Smart Electric Meter Market will Hit Big Revenues in Near Future

The global Smart Electric Meter Market is expected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. The market in the Asia Pacific is estimated to be the largest market for smart electric meters, followed by the North American and European markets in 2018.

This trend is expected to continue until 2023. The growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, triggered by the rising demand for energy.

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The implementation of a smart grid is in its initial stages in many developing countries. This implementation of the smart grid is being done to gauge the demand for electricity, a post which they are expected to develop the requisite advanced infrastructure which would also comprise smart electric meters.

Smart electric meters are a part of a virtual power plant, and therefore, they can be used to measure the electricity delivered by distributed generation to the grid. The tariff management options make it easy for grid operators to integrate renewable and non-renewable sources to manage the demand for electricity with a perfect mix of energy sources.

All these features present a huge opportunity for the smart electric meters market, as the adoption of smart electric meters is essential to meet the energy demand and increase the reliability of operations.

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The Asia Pacific region is expected to be the largest market during the forecast period

In this report, the smart electric meter market has been analyzed with respect to six regions, namely, Asia Pacific, North America, Europe, the Middle East, Latin America, and Africa. Asia Pacific is expected to dominate the smart electric meter market during the forecast period because of the rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions. Europe is expected to grow at the fastest rate during the forecast period because of government initiatives such as the European Union's (EU) 20:20:20 plan, which aims at reducing greenhouse gas emissions.

Some of the leading players in the Smart Electric Meter Market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).

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This release was published on openPR.