NEW YORK, Feb. 15, 2023 /PRNewswire/ -- As per Facts and Factors study, The global smart electric meter market size was worth around USD 16.2 billion in 2021 and is predicted to grow to around USD 36.37 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.12% between 2022 and 2030.
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Smart Electric Meter Market: Overview
A smart electric meter is advanced equipment that can accurately record information related to electricity and its utilization. It records information like current and voltage levels, power factors, and electric energy. The information thus obtained is communicated to the owner or consumers so that they can make smart and informed decisions related to further energy utilization. The electricity suppliers also benefit because they can efficiently decide on key factors related to electricity supply, it's monitoring, and the billing aspects of the entire process.
A typical smart meter can record and store information in real time. The same information is reported to the relevant stakeholders at regular intervals throughout the day. These meters have revolutionized the way electricity supply functions because it has opened a way for two-way communication between the meter and the central system that operates it. Generally, a smart meter refers to an electricity meter, but it may also mean metering systems for other utilities like gas and water.
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Key Insights:
- As per the analysis shared by our research analyst, the global smart electric meter market is estimated to grow annually at a CAGR of around 8.12% over the forecast period (2022-2030)
- In terms of revenue, the global smart electric meter market size was valued at around USD 16.2 billion in 2021 and is projected to reach USD 36.37 billion, by 2030.
- The smart electric meter industry is projected to grow at a significant rate due to its impact on making information-based decisions in terms of energy utilization
- Based on technology segmentation, the advanced metering system was predicted to show maximum market share in the year 2021
- Based on phase segmentation, three-phase was the leading phase in 2021
- On the basis of region, North America was the leading revenue generator in 2021
Facts and Factors published the latest report titled "Smart Electric Meter Market Size, Share, Growth Analysis Report By Technology (Advanced Metering System and Automated Meter Reading System), By Application (Commercial, Residential, and Utility), By Phase (Three Phase and Single Phase), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 - 2030" into their research database.
Industry Dynamics:
Global Smart Electric Meter Market: Growth Drivers
- Its impact on making information-based decisions in terms of energy utilization to propel market demand.
The global smart electric meter market is projected to benefit due to the several advantages of using smart meters in today's deregulated world. Smart meters have allowed consumers to gain control over the energy consumption pattern based on real-time information that is accurate and transparent. Some benefits of using smart electric meters include enabling the creation of accurate bills where the cost of using electricity is regularly communicated to the user.
Furthermore, the technology allows the consumer to witness first-hand their consumption pattern and make changes in it depending on the information received. The information displayed on the meter is as narrowed down as learning about the amount of energy used in the last hour, week, or month. The information extracted by smart electric meters is sent to the stakeholders digitally and hence there is no requirement of waiting for an individual to manually check the meter readings which may be inaccurate if the readings are read incorrectly. Additionally, other features like the ability to switch between credit or prepaid versions of electricity consumption could act as a growth propelling factor.
Global Smart Electric Meter Market: Restraints
- Growing concerns over the cyber-attack to restrict market expansion.
The use of smart electric meters makes power grids vulnerable to cyber or digital attacks that can cause severe damage in terms of loss of information, power outages, and data theft. Power outages can occur by either cutting off the consumer's electricity supply directly or by causing an overload in the grid section. Although companies offer cyber-attack-resistant smart meters, the chances of an attack exist. Some reports have claimed that certain smart meters can be hacked to underreport electricity consumption or usage. These factors are expected to restrict the smart electric meter industry growth.
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Global Smart Electric Meter Market: Opportunities
- Rising efforts toward green energy to provide growth opportunities.
Smart electric meters are capable enough to allow businesses and residential units to adopt technologies that are more environmentally friendly since they can detect issues before they occur and turn into an irreversible crisis. The coming years are expected to witness a surge in the adoption of Internet of Things (IoT) technologies that have constantly supported the quality of the environment and may prevent the population from becoming victims of environmental dangers. Furthermore, growing investment towards the development of large-scale smart homes as a means of sustainable growth is anticipated to create more growth opportunities for global smart electric meter market.
Global Smart Electric Meter Market: Challenges
- Managing communication in absence of a network to challenge market growth.
Smart electric meters make use of mobile technology to communicate the recording to energy suppliers. In remote areas or regions that do not have strong signals, the connection may get easily disrupted. This is a major challenge for the global market players to overcome as there are many regions worldwide that lack the necessary infrastructure required to support the higher adoption of smart electric meters which currently is more of an urban device. Additionally, the higher installation duration causing non-accessibility to electricity for a long duration is another challenge that the smart electric meter industry players may have to face and overcome.
