraints over the forecast period. Besides, the device’s compatibility issue is another cause of restraint that may impede market growth.

Challenges 

Lack of Awareness to act as Key Market Challenge 

The absence of awareness regarding the benefits of smart meters coupled with demand for mobilization may act as a key market challenge over the forecast period.

COVID-19 Impact on Smart Meters Market 

Due to the COVID-19 outbreak, there has been a reduction in the profitability of businesses in almost every industry. The power sector however has not been much negatively impacted in comparison to other sectors, the consumption of electricity by commercial and industrial customers is noticeably less. Besides, the power sector has experienced a price reduction trend and falling demand across the globe. Various regions, which also includes European countries are impacted heavily and have recorded all-time low electricity prices during the initial quarter of the financial year 2020. Besides, owing to the outbreak’s severity, most industries are laying emphasis on essential work which led to a pause on the installation of electric components. Different hardware device manufacturers in the smart grid market have faced various issues associated with closures owing to the global lockdown. Con Edison (US) for instance has halted all meter installations and readings of smart meters. Besides, Fitch Ratings in March revised the outlook of the revenue growth of Con Edison. The revised outlook highlights on the company’s weakened credit metrics. The company’s revenue had been affected by escalation of bad debt expense and reduced kilowatt-hour sales. The utilities across the world have announced the suspension of disconnection owing to delayed payment plans and non-payment of customers because of the pandemic, leading to earnings downgrades. Government-imposed lockdowns in most cities are likely to curb the demand for electricity, impeding the sales of utilities and other organizations working in the power sector. ABB (Switzerland) for instance, a global market leader in the power industry indicated that it faced a fall in profitability in 2020 because of lower production volumes in its business in comparison to the sales volume in 2019. 

Market Segmentation 

• By Type

By type, the water meters segment will lead the market over the forecast period for the increasing demand to monitor and optimize water consumption, increase need for accurate billing, increase in investment interest in digitalization of electrical systems, efforts to expand grid infrastructures, and increasing demand for electricity from residential and commercial sectors. 

• By Technology 

By technology, the automatic metering infrastructure segment will dominate the market over the forecast period as this is the most rapidly rising technology. 

• By Application

By application, the residential segment will spearhead the market over the forecast period for increasing power consumption, economic and technological advances, and growing government support for mandatory smart meter rollout projects. 

Regional Analysis

APAC to Have Lions Share in Smart Meters Market 

The Asia Pacific region will have the lions share in the market over the forecast period. Growing demand in economically powerful countries like Thailand and India, increasing adoption in China, growing emphasis to reduce carbon emissions from utility operations, effective integration of DER like wind and solar power for improved power sector operations, the high adoption of smart technology in power grid infrastructure, increasing challenges like aging T&D infrastructure, growing smart city projects in Thailand, India, and China, the growing need for energy owing to improvements in lifestyles and escalating population level, and increase in investment in T&D are adding to the global smart meters market growth in the region. The region will grow at a 8.15% CAGR.

Key Players 

Eminent players profiled in the global smart meters industry report include Siemens AG. (Germany), Landis+Gyr (Switzerland), Schneider Electric (France), Aclara Technologies LLC (U.S.), Zenner (Germany), Xylem, Inc. (U.S.), Honeywell International Inc. (U.S.). Itron Inc. (U.S.), EDMI (Singapore), Apator Group (Poland), Badger Meter, Inc. (U.S.), DIEHL Metering (Germany), and Kamstrup A/S (Denmark) among others.

Industry Updates 

HPL Electric and Power has received production clearance and approval from leading private distribution company to implement NB-IoT based smart meters in parts of Delhi. These meters are 5G and 4G compatible. With this technology, the problems and interference arising because of public network congestion will not impede the performance of smart meters anymore because data will flow smoothly via a dedicated channel.

More Trending Reports:

Solar Panel Recycling Market

Offshore Decommissioning Market

HVDC Converter Station Market

Hydraulic Pumps Market