Global Smart Electric Meter Market to Reach US$ 47.1 Billion by 2032, Impelled by Growing Need for Efficient Energy Management Solutions

August 23, 2023 | Electronics and Semiconductors

According to the latest report by IMARC Group, titled “Smart Electric Meter Market Report by Type (Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)), Phase (Single Phase, Three Phase), End User (Industrial, Commercial, Residential), and Region 2024-2032,” the global smart electric meter market size reached US$ 25.6 Billion in 2023. A smart electric meter is an advanced electronic device designed to measure, record, and monitor real-time electricity consumption. They utilize cutting-edge technology such as the Internet of Things (IoT) and wireless communication to enable two-way data exchange between consumers and utility companies empowering consumers to access detailed insights into their electricity usage patterns, helping them make informed decisions about energy consumption and efficiency. Smart electric meters are instrumental in modernizing the power grid and enabling smart grid initiatives, as they facilitate the seamless integration of renewable energy sources and promote energy conservation. These meters offer numerous benefits, including accurate billing, remote reading capabilities, and the potential for demand response programs that incentivize consumers to adjust their energy usage during peak hours. 

Global Smart Electric Meter Market Trends:

The growing need for optimized energy management solutions as businesses and consumers become increasingly conscious of energy efficiency, and sustainability is one of the major factors driving the market growth. Additionally, the rising demand for technologies that monitor, and control electricity consumption effectively is positively impacting the market growth. Smart electric meters provide real-time data on energy usage, allowing consumers to identify wastage, modify consumption behaviors, and ultimately reduce energy costs. Moreover, the increasing utilization of smart electric meters in integrating and managing distributed energy resources, such as solar panels, wind turbines, and battery storage systems is supporting the market growth. They provide accurate data on renewable energy generation and consumption, enabling efficient grid management and enhancing the stability of the electricity network. Furthermore, the proliferation of smart grid infrastructure as utility companies modernize their power grids to meet the increasing electricity demand is creating a positive outlook for the market growth. In confluence with this, the growing product adoption to enhance grid resilience, reduce outage durations, and improve overall power system reliability is strengthening the market growth.. In addition to this, the integration of IoT technologies enabling seamless data transmission, enhanced data analytics, and the development of smart metering platforms with personalized energy insights to consumers, is providing remunerative growth opportunities for the market. Looking forward, the market value is projected to reach US$ 47.1 Billion by 2032, expanding at a CAGR of 6.9% during 2024-2032.

Market Summary:

  • Based on the type, the market has been segmented as advanced metering infrastructure (AMI) and automatic meter reading (AMR).
  • On the basis of the phase, the market has been bifurcated into single phase and three phase.
  • Based on the end-user, the market has been divided into industrial, commercial and residential.
  • Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being ABB Ltd., Aclara Technologies LLC (Hubbell Incorporated), Genus Power Infrastructures Ltd., Holley Technology Ltd., Honeywell International Inc., Iskraemeco Group, Itron Inc., Jiangsu Linyang Energy Co. Ltd., Landis+Gyr, Microchip Technology Inc., Schneider Electric SE and Wasion Group.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Phase, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered ABB Ltd., Aclara Technologies LLC (Hubbell Incorporated), Genus Power Infrastructures Ltd., Holley Technology Ltd., Honeywell International Inc., Iskraemeco Group, Itron Inc., Jiangsu Linyang Energy Co. Ltd., Landis+Gyr, Microchip Technology Inc., Schneider Electric SE and Wasion Group.
Customization Scope 10% Free Customization
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Global Smart Electric Meter Market to Reach US$ 47.1 Billion by 2032, Impelled by Growing Need for Efficient Energy Management Solutions
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