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Global Smart Electric Meter Market: Expanding at a CAGR of 6.3% Powered by Regulatory Mandates and Energy Efficiency Initiatives
What Is The Projected Market Size Of The Global Smart Electric Meter Market And Its Growth Rate?
•The smart electric meter market size experienced robust growth, rising from $22.46 billion in 2024 to an estimated $23.87 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.3%.
•This upward trend over the historic period has primarily been propelled by regulatory mandates, grid modernization, energy efficiency initiatives, aging infrastructure, and consumer awareness.
•Looking ahead, the smart electric meter market size is projected to soar, reaching $35.21 billion by 2029 at a CAGR of 10.2%.
•The forecast period growth centers around renewable energy integration, distributed energy resources (ders), electric vehicle charging, demand response programs, and edge computing.
•Key trends for the forecast period include advanced metering infrastructure (AMI), time-of-use tariffs, grid-interactive devices, IoT integration, and energy data analytics.
What Is Driving The Growth In The Smart Electric Meter Market?
Global power demand is mounting, predominantly boosting the smart electric meter market's growth. An upward trajectory in socio-economic factors, including population growth, urbanization, net capital income increases, and industrial activity acceleration in developed and developing economies, has led to a rapid surge in global power demand. Such an increase is predicted to bolster smart meter utilization as governments and utility service providers worldwide are pouring investments into advanced metering infrastructure and technologies to achieve automated utility operations devoid of errors. For instance, a February 2023 report released by the International Energy Agency (IEA), evidences an uplift in global electricity demand by nearly 2% in 2022, a notable rise in the United States of 2.6% year-on-year. The report further predicts that the global electricity demand will see a significantly higher rate of growth of 3% annually from 2023 to 2025, surpassing 2022's growth rate. Therefore, the escalating demand for power is anticipated to stimulate the demand for smart electric meters over the forecast period.
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Who Are the Key Players Driving Smart Electric Meter Market Growth?
•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
What Are The Key Trends In The Smart Electric Meter Market?
•Development of advanced metering infrastructure (AMI)
•Implementation of time-of-use tariffs
•Adoption of grid-interactive devices
•Integration of IoT
•Application of energy data analytics
What Are The Segments Of The Global Smart Electric Meter Market?
•By Type: Advanced Metering Infrastructure, Auto Meter Reading
•By Phase: Single, Three
•By Communication Technology: Power Line Communication, Radio Frequency, Cellular
•By Application: Residential, Commercial, Utility
Which Region Leads The Smart Electric Meter Market?
In 2024, the Asia-Pacific region led the smart electric meter market. Furthermore, North America is anticipated to exhibit the fastest growth during the forecast period. The global smart electric meter market report encapsulates the regions of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Smart Electric Meter Market Global Market Report?
- Market Size Analysis: Analyze the Smart Electric Meter Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Electric Meter Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Electric Meter Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Electric Meter Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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