The smart electric meters market is 2022 anticipated to be valued at US$ 20,983.3 million, growing at a CAGR of 10.0%. The market is anticipated to be valued at US$ 54,254.7 million by 2032.
The market for smart electric meters has grown globally as a result of the rising need for precise billing and initiatives to conserve energy. The business environment for the market for smart electric meters has been further enhanced by the electricity network’s quick expansion and the increase in smart grid investment. Utility companies can increase their revenue collection using smart electric meters by improving the accuracy of their invoicing.
A recent development in the market for smart electric meters is the demand for these devices in distribution, automation, and renewable energy integration applications. The market’s demand for smart electric meters will further rise due to a future project on electric vehicle fuel.
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Smart Electric Meter Market: Drivers and Challenges:
The increase in electricity demand is driving the growth of the global smart electric meter market as governments use the technology to reduce energy consumption and make use of available energy to improve access to electricity for people in areas not connected to grid power. Increasing energy prices and growing instances of electricity theft are also drivers that will further boost Smart electric meter demand.
The wireless signals from these smart electric meters lead to health problems making this a major challenge in the market. Other challenges for the smart electric meter market would include regulatory constraints and fierce competition among other players in the global smart meter market.
Smart Electric Meter Market: Competition Landscape
Key Contracts:
In June 2017, Comverge 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.
Leading Key Players:
Major industry participants in the Smart electric meter market include Seimens, Itron, Schneider Electric, Landis+GYR, Holley Metering, Iskraeeco, Osaki Electric, Sensus Sentec, Neptune Technology, Honeywell International, Badger Meter, Elster Group and Tableau Software among others.
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Regional Overview:
North America is expected to be the largest market for Smart electric meters due to major growth in the market. The main reason for this is the growth in infrastructure, strict government policies, and the emergence of smart cities.
Asia Pacific is expected to manifest high growth over the foreseeable future. Europe the Middle East and Africa can be seen emerging in this market.
Smart Electric Meter Market Segmentation:
By Product:
- Smart Electric Meter
- Smart Water Meter
- Smart Gas Meter
By End-Use:
- Residential
- Commercial
- Industrial
By Phase:
- Single
- Three
By Region:
- North America
- Latin America
- Asia Pacific
- META
- Europe
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