Press release
In-Depth Analysis of the Energy Meters Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Energy Meters
The upward trend in the demand for renewable energy sources is predicted to fuel the expansion of the energy meters market in the future. Renewable energy sources such as solar, wind, hydroelectric, geothermal, and biomass are energy reserves that can be naturally restored and continuously renewed. The desire for renewable energy is increasing due to concerns about climate change, the pursuit of energy freedom, and decreasing costs of renewable technologies. Energy meters play a crucial role in renewable energy by providing instant data on energy generation and usage, enabling users to regulate their energy use and incorporate renewable technologies more efficiently. For example, as reported by GreenMatch, a UK-based online service providing comparative green energy quotes & solutions, in 2022, renewable energy sources accounted for roughly 13.1% of the total primary energy use in the U.S and about 21.5% of electricity generation from utility-scale sources. Additionally, by 2023, it is forecasted that wind and solar energy will contribute 16% to the overall electricity generation, a rise from 14% in 2022. Therefore, the increasing demand for renewable energy sources is stimulating the expansion of the energy meters market.
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What Is the projected market size and growth rate for the energy meters market?
The market size of energy meters has seen considerable expansion in the past few years. Its growth is expected to surge from $19.71 billion in 2024 to $21.54 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%. This growth during the historical period can be linked to the proliferation of electric vehicles, the ascendance of renewable energy sources, a growing requirement for energy consumption tracking, an increase in energy sector digitalization, and a surge in electricity demand.
In the upcoming years, the energy meters market is projected to undergo significant expansion, reaching a worth of $30.28 billion by 2029 with a compound annual growth rate (CAGR) of 8.9%. This uptick in the forecast period can be associated with increased consumer consciousness regarding energy preservation, escalating industrialization, soaring energy prices, expanding urbanization, and escalating environmental worries. Notable trends expected during this predicted period encompass technological progressions, smart grid technology, integration of smart meters, Internet of Things, and data analytics.
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What new trends are reshaping the energy meters market and its opportunities?
In the energy meter sector, leading corporations are creating advanced technologies that are grid-edge-based like smart electricity meters to improve energy handling, boost efficiency, and help integrate renewable energy sources more effectively. The smart electricity meter is a digital instrument that tracks real-time energy use and transmits this information to both the utility provider and the user. For instance, Xylem Inc., an American water technology corporation, introduced the Stratus IQ+ electricity meter in December 2023. This sophisticated smart meter aims to improve utility management and meet the growing demands of the electric vehicle (EV) market. The Stratus IQ+ provides electric utilities with in-depth system diagnostics and customer electricity consumption data, helping them better manage their distribution networks. The Stratus IQ+ provides detailed system diagnostics and customer electricity usage information, which leads to better management of distribution systems. It offers near-instantaneous energy use monitoring, enabling immediate data recording and transmission.
What major market segments define the scope and growth of the energy meters market?
The energy metersmarket covered in this report is segmented -
1) By Type: Electromechanical Meters, Electronic Meters
2) By Application: Household Appliances, Power Substations, Electric Vehicle Chargers, Other Applications
3) By End-User: Commercial, Residential, Industrial
Subsegments:
1) By Electromechanical Meters: Analog Meters, Induction Meters, Relay Meters
2) By Electronic Meters: Smart Meters, Digital Meters, Prepaid Meters
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Which region dominates the energy meters market?
Asia-Pacific was the largest region in the energy meters market in 2024. Middle East and Africa (MEA) is expected to be the fastest-growing region in the forecast period. The regions covered in the energy meters marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the energy meters industry growth?
Major companies operating in the energy meters marker are 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
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What Is Covered In The Energy Meters Global Market Report?
•Market Size Forecast: Examine the energy meters market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the energy meters market for a structured understanding.
•Key Players Overview: Analyze major players in the energy meters market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the energy meters market.
•Segment Contributions: Evaluate how different segments drive overall growth in the energy meters market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the energy meters market.
•Industry Challenges: Identify potential risks and obstacles affecting the energy meters market.
•Competitive Landscape: Review strategic developments in the energy meters market, including expansions, agreements, and new product launches.
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