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Energy Meters Market Size, Key Drivers, Growth ,Analysis 2024-2033
Energy Meters Market Size
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According to The Business Research Company's, The energy meters market size has grown strongly in recent years. It will grow from $18.11 billion in 2023 to $19.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to expansion of electric vehicles, rise of renewable energy sources, increasing the need for monitoring energy consumption, increasing digitalization of the energy sector, and rise in the demand for electricity.
The energy meters market size is expected to see strong growth in the next few years. It will grow to $27.82 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The growth in the forecast period can be attributed to growing consumer awareness of energy conservation, growing industrialization, rising energy costs, growing urbanization, and growing environmental concerns. Major trends in the forecast period include technological advancements, smart grid technology, adoption of smart meters, internet of things, and data analytics.
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Market Drivers and Trends:
The rising demand for renewable energy sources is expected to propel the growth of the energy meters market going forward. Renewable energy sources are energy resources that are naturally replenished and can be continually renewed over time, such as solar, wind, hydroelectric, geothermal, and biomass. The demand for renewable energy is growing due to climate change concerns, a push for energy independence, and the declining costs of renewable technologies. Energy meters are vital in renewable energy by delivering real-time data on energy production and usage, allowing users to optimize their energy consumption and better integrate renewable technologies. For instance, in July 2024, according to GreenMatch, a UK-based online service that offers comparative green energy quotes & solutions, in 2022, renewable energy sources represented approximately 13.1% of the total primary energy consumption in the U.S. and about 21.5% of electricity generation from utility-scale sources. Moreover, by 2023, wind and solar will be projected to contribute 16% to total electricity generation, an increase from 14% in 2022. Therefore, the rising demand for renewable energy sources is driving the growth of the energy meters market.
Major companies operating in the energy meters are developing advanced grid-edge-based technologies, such as smart electricity meters, to enhance energy management, improve efficiency, and facilitate better integration of renewable energy sources. A smart electricity meter is a digital device that records energy consumption in real-time and communicates this data to the utility provider and the consumer. For instance, in December 2023, Xylem Inc., a US-based water technology company, launched the Stratus IQ+ electricity meter, a cutting-edge smart meter designed to enhance utility management and cater to the evolving needs of the electric vehicle (EV) market. The Stratus IQ+ allows electric utilities to gather extensive system diagnostics and customer electricity usage data, facilitating better management of distribution systems. The Stratus IQ+ enables electric utilities to gather extensive system diagnostics and customer electricity usage data, facilitating better management of distribution systems. It provides near-real-time monitoring of energy consumption, allowing for immediate data recording and transmission.
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Major Key Players of the Market:
ABB Ltd., Honeywell International Inc., Larsen & Toubro Limited, Danfoss A/S, Chint Group Corporation, Fluke Corporation, Xylem Inc., Yokogawa Electric Corporation, Schneider Electric SE, Rockwell Automation Inc., Rittal GmbH & Co. KG, Itron Inc., Jiangsu Linyang Electronics Co. Ltd., HPL Electric & Power Ltd., Circutor S.A., Kamstrup A/S, Accuenergy Inc., Iskraemeco d.d., Trinity Energy Systems Private Limited, Holley Metering Limited, Eastron Electronic Co. Ltd., Secure Meters Limited, Eppeltone Engineers Private Limited
Energy Meters Market 2024 Key Insights:
• The energy meters market size is expected to see strong growth in the next few years. It will grow to $27.82 billion in 2028 at a compound annual growth rate (CAGR) of 9%.
• Rising Demand For Renewable Energy On The Energy Meters Market
• Advancements In Smart Electricity Meters
• Asia-Pacific was the largest region in the energy meters market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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