The global sales of automated power meter are estimated to be worth USD 6,054.0 million in 2024 and are anticipated to reach a value of USD 14,597.3 million by 2034. Sales are projected to rise at a CAGR of 9.2% over the forecast period between 2024 and 2034. The revenue generated by automated power meter in 2023 was USD 5,544.0 million. The industry is anticipated to exhibit a Y-o-Y growth of 9.3% in 2024.
The automated power meter industry is set to experience robust growth, driven by the rising adoption of smart technologies for efficient energy management. By 2034, the market is estimated to offer an incremental opportunity of USD 9,329.2 million and has the potential of growing 2.4X.
Key factors fueling this growth include the increasing demand for real-time energy monitoring, the need for reduced manual intervention, and the integration of advanced communication technologies within existing infrastructure.
| Attributes | Key Insights |
|---|---|
| Estimated Size, 2024 | USD 6,054.0 million |
| Projected Size, 2034 | USD 14,597.3 million |
| Value-based CAGR (2024 to 2034) | 9.2% |
Automatic power meter technology is revolutionizing energy management by automating the collection of consumption, diagnostic, and status data from electricity meters. These systems transfer this data to a central database, facilitating accurate billing, troubleshooting, and detailed analysis.
This helps not only in improving the efficiency of operations of the utilities but also provides the end users with better consumption experience by these services. This device can be retrofitted onto traditional system and is essential for upgrading systems into smart meters that is capable of transmitting data over connected networks such as radio frequency (RF), powerline, and wired/wireless telephony platforms.
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Government Regulations and Smart Grid Adoption
Government restrictions and the use of smart grid technologies are vital for promoting the automated power meter the market. The EU's revised Energy Efficiency Directive 2023/1791 came into force on 10 October 2023, and sets legally binding targets for energy consumption reduction of 11.7 percent by the year 2030, stressing energy efficiency as a priority.
This directive requires member states to develop more refined metering capabilities through automated metering systems to manage energy consumption.
India's Smart Cities Mission initiated in 2015 seeks to foster the development of urban areas, making them more inclusive as well as sustainable. These regulatory frameworks are key to the rapid deployment of automated power meters that allow for the immediate gathering of data that can be utilized by both utility companies and the general consumer to help manage and use energy resources more economically.
Real-Time Energy Analytics and Prepaid Metering
The automated power meter market is experiencing significant advancements in real-time energy analytics and prepaid metering systems. For example, Homey has enabled an energy management functions that gives users the control to monitor and manage energy usage among various smart devices in the home and hence increasing energy efficiency at the household level.
Utilidata formed partnership with Aclara to strengthen grid management segment by incorporating smart grid solutions in its smart meters that is developed by NVIDIA Jetson.
This partnership will help the utility companies to manage better data insights for distributing and enhancing operational practices to have greater penetration of diverse sources of energy. These developments empower consumers with greater control over their energy usage and support utilities in efficient energy distribution and revenue management.
Integration with Renewable Energy and IoT Ecosystems
The integration of renewable energy systems and Internet of Things with automated power meters is providing various opportunity for the market to expand. The high usage or dependency of solar and wind power, these meters is expected to play an important role in controlling fluctuating energy flows and improving grid dependability.
For instance, Fibocom introduced LTE Cat 1bis modules, which is design to be used for smart electricity meters, facilitating efficient integration with renewable sources.
There are residence, which are equipped with features like energy monitoring, and optimization and automated power meters. Company like Homey has launched app, which offers an energy management technology to capture the data to control energy by various smart devices for efficient use of energy.
High Operational Disruptions and Capital Expenditure
Many regions, which are developing, hesitate in shifting towards to automated power meter systems. This hesitation is because there is fear of operational disruptions and high initial capital expenditures. Deployment of advance meter system requires high investment in workforce training, technology, infrastructure, which make it difficult task for small size utility.
Due to the monopolized market and little level of competition, utilities might not have the financial motivation to engage in AMI because there are no obvious immediate economic improvements.
The global automated power meter market recorded a CAGR of 7.9% during the historical period between 2019 and 2023. The growth of automated power meter market was positive as it reached a value of USD 5,544.0 million in 2023 from USD 4,090.1 million in 2019.
Before the COVID-19 pandemic, the automated power meter market experienced steady growth due to the rising global emphasis on energy efficiency and infrastructure modernization. In 2019, the global automated power meter market was valued at approximately USD 4,090.1 million, with demand primarily driven by industrial and commercial sectors.
