The global smart electric meter market is likely to be valued at USD 20,983.3 Million in 2022 and is predicted to secure a CAGR of 10.0% during the forecast period. The market is expected to grow at a value of USD 54,254.7 Million by 2032.
The demand for smart electric meters is increasing as there is an increased need in the market for efficient data monitoring systems, coupled with favorable government policies for smart electric meters, and improved cost savings, owing to the use of smart meters, making it a definite case for adoption. The rise in the smart electric meter market is also because of increased emphasis on renewable energy resources globally.
| Report Attribute | Details |
|---|---|
| Smart Electric Meter Market Value (2022) | USD 20,983.3 Million |
| Smart Electric Meter Market Anticipated Value (2032) | USD 54,254.7 Million |
| Smart Electric Meter Projected Growth Rate (2022 to 2032) | 10.0% |
The growth of the smart electric meter market can be attributed to the remarkable development in urbanization and multiple smart city initiatives. Rising demand for accurate billing along with growing investment in smart grids is likely to complement the business landscape for the smart electric meter.
With the usage of smart electric meters, utility firms can improve their collection of revenue, with the attainment of accuracy in billing. Therefore, it is anticipated that the smart electric meter market is going to witness significant growth during the forecast period.
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It is anticipated that a revolution in the cloud computing and software sector is leading to massive growth in the demand for smart electric devices, making it a vital point to invest in smart metering systems.
A definitive cause for the adoption of smart electric meters is improved savings of cost. This device assists the end-users in monitoring the electricity consumption data, which helps in the customization of the user based on the electricity tariff rates.
Smart electric meters are intelligent devices that measure electrical consumption with remote meter connection and disconnection, reporting, fault-detection, and analysis of the consumed electricity on a day-to-day basis.
The demand for smart electric meters is driven by their feature to assist in power quality and voltage monitoring, followed by the collection and storage of real-time data in the central system. Customers are highly triggering the sales of smart electric meters as it is making allowance for them to observe, calculate, and reduce the consumption of energy during peak hours.
Additionally, the doors of lucrative opportunities are being opened by surging investment interest in the digitalization of electrical systems and increased electricity demand in commercial and residential sectors.
The smart electric meter market is projected to be challenged by a number of factors that are likely to curb its growth of the smart electric meter market.
A major restraint in the deployment of smart electric meters is the gap between the cost-bearing party and the potential beneficiary. It is witnessed that the overall cost of installation associated with the smart electric meter is very high.
The deployment requires huge capital investment as compared to the traditional electro-mechanical and electronic meters. Hence, most utilities are reluctant to shift their focus toward the deployment of new technology.
There are regulatory constraints and fierce competition in the market among the players. Additionally, cybersecurity and data privacy concerns are major restraints, and it is also anticipated that the wireless signals from the smart electric meters lead to health problems, making it a key challenge to hinder the market growth of smart electric meters globally.
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A number of factors in the North American region have been integrated to make smart electric meters more reliable, more remarkable, and affordable in this region.
The North American regions are projected to secure a significant share in the global smart electric meter market. Currently, this region is accountable for 21.5% of the total market share of smart electric meters.
Due to the rise of different connectivity technologies in this region, the growth of smart electric meters is being fueled. A prominent factor boosting the adoption of smart electric meters is the development of communication network infrastructure and government initiatives in North America.
Europe is projected to dominate the market of smart electric meters. At present, the European region is holding a total market share of 23.5% for the smart electric meter.
Owing to the government mandates for smart grids, and the adoption of national energy policies for improved efficiency and reduction of carbon emissions, this region is likely to attribute more to the market size of smart electric meters. There is an increase in the setting up of commercial industries, which is stimulating the demand for this device in Europe.
How are the Start-up Companies Revolutionizing Smart Electric Meter Market?
The start-up ecosystem is having continuous integration of innovative attempts and intense efforts with frequent up-gradation being made. Start-ups in the smart electric meter market are focusing on multiple features to further drive the adoption of this device. The growth of smart-city initiatives and remote monitoring is driving start-up companies to indulge in more rigorous research and development activities.
In June 2017, Converge a company famous for its integrated cloud-based demand response, energy efficiency, and customer engagement solutions was acquired by Itron which provides solutions to measure, manage and analyze energy and water through smart electric meters and smart meters.
In September 2015, Aclara acquired General Electric’s electricity metering business. The acquisition strengthened Aclara's position in the smart electric meter market. Aclara is famous for its metering in the North American region specifically.
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Who is Trending amongst the Biggies in the Smart Electric Meter Market?
Recent Development
The recent developments in the smart electric meter market are gaining momentum with new innovations being made by the key players. For instance, Reliance Industries has been focusing on the smart electricity meter market after signing multi-billion dollar deals for Jio Platforms and Reliance Retails.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.0% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product, End-Use, Phase, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | Siemens; Itron; Schneider Electric; Landis+GYR; Holley Metering; Iskraeeco; Osaki Electric; Sensus Sentec; Neptune Technology; Honeywell International; Badger Meter; Elster Group; Tableau Software |
| Customization | Available Upon Request |
The growth outlook for the smart electric meter market is predicted to advance at a CAGR of 10.0% from 2022 to 2032.
The European region is anticipated to lead the smart electric meter market during the forecast period.
The smart electric meter market is likely to hold a valuation of USD 54,254.7 Million by 2032.
The commercial sector is the key driver in the smart electric meter market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End User 5.1. Residential 5.2. Commercial 5.3. Industrial 5.4. Government 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. Middle East and Africa 7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Seimens 14.2. Schneider Electric 14.3. Landis+GYR 14.4. Holley Metering 14.5. Osaki Electric 14.6. Sensus Sentec 14.7. Iskraeeco 14.8. Neptune Technology 14.9. Honeywell International 14.10. Badger Meter 15. Assumptions & Acronyms Used 16. Research Methodology
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Smart Electric Meter Market
