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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Smart Electric Meter Market Outlook
The global smart electric meter market reached a value of USD 6,202.6 million in 2023. The market is further assessed to grow at a CAGR of 1.6% during 2024-2032 to reach a value of USD 6,878.5 million by 2032.
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Asia Pacific to Lead the Smart Electric Meter Market
Europe and Asia Pacific collectively held a significant share of the smart electric meter market share. The Asia Pacific is the largest and the fastest-growing region. China accounts for about nearly half of the global market. This is the main reason for the Asia Pacific to be the largest market. India is a vast economy with electric consumption on the rise. There is also various government initiative that the Indian government will undertake. India’s robust economy and untapped market and multiple advantages of the smart electric meter will cause it to grow at a high rate. India’s growth will be the primary reason for the Asia Pacific to be the fastest-growing region.
Shifting focus toward the adoption of energy efficient technologies coupled with increasing investments toward replacement of conventional systems with IoT based metering technology will augment the regional industry growth. Moreover, ongoing government incentives and subsidies toward the integration of smart systems across the grid infrastructure will fuel the product demand. Europe market will witness an upsurge during the forecast period due to rising regulatory inclination toward the adoption of policies and standards to effectively address energy theft and power outages.
Smart Electric Meter: Industry Definition and Segments
A smart electric meter is an electronic device that records the consumption of electrical energy and communicates the information to the electricity supplier for monitoring and billing on monthly or daily basis depending on requirement. The preciseness in terms of reading and eliminating manual involvement to note readings and produce electricity is the major advantage of smart electric meter.
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Smart electric meter can be divided on the basis of type into the following:
- Automatic Metering Infrastructure (AMI)
- Automatic Meter Reading (AMR)
The industry can be classified on the basis of phase into:
- Single Phase
- Three Phase
On the basis of communication type, the industry can be divided into:
- Power Line Communication
- Radio Frequency
- Cellular
The industry finds its end uses in the following:
- Residential
- Commercial
- Industrial
The regional markets for smart electric market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Smart Grid Industry to Boost the Global Smart Electric Meter Industry
The essential driver increasing growth in the global smart electric market is growing in the smart grid market. To provide secure and efficient energy management on a regional level, utility providers are progressively focusing on the extensive deployment of smart grid systems. Growing focus on energy-efficient products and services, rising initiatives to solve energy need problems by smart electric meters by various governments, losses like fraud, costs, and theft involved in the manual collection are minimized with the use of the smart electric meter.
The smart electricity meter is an essential element of the smart grid system, which can offer bi-directional communication with data collection points, thus the smart grid market will directly affect the smart electric meter market. Increasing power consumption across residential establishments including apartments and multistorey buildings along with expanding commercial sector will drive the segment growth. Rapid expansion of distributed generation technology coupled with the advancement of microgrid networks will further spur the market growth trends.
Key Industry Players in the Global Smart Electric Meter Market
The report gives a detailed analysis of the following key players in the global smart electric meter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Aclara Technologies LLC
- Honeywell International, Inc.
- Itron, Inc.
- Kamstrup A/S
- Landis+Gyr AG
- Sagemcom Broadband SAS
- Schneider Electric SE
- Wasion Holdings Limited
- Xylem, Inc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Phase |
|
| Breakup by Communication Type |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Smart Electric Meter Market Report Snapshots
Smart Electric Meter Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global smart electric meter market attained a value of nearly USD 6,202.6 million.
The market is projected to grow at a CAGR of 1.6% during 2022-2028.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 6,878.5 million by 2032.
The key market drivers are growing in the smart grid market and increasing power consumption across residential establishments including apartments and multistorey buildings along with expanding commercial sector.
The key market trends driving the market are growing focus on energy-efficient products and services, rising initiatives to solve energy need problems by smart electric meters by various governments.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Asia Pacific accounting for the largest share in the market.
The dominant type of smart electric meter in the market are automatic metering infrastructure (AMI) and automatic meter reading (AMR).
The phases of the product can be divided into single phase and three phases.
In terms of communication type, the market segments are power line communication, radio frequency, and cellular.
The leading end use sectors of smart electric meter are residential, commercial, and industrial.
The major players in the market are Aclara Technologies LLC, Honeywell International, Inc., Itron, Inc., Kamstrup A/S, Landis+Gyr AG, Sagemcom Broadband SAS, Schneider Electric SE, Wasion Holdings Limited, Xylem, Inc, among others.
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