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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Smart Electric Meter Market Size
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.
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 Market Report Snapshots
Smart Electric Meter Market Size
Smart Electric Meter Market Growth
Smart Electric Meter Companies
*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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124