โThe Smart Electric Meter Market size was valued at USD 10.08 Billion in 2023 and the total Smart Electric Meter Market revenue is expected to grow at a CAGR of 3.8% from 2024 to 2030, reaching nearly USD 9.49 Billion by 2030.โ
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Smart Electric Meter Market Overview
A smart electric meter is a digital device that measures electricity usage in real-time. Unlike traditional meters, smart meters send data automatically to utility companies. This connection helps in monitoring and managing energy consumption effectively. Smart electric meters benefit everyone. They allow consumers to see their energy usage patterns, making it easier to save on electricity bills. Utility companies can optimize their grid management and reduce power outages.
Driving Factors for Growth
Government Initiatives: Many countries are investing in smart grid technologies. This investment is often motivated by the need for energy efficiency and climate change reduction.
Consumer Awareness: More people are becoming aware of their environmental impact. Smart meters provide a handy way for consumers to participate in energy conservation.
Asia Pacific dominated the regional Smart Electric Meter industry in 2023
Asia Pacific dominated the market in 2023, accounting for over 44% share of the global revenue.
The presence of major manufacturers of smart meters in the region has also driven the market’s growth. Italy, Spain, France, U.K., Sweden, Norway, Netherlands, Germany, and Denmark are significant countries that drive the regional market. This factor is expected to fuel the growth of the smart electric meter market at a healthy rate in Europe in the forthcoming years.
The Middle East & Africa, and Latin America have seen a minimal penetration of these meters so far. Brazil and Mexico of Latin America are likely to have major smart meter roll-outs planned in the coming years. Similarly, South Africa and GCC countries will grow at a high CAGR in the market over the given forecast period.
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Smart Electric Meter Recent News
March 2024, Utilidata and Nvidia announced the start of cooperation on their partner network module. Aclara Technologies, which was acquired by electronics giant Hubbell Inc.
May 2023 – Honeywell announced the Next Generation Mobile Module (NXCM), which enables an Advanced Measurement Infrastructure (AMI) solution. It is an innovative solution that upgrades old gas and water meters to smart meters at no additional cost. This innovative module enables wireless connection of meters across existing public cellular networks, improving monitoring, security, and analysis for service providers and their customers.
February 2022- ABB India launched a new series of electronic power meters and monitoring meters in the digital panel meter market. The new product is an addition to ABB’s existing range of individual, multi-function meters and network analyzers, serving the panel meter market in various sectors such as healthcare, hospitality, infrastructure, and F&B.
Smart Electric Meter Market Segmentation
By Phase
- Single Phase
- Three Phase
By Communication Technology Type
- Power Line Communication
- Radio Frequency
- Cellular
By End-User
- Residential
- Commercial
- Industrial
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Smart Electric Meter Market Key Players
- Landis+Gyr (Toshiba Corporation)
- Wasion Group Holdings
- Schneider Electric
- Honeywell International Inc.
- Itron Inc.
- Jiangsu Linyang Energy Co. Ltd
- Siemens
- Microchip Technology
- Aclara
- Iskraemeco
Our report offers:
- Market share assessments for the regional and country-level segments.
- Inventory network patterns planning the most recent innovative progressions.
- Key suggestions for the new participants.
- Piece of the pie examination of the top business players.
- Market conjectures for at least 7 years of the relative multitude of referenced fragments, sub-portions, and
- the local business sectors.
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and
- suggestions).
- Organization profiling with point by point techniques, financials, and ongoing turns of events.
- Serious arranging planning the key regular patterns.
- Key suggestions in key business portions dependent on market assessments.
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Table of contents
โข 1 Market overview
โข 2 Manufacturer Profile
โข 3 Global Smart Electric Meter sales, revenue, market share, and competition by manufacturer
โข Global Smart Electric Meter Market Analysis by 4 Regions
โข Country 5 North America Smart Electric Meter
โข Security by European by 6 countries
โข 7 Asia Pacific Smart Electric Meter by Country
โข 8 South American Smart Electric Meter by Country
โข 9 Countries in the Middle East and Africa
โข 10 Global Smart Electric Meter Market Segments by Type
โข 11 Global Smart Electric Meter Market Segments by Application
โข 12 Smart Electric Meter Market Forecast by (2024 to 2030)
โข 13 Sales Channels, Distributors, Traders, and Dealers
โข 14 Survey results and conclusions
โข 15 Appendix
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