What is the current market size and future outlook for the three phase smart electric meter market?
The three phase smart electric meter market size has grown rapidly in recent years. It will grow from $13.73 billion in 2024 to $15.26 billion in 2025 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to increasing demand for energy efficiency, rising electricity consumption, the push for renewable energy integration, enhanced data accuracy needs, and the growing adoption of IoT devices.
The three phase smart electric meter market size is expected to see rapid growth in the next few years. It will grow to $23.07 billion in 2029 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to accelerating urbanization, the expansion of smart city projects, increasing regulatory mandates for smart metering, and heightened consumer demand for real-time energy monitoring, greater emphasis on energy management systems. Major trends in the forecast period include advancements in technology, sensor technology, advanced analytics and AI for predictive maintenance, the expansion of wireless communication technologies, adoption of multi-utility metering solutions.
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How has the three phase smart electric meter market evolved, and what factors have shaped its growth?
The rising electricity demand is expected to propel the growth of the three-phase smart electric meter market going forward. Electricity demand is on rise due to factors such as population growth, expanding industrial activities, and higher adoption of energy-intensive technologies. Three-phase smart electric meters assist in managing rising electricity demand by providing accurate, real-time data on consumption, enabling better energy management, efficiency, and grid stability. For instance, in July 2024, according to the International Energy Agency (IEA), a France-based organization, global electricity demand is expected to rise by approximately 4% in 2024, an increase from 2.5% in 2023. This robust growth in global electricity consumption is anticipated to persist into 2025, with a similar growth rate of about 4%. Therefore, the rising electricity demand is driving the growth of the three-phase smart electric meter market.
What are the major segments of the three phase smart electric meter market?
The three phase smart electric metermarket covered in this report is segmented –
1) By Type: Power Line Communication (PLC), Radio Frequency (RF), Cellular
2) By Technology: Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)
3) By Application: Industrial, Commercial, Residential
Subsegments:
1) By Power Line Communication (PLC): Narrowband PLC Meters, Broadband PLC Meters
2) By Radio Frequency (RF): RF Mesh Network Meters, RF Fixed Network Meters
3) By Cellular: 2G Cellular Meters, 3G Cellular Meters, 4G LTE Cellular Meters, 5G Cellular Meters
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Which companies dominate the three phase smart electric meter market?
Major companies operating in the three phase smart electric meter market are Honeywell International Inc., GE Vernova, Oracle Corporation, Fluke Corporation, Renesas Electronics Corporation, Schneider Electric SE, Diehl Metering, Microchip Technology, Itron Inc., Landis+Gyr AG, Enel X, Holley Performance Products Inc., Smart Metering Systems plc, Apator SA, Hexing Electrical Co.Ltd., Trilliant Networks Inc., Circutor S.A.U., Kamstrup, Iskraemeco Group, Trinity Energy Systems Pvt. Ltd., Nero Electronics Ltd., Visiontek
How will evolving trends contribute to the growth of the three phase smart electric meter market?
Major companies operating in the three-phase smart electric meter are developing innovative products with grid-edge capabilities to enhance energy efficiency, enable real-time monitoring, and support the integration of renewable energy sources. Grid-edge capabilities facilitate decentralized energy management, real-time data analytics, and better integration of renewable energy sources, boosting overall grid efficiency and reliability. For instance, in December 2023, Xylem, a US-based electronic company, launched Stratus IQ+, a three-phase smart electric meter designed to provide utilities with enhanced data capabilities. This meter features grid-edge capabilities, allowing for better management of energy consumption and integration with electric vehicle (EV) charging data. The Stratus IQ+ aims to improve utilities’ operational efficiency by offering real-time insights into energy usage and grid performance.
What are the key regional dynamics of the three phase smart electric meter market, and which region leads in market share?
Asia-Pacific was the largest region in the three phase smart electric meter market in 2024. The regions covered in the three phase smart electric meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Three Phase Smart Electric Meter Market Report 2025 Offer?
The three phase smart electric meter market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A three-phase smart electric meter is an advanced electronic device used to measure and record electrical consumption in a three-phase power system. It is designed to enhance accuracy in billing, improve energy management, and support the integration of smart grid technologies by providing detailed insights into energy usage patterns and facilitating automated meter readings.
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