The Business Research Company’s report on the Smart Electric Meter Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the smart electric meter market in recent years?
Increasing power demand across the globe is expected to drive the smart electric meter market. Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for power across the globe. Increasing power demand is expected to boost the utilization of smart meters, as government and utility service providers across the globe are investing in advanced metering infrastructure and technologies to attain error-free automated utility operations. For instance, in February 2023, according to a report released by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides analysis and data on the global energy sector, global electricity demand increased by nearly 2% in 2022, with the United States experiencing a notable year-on-year rise of 2.6%. Looking ahead, global electricity demand is projected to grow at a significantly higher rate of 3% annually from 2023 to 2025, surpassing the growth rate seen in 2022. Therefore, the increase in demand for power is expected to boost the demand for smart electric meters during the forecast period.
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What is the projected market size of the smart electric meter industry, and how is it expected to grow?
The smart electric meter market size has grown strongly in recent years. It will grow from $22.46 billion in 2024 to $23.87 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to regulatory mandates, grid modernization, energy efficiency initiatives, aging infrastructure, consumer awareness.
The smart electric meter market size is expected to see rapid growth in the next few years. It will grow to $35.21 billion in 2029 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to renewable energy integration, distributed energy resources (ders), electric vehicle charging, demand response programs, edge computing. Major trends in the forecast period include advanced metering infrastructure (ami), time-of-use tariffs, grid-interactive devices, iot integration, energy data analytics.
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Who are the key players driving competition in the smart electric meter market?
Major companies operating in the smart electric meter market include Itron Inc., Landis+Gyr Group AG, Schneider Electric SE, Siemens AG, Honeywell International Inc., Aclara Technologies LLC, EDMI Limited, Enel S.p.A., Kamstrup A/S, Sensus Inc., Wasion International Ltd., ABB Ltd., Sagemcom Ltd., Microchip Technology Inc., General Electric Company, Holley Technology Ltd., Elster Group SE, Iskraemeco D.D., Jiangsu Linyang Energy Co. Ltd., Hexing Electrical Co. Ltd., Networked Energy Services Corporation, Pietro Fiorentini s.p.a., Secure Meters Limited, B METERS Srl, Jabil Inc., Diehl Stiftung & Co. KG, ZENNER Aquamet India Pvt. Ltd., Badger Meter Inc., Mueller Systems LLC, Neptune Technology Group Inc., Tata Power Delhi Distribution Company
What key trends are expected to drive the smart coatings market during the forecast period?
Major companies operating in the smart electric meter market are focusing on developing innovations, such as grid-edge capabilities. Grid-edge technology enables smart meters to analyze data from the edge of the power grid, enhancing energy distribution and management. For instance, in December 2023, Xylem, a global water technology company, launched a new smart meter designed to provide real-time data on energy consumption, including EV charging patterns. The smart meter uses advanced technologies such as IoT, grid-edge computing, and real-time data analytics for improved energy efficiency. It enables two-way communication with utility servers, offering real-time monitoring, grid optimization, and outage detection. The meter delivers high accuracy, tested in certified labs, and integrates EV charging data to assist utilities in managing energy demand.
Which key geographies are driving the growth of the smart electric meter market?
Asia-Pacific was the largest region in the smart electric meter market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the smart electric meter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What are the key segments driving growth in the smart electric meter market?
The smart electric meter market covered in this report is segmented –
1) By Type: Advanced Metering Infrastructure, Auto Meter Reading
2) By Phase: Single, Three
3) By Communication Technology: Power Line Communication, Radio Frequency, Cellular
4) By Application: Residential, Commercial, Utility
Subsegments:
1) By Advanced Metering Infrastructure (AMI): Smart Electric Meters, Communication Networks (e.g., RF, PLC, cellular), Meter Data Management Systems, Consumer Energy Management Systems
2) By Auto Meter Reading (AMR): One-Way Communication Meters, Two-Way Communication Meters, Walk-by/Drive-by Meter Reading Systems, Mobile Meter Reading Solutions
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How is the smart electric meter market defined?
A smart electric meter is a digital device that monitors and records electricity usage in real-time, providing detailed data to both consumers and utility companies. It allows for more accurate billing, remote monitoring, and better energy management, often integrating with smart home systems to optimize energy consumption.
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