More than 40% of the installations were done in countries like China and the USA with the bulk of production in Asia Pacific. However, growth was slowed down by factors such as high installation costs and absence of a unified grid structure in developing regions.
To deal with these concerns, Landis+Gyr and Itron, for instance, solved the problems by providing utility companies with plug-and-play smart meters which could be embedded into old infrastructures which allowed electric companies to use the technology without large upfront payments.
The global automatic power meter market was disrupted by the COVID-19 pandemic from 2019 to 2023, particularly in 2020 when global production and installations decreased by roughly 12%. Even China, an important exporter, narrowed its exports of electric meters from 242 million in 2019 to 210 million units in 2020, indicating supply difficulties.
However, the market significantly picked up in 2021 as governments focused on infrastructure development apart from other priorities like smart grid modernization. Global demand grew during this time and the installations in the residential segment grew at a faster pace.
For instance, in India, smart meter installations reached 5 million units in total under the Smart Meter National Programme (SMNP) program by the year 2022.
Looking forward, the automated power meter market is predicted to expand rapidly, with a CAGR of 9.2% during the forecast period. China is expected to maintain its dominance in the East Asia market, accounting for 49.6% by 2024, while Europe and North America's shares will grow due to regulatory requirements for energy-efficient measures.
By 2030, roughly 80% of global households are predicted to utilize smart electric meters, up from 44% in 2022. Companies such as ABB and Schneider Electric are concentrating on improving cybersecurity in automated power meters to answer rising worries about data leaks.
Principal Consultant
Tier 1 companies comprise market leaders with a market revenue of above USD 50 million capturing a significant market share of 35% to 40% in the global market. These market leaders are characterized by high production capacity and a wide product portfolio.
These market leaders are distinguished by their extensive expertise in manufacturing across multiple packaging formats and a broad geographical reach, underpinned by a robust consumer base. They provide a wide range of series including recycling, and manufacturing utilizing the latest technology meeting regulatory standards providing the highest quality.
Prominent companies within Tier 1 include Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International Inc., Itron Inc, Landis+Gyr, Xylem Inc. (Sensus), ABB, and OSAKI ELECTRIC CO., LTD. etc.
Tier 2 and other includes the majority of small-scale companies operating at the local presence and serving niche markets having revenue below USD 50 million. These companies are notably oriented towards fulfilling local market demands and are consequently classified within the tier 2 share segment. They are small-scale players and have limited geographical reach.
Tier 2, within this context, is recognized as an unorganized market, denoting a sector characterized by a lack of extensive structure and formalization when compared to organized competitors.
The section below covers the industry analysis for the automated power meter market for different countries. Market demand analysis on key countries in several regions of the globe, including North America, Asia Pacific, Western Europe, and others, is provided.
The USA is anticipated to remain at the forefront in North America, with a value share of 62.6% in North America through 2034. In East Asia, China is projected to witness a CAGR of 7.7% by 2034.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| China | 7.7% |
| USA | 8.4% |
| India | 9.0% |
| Russia | 8.1% |
| Japan | 8.8% |
| South Korea | 9.3% |
The India automated power meter market is set to grow at a 9.0% CAGR from 2024 to 2034, exceeding USD 2,194.9 million. Growth is fueled by increasing data center deployments, rising urbanization, and energy efficiency initiatives. The government’s target of installing 250 million smart meters drives domestic production, supported by ‘Make in India’ and a robust electronics-manufacturing ecosystem.
Rapid urbanization (35% urbanization rate) has elevated residential electricity demand, driven by growing appliance usage such as ACs, refrigerators, and heating systems. India’s focus on reducing transmission and distribution losses, which stood at 20% in 2021, highlights the need for smart metering infrastructure to enhance grid efficiency, reliability, and support the country’s energy modernization goals.
North America, led by the USA, is projected to hold 37.8% of the global automated power meter market in 2024, growing at a CAGR of 8.4%. By 2034, the USA market alone is expected to reach USD 2,889.8 million, driven by investments in smart grid infrastructure and supportive government policies.
High cooling demand in warmer regions and rampant urban growth propel residential electricity consumption in southern and western USA regions, especially Texas, Florida and California. By 2023, the estimated power usage in USA had moved to 4,000 TWh and projection indicated further surge to 4,163 billion kWh in 2024 with advancing AI utilization and data centers as well as global electrification. These factors drive significant adoption of automated power meters, enhancing energy efficiency and grid resilience.
