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2024 Global Insights: Smart Electric Meter Market Trends and Growth Projections
smart electric meter market size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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 .
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Major Key Players of the Market:
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
Smart Electric Meter Market 2024 Key Insights:
• 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%.
• Driving Forces Behind The Smart Electric Meter Market Is Global Power Demand Surge
• Innovative Technological Advancements Transforming The Smart Electric Meter Market
• Asia-Pacific was the largest region in the smart electric meter market in 2023
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