According to the latest report by IMARC Group, titled “Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global smart electric meter market size reached US$ 23.7 Billion in 2022. 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$ 38.1 Billion by 2028, expanding at a CAGR of 7.8% during 2023-2028.
- 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.
|Base Year of the Analysis
||Type, Phase, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800