Overview and Scope
The smart electric meter refers to an electronic device, which records information such as consumption of electric energy, voltage levels, current, and power factor. Smart electric meters capture more data frequently than analog meters and send the information to a central database for billing, troubleshooting, and other diagnostic activities. The smart advanced electric meters with integrated data processing and built-in two-way communication can instantly capture and send energy data in most commercial and industrial settings.
Sizing and Forecast
The smart electric meter market size has grown strongly in recent years. It will grow from $21.38 billion in 2023 to $22.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to regulatory mandates, grid modernization, energy efficiency initiatives, aging infrastructure, consumer awareness.
The smart electric meter market size is expected to see strong growth in the next few years. It will grow to $31.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to renewable energy integration, distributed energy resources (ders), electric vehicle charging, demand response programs, edge computing. Major trends in the forecast period include advanced metering infrastructure (ami), time-of-use tariffs, grid-interactive devices, iot integration, energy data analytics: .
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Segmentation & Regional Insights
The smart electric meter market covered in this report is segmented –
1) By Type: Advanced Metering Infrastructure, Auto Meter Reading
2) By Phase: Single, Three
3) By Communication Technology: Power Line Communication, Radio Frequency, Cellular
4) By Application: Residential, Commercial, Utility
Asia-Pacific was the largest region in the smart electric meter market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the smart electric meter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Increasing power demand across the globe is expected to drive the smart electric meter market. Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for power across the globe. Increasing power demand is expected to boost the utilization of smart meters, as government and utility service providers across the globe are investing in advanced metering infrastructure and technologies to attain error-free automated utility operations. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, worldwide electricity demand is expected to grow by 2.4% in 2022 after the previous year’s 6% increase in electricity consumption. Therefore, the increase in demand for power is expected to boost the demand for smart electric meters during the forecast period.
Key Industry Players
Major companies operating in the smart electric meter market include Itron Inc., Landis+Gyr Group AG, Schneider Electric SE, Siemens AG, Honeywell International Inc., Aclara Technologies LLC, EDMI Limited, Enel S.p.A., Kamstrup A/S, Sensus Inc., Wasion International Ltd., ABB Ltd., Sagemcom Ltd., Microchip Technology Inc., General Electric Company, Holley Technology Ltd., Elster Group SE, Iskraemeco D.D., Jiangsu Linyang Energy Co. Ltd., Hexing Electrical Co. Ltd., Networked Energy Services Corporation, Pietro Fiorentini s.p.a., Secure Meters Limited, B METERS Srl, Jabil Inc., Diehl Stiftung & Co. KG, ZENNER Aquamet India Pvt. Ltd., Badger Meter Inc., Mueller Systems LLC, Neptune Technology Group Inc., Tata Power Delhi Distribution Company
The smart electric meter market report table of contents includes:
1. Executive Summary
- Smart Electric Meter Market Characteristics
- Smart Electric Meter Market Trends And Strategies
- Smart Electric Meter Market – Macro Economic Scenario
- Global Smart Electric Meter Market Size and Growth
. - Global Smart Electric Meter Market Competitive Benchmarking
- Global Smart Electric Meter Market Competitive Dashboard
- Key Mergers And Acquisitions In The Smart Electric Meter Market
- Smart Electric Meter Market Future Outlook and Potential Analysis
- Appendix
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