Press release
Smart Electric Meter Market Report 2024: Strategies And Recent Developments | Itron Inc., Landis+Gyr Group AG, Schneider Electric SE, Siemens AG, Honeywell International Inc., Aclara Technologies LLC
Smart Electric Meter Market Characteristics
The Business Research Company offers in-depth market insights through Smart Electric Meter Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The smart electric meter market size has grown strongly in recent years. It will grow from $21.38 billion in 2023 to $22.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. 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 strong growth in the next few years. It will grow to $31.64 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. 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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Market Segmentation:
The main types of smart electric meters include advanced metering infrastructure and auto meter reading. Advanced metering infrastructure refers to an integrated system of smart meters, communication networks, and a data management system that provides for two-way communication between utilities and the end-users. The smart electric meters are operated on both single and three-phase electrical lines. These meters use power line communication, radio frequency, and cellular technologies for communication. They are widely used in residential, commercial, and utilities applications.
Major Driver - Driving Forces Behind The Smart Electric Meter Market Is Global Power Demand Surge
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. According to the International Energy Agency (IEA) report in 2021, a France-based autonomous intergovernmental organization for energy, worldwide electricity demand is expected to grow by 2.4% in 2022 after the previous year's 6% increase in electricity consumption. Therefore, the increase in demand for power is expected to boost the demand for smart electric meters during the forecast period.
Competitive Landscape:
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
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Top Trend - Innovative Technological Advancements Transforming The Smart Electric Meter Market
Technological advancement is a key trend gaining popularity in the smart electric meter market. The companies operating in the smart electric meters sector are focusing on developing innovative products with advanced communication technologies such as smart electricity meters to increase operational capabilities and efficiency. For instance, in February 2021, Meghalaya Energy Corporation Limited (MeECL), an India-based power utility company launched smart electricity meters. Customers will be able to monitor and cut back on power usage as needed because smart meters will allow them to know exactly how much and when they are using electricity. Due to the elimination of the need for manual readings, this new technology will assist the department in reducing operating expenses, which will increase billing efficiency. The labor force that was employed to perform manual readings will thereafter be leveraged to enhance operations and maintenance .
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Electric Meter Market Characteristics
3. Smart Electric Meter Market Trends And Strategies
4. Smart Electric Meter Market - Macro Economic Scenario
5. Smart Electric Meter Market Size And Growth
…..
27. Smart Electric Meter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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