Global Smart Electric Meter Market: Segmentation
- The global smart electric meter is segmented based on technology, application, phase, and region.
Based on technology, the global market is divided into the advanced metering systems and automated meter reading system
- An advanced metering system (AMI) is a communication system that works two ways and collects information from the entire utility service sector. These systems can effectively benefit the consumer to save monthly expenses by providing accurate and real-time information
- Automated meter reading system (AMR) is the technology that describes the automatic collection of information from an electric meter which is then sent to the service provider for final billing
- The global market may register the highest growth in the AMI segment due to the growing remote control and monitoring applications
- As of 2020, the US had installed more than 100 million smart meters across the region
Based on application, the smart electric meter industry is segmented into commercial, residential, and utility
Based on phase, the global market is divided into three phases and single phase
- The former phase is used to measure the energy or power of a three-phase electrical supply whereas the latter is a two-wire alternating current power circuit
- Three-phase smart electric meters have commercial applications whereas single-phase meters are known as residential meters
- By 2030, the three-phase segment may grow at a CAGR of 9.1% as the product penetration increases in commercial settings
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List of Key Players in Smart Electric Meter Market:
- Itron Inc.
- Aclara Technologies Llc
- EDMI
- Siemens AG
- Sensus
- Kaifa Technology
- Diehl Stiftung & Co. KG
- Holley Metering Limited
- Xemex
- Suntront Technology
- Aichi Tokei Denkei
- Honeywell International Inc.
- Schneider Electric SA
- Neptune Technology Group Inc.
- Landis+Gyr
- Kamstrup Company
- Badger Meter
- Wasion Group
Key questions answered in this report:
- What are the growth rate forecast and market size for SMART ELECTRIC METER Market?
- What are the key driving factors propelling the SMART ELECTRIC METER Market forward?
- What are the most important companies in the SMART ELECTRIC METER Market Industry?
- What segments does the SMART ELECTRIC METER Market cover?
- How can I receive a free copy of the SMART ELECTRIC METER Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 16.2 Billion |
Revenue forecast in 2030 | USD 36.37 Billion |
Growth Rate | CAGR of almost 8.12 % 2022-2030 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2030 |
Segments Covered | By Technology, Application, Phase, and Region |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2030 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | Itron Inc., Aclara Technologies Llc, EDMI, Siemens AG, Sensus, Kaifa Technology, Diehl Stiftung& Co. KG, Holley Metering Limited, Xemex, Suntront Technology, Aichi Tokei Denkei, Honeywell International Inc., Schneider Electric SA, Neptune Technology Group Inc., Landis+Gyr, Kamstrup Company, Badger Meter, Wasion Group, and others. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail of customized purchase options to meet your exact research needs. https://www.fnfresearch.com/customization/smart-electric-meter-market |
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Recent Developments
- In December 2022, the share price of HPL Electric & Power, India increased by 6.1% post the company's announcement revealing the receipt of an INR 61.59 crore contract under which the company will supply smart meters to some of the biggest names in the region's electricity distribution segment. With the signing of the new contract, the company has managed to improve its overall hold in the regional market
- In September 2022, Delving Research and Development, an India-based company, announced that it will be installing the company's Delsmart IoT meters in the Madhya Pradesh (MP) state of India as its pilot project. Under this project, the company will complete the installation of around 100 meters by the end of the year and is applicable to all the transformers and service connections that come under one feeder in the state
Regional Dominance:
- North America to lead with the highest market share.
The global smart electric meter market is projected to witness the highest growth in North America due to the already existing consumer database in the regions of the US and Canada. By 2021, the US had already installed over 110 million smart electric meters which are close to 68.9% of all electric meter installations. As per a recent survey, more than 71% of American households have smart meters. The demand is propelled by the growing awareness amongst the population about the benefits of smart meters and rising alertness amongst the consumers to have better control over their energy consumption habits which will ensure that they can make changes to optimize energy utilization.
Furthermore, growing emphasis by the regional government on the adoption of the technology as well as rising investment for further development and product innovation to tackle the existing loopholes and create larger consumer databases could also lead to higher regional growth during the forecast period.
Global SMART ELECTRIC METER Market is segmented as follows:
Smart Electric Meter Market: By Technology Outlook (2022-2030)
- Advanced Metering System
- Automated Meter Reading System
Smart Electric Meter Market: By Application Outlook (2022-2030)
- Commercial
- Residential
- Utility
Smart Electric Meter Market: By Phase Outlook (2022-2030)
- Three Phase
- Single Phase
Smart Electric Meter Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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