The market for smart electric meters is anticipated to grow at a rate of 10.0%, with a projected value of US$ 20,983.3 million by 2022. The market is expected to be valued US$ 54,254.7 million by 2032.
Global demand for smart electric meters has grown as a result of the rising need for accurate billing and energy-saving measures. The business environment for the market for smart electric meters has further improved due to the electrical network’s quick growth and the rise in smart grid expenses. Utility firms can increase revenue collection by improving billing accuracy through the use of smart electric meters.
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 as a result of 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 is also a driver which 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.
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 and the Middle East and Africa can be seen emerging in this market.
Key Segments in the Smart Electric Meter Market
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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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