China is expected to hold around 49.6% of the East Asia market for automated power meters in 2024, further solidifying its position in the market. China's massive production footprint and government regulations aimed at smart grid technology-related sectors promote this expansion.
In 2021, the number of smart electric meters exported from China reached approximately 242 million units, which constituted 61.9% of total global exports. This dominance tells the fact that China is one of the global leaders in power meter eco-systems that require large volume production in order to meet both domestic and foreign requirements.
This trend is also corroborated by the increasing levels of urbanization where urbanization rate is predicted to be about 70 per cent in the next five years and reach 66.16 percent by the end of 2023. Residential electricity consumption increased significantly because of urbanization, growing from 1,227.8 billion kWh in 2021 to 1,393.5 billion kWh in 2022.
The growing demand for effective energy management solutions is demonstrated by this upward trend. In order to handle the changing consumption patterns of urban households, automated power meters are essential for providing correct invoicing, real-time monitoring, and energy efficiency.
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The section contains information about the leading segments in the industry. By meter type, smart meters segment is estimated to grow at a CAGR of 9.0% throughout 2034. Additionally, residential applications is projected to expand at 8.8% by 2034.
| Meter Type | Smart Meters |
|---|---|
| Value Share (2034) | 76.0% |
The smart meters segment is expected to grow at a CAGR of 9.0% between 2024 and 2034, with a market value projected to surpass USD 13,340.3 million by the end of the forecast period. The growth has been driven by smart initiatives intended at upgrading electrical network infrastructure, notably in the European area.
The European Union's goals for energy efficiency and grid modernization, particularly its goal of achieving 80% smart meter penetration by 2030, are significantly boosting adoption. These features have placed smart meters as indispensable tools for decreasing energy loss, enhancing precision of invoice charging and overall operational efficiency in energy management.
These characteristics make smart meters essential instruments for lowering energy losses, improving billing accuracy, and increasing overall energy management efficiency.
| Application | Residential |
|---|---|
| Value Share (2034) | 62.7% |
The automated power meter market for residential application is projected to exceed USD 10,749.7 million by 2034, driven by a CAGR of 14.7%. This growth aligns with the increasing demands in residential energy management and optimization, driven by exponential increase in the number of households around the world and consumption of electricity.
The residential segment commands approximately 45% of the global automated power meter market, significantly outpacing the commercial and industrial sectors. This is a result of the number of households around the world, which was estimated to be about 2.5 billion in 2023, of which China and India’s share was above 30%. For instance, China is estimated to have about 522.7 million and India with approximately 299.7 million.
Residential energy consumption accounts for around 8.25 petawatt-hours (PWh) each year, with a global total of 33 PWh expected by 2030. This spike is attributable to rising household wealth, the amount of energy-consuming equipment, and the use of air conditioners.
The section provides comprehensive assessments and insights that highlight current opportunities and emerging trends for companies in developed and developing countries. It analyzes advancements in manufacturing and identifies the latest trends poised to drive new applications in the market.
The key players in the absorption chiller market are actively enhancing their market presence and competitiveness through different strategies by incorporating advanced technologies like variable-speed compressors, intelligent controls, and integration with renewable energy sources to improve energy efficiency and environmental sustainability.
Significant players are further introducing new products to address the increasing need for cutting-edge solutions in various end-use sectors. Geographic expansion is another important strategy that is being embraced by reputed companies. Start-ups are likely to emerge in the sector through 2034, thereby making it more competitive.
Recent industry developments in the automated power meter market:
In terms of meter type, the industry is divided into smart meters, digital meters and analog meters. This meter type ae further classified into single-phase and three-phase.
In terms of communication technology, the industry is divided into wired technology and wireless technology. Wired Technology is further classified into power line communication (plc) and Ethernet. Similarly, wireless technology is further classified INTO CELLULAR, Wi-Fi, Radio Frequency (RF) and LoRaWAN.
In terms of application, the industry is divided into residential, commercial and industrial. Each application type are further classified into New Installations and Retrofit.
Key regions of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa have been covered in the report.
The global automated power meter industry is projected to witness a CAGR of 9.2% between 2024 and 2034.
The global automated power meter industry stood at USD 5,544.0 million in 2023.
The global automated power meter industry is anticipated to reach USD 14,597.3 million by 2034 end.
The key players operating in the global automated power meter industry include Schneider Electric, General Electric and Siemens AG.
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