SAN FRANCISCO, June 6, 2023 /PRNewswire/ -- The global smart electricity meters market size is expected to reach USD 21.81 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2023 to 2030. The substantial growth prospects of the smart electricity meter market can be attributed to the significant promotion of green energy, efficient transmission facilities, and integrated presence across the value chain, especially for sharing real-time information about usage and tariff rates. These factors are perceived to offer the market a competitive advantage. Regional markets, such as Europe and the Asia Pacific, are expected to emerge as significant attractive markets.
Key Industry Insights & Findings from the report:
- The residential segment led the market in 2022, accounting for over 88% share of the global revenue owing to continual expansion in residential establishments. Additionally, Increased awareness among consumers about the benefits of smart meters has contributed to their growth.
- The single-phase segment held the largest revenue share of over 90% in 2022. ingle-phase smart meters are less expensive than their three-phase counterparts, making them more affordable for households. They can help households save money on their energy bills by providing real-time information about energy usage.
- A smart grid act as an automated monitoring and controlling system, emerging as an improved electrical network over the conventional one. Real-time pricing and consumption data display are the core functionalities provided by smart electricity meter.
- The rapidly increasing investments in smart city projects and the development of smart grid technologies in emerging countries across the globe are expected to create growth prospects for smart electricity meters in the commercial sector.
- The growing awareness among customers regarding the benefits of smart meters is foreseen to increase the adoption in non-regulatory regions as well.
- Companies in the market are concentrating on growing their client bases to acquire a competitive edge in the market and are taking various strategic initiatives, such as partnerships, acquisitions and mergers, and collaborations with other important players.
Read full market research report for more Insights, "Smart Electricity Meters Market Size, Share & Trends Analysis Report By Phase (Single-phase, Three-phase), By End-use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Smart Electricity Meters Market Growth & Trends
Technological innovations are occurring at a fast pace in the APAC region. This generates the need for refreshing the existing technology to drive efficiency. Companies are spending more to update their existing infrastructure with advanced technologies such as the Internet of Things. Companies use IoT-based smart meters to optimize the meter reading process and offer accurate billing based on consumption. For instance, in August 2022, Adani Electricity invested INR 500 crore for the smart meter installation in Mumbai. The power discom, a unit of Adani Transmission, plans to install 7 lakh smart meters as part of the first phase target. The remaining 20 lakh consumers are expected to receive smart meters by the end of the financial year 2025. Installing the remaining smart meters will occur in multiple phases over the coming years.
The smart electricity meter is projected to lower the peak electricity demand as they enable end-users to monitor power consumption easily and take necessary measures to reduce overconsumption. This is further expected to lessen the stress on power generation plants, thereby allowing efficient resource usage and optimization. Government directives mandating smart electricity meters and smart grids to increase energy efficiency are expected to emerge as key market drivers. For instance, in August 2021, the India power Ministry engaged all central ministries and departments to shift towards prepaid smart electricity meters. The power ministry has regulated an advisory to all central ministries of the government to guide organizations under their administrative control to safeguard and shift towards prepaid smart meters on a priority basis.
Further, smart electricity meter is anticipated to offer energy suppliers several advantages, such as reducing reaction time to resolve power outages and hardware faults and enhanced customer service delivery by providing convenient remote meter readings. Additionally, attentiveness to environmental protection and associated proceedings & policies are estimated to control the surging levels of radiation emissions.
Smart Electricity Meters Market Segmentation
Grand View Research has segmented the global smart electricity meters market based on phase, end-use, and region
Smart Electricity Meters Market - Phase Outlook (Revenue, USD Million, 2018 - 2030)
- Single-Phase
- Three-Phase
Smart Electricity Meters Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Residential
- Commercial
- Industrial
Smart Electricity Meters Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- South Korea
- China
- Japan
- South America
- Brazil
- Middle East and Africa (MEA)
List of Key Players in the Smart Electricity Meters Market
- ABB Ltd.
- General Electric (GE) Company
- Holley Technology Ltd.
- Elster Group SE
- Iskraemeco D.D.
- Itron, Inc.
- Landis+Gyr
- Schneider El0ectric SE
- Siemens AG
Check out more related studies published by Grand View Research:
- Smart Home Market- The global smart home market size is expected to reach USD 537.01 billion by 2030, registering a CAGR of 27.07% from 2023 to 2030, according to a new study by Grand View Research, Inc. The smart home is driven by computing devices and information technology that link smart home instruments and gadgets to provide convenience, entertainment, and enhanced comfort to residents in a sustainable way. The market growth is attributed to the rising penetration of the Internet of Things (IoT) and Internet connectivity in homes. Moreover, the trend of modern technologies, such as Artificial Intelligence (AI), being integrated with smart homes has enabled more advanced and digitally smart devices for better living.
- Smart Home Platforms Market - The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market. In addition, the use of smart home platforms allows remote control, thereby further driving the market. Concerns related to the security breach and unauthorized access to personal information and connected device of users is the major restraint for the market. Most of the key players operating in the market are adopting strategies such as adding new features to the platform, along with the development of new platforms that are compatible with various smart devices to capture maximum market share globally.
- Smart Cities Market - The global smart cities market size is expected to reach USD 6,965.02 billion by 2030, according to the new reports of Grand View Research, Inc. The market is expected to expand at a CAGR of 25.8% from 2023 to 2030. The market growth can be attributed to rapid favorable government initiatives worldwide and emerging technologies, such as Artificial Intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT). This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of Electric Vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market's growth during the forecast period.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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