Press release
Smart Electric Meter Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Smart Electric Meter
What Is the Projected Growth of the Smart Electric Meter Market?
In recent times, there has been a significant escalation in the size of the smart electric meter market. Its growth is projected to escalate from $22.46 billion in 2024, to a heightened value of $23.87 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.3%. The progression during the past years is credited to regulatory obligations, modernization of grids, initiatives towards energy efficiency, outdated infrastructure, and heightened consumer awareness.
Anticipated to experience swift expansion in the coming years, the size of the smart electric meter market is projected to reach $35.21 billion in 2029, following a compound annual growth rate (CAGR) of 10.2%. Factors contributing to this projected growth throughout the forecast period include the integration of renewable energy, distributed energy resources (ders), the charging of electric vehicles, demand response programs, and edge computing. Predominant trends expected during this period consist of advanced metering infrastructure (ami), time-of-use tariffs, grid-interactive devices, IoT integration, and energy data analytics.
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What Are the Different Smart Electric Meter Market Segments?
The smart electric meter market covered in this report is segmented -
1) By Type: Advanced Metering Infrastructure, Auto Meter Reading
2) By Phase: Single, Three
3) By Communication Technology: Power Line Communication, Radio Frequency, Cellular
4) By Application: Residential, Commercial, Utility
Subsegments:
1) By Advanced Metering Infrastructure (AMI): Smart Electric Meters, Communication Networks (e.g., RF, PLC, cellular), Meter Data Management Systems, Consumer Energy Management Systems
2) By Auto Meter Reading (AMR): One-Way Communication Meters, Two-Way Communication Meters, Walk-by/Drive-by Meter Reading Systems, Mobile Meter Reading Solutions
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What Are the Primary Drivers Shaping the Smart Electric Meter Market?
The global surge in power demand is anticipated to fuel the growth of the smart electric meter market. Factors like expanding populations, urbanization, rising net capital income and industrial activities in both advanced and emerging economies have caused a steep increase in the global power needs. This rise in power demand is likely to enhance the usage of smart meters, as worldwide governments and utility service providers are investing in cutting-edge metering infrastructure and technologies for achieving automated utility operations without errors. A case in point is a report by the International Energy Agency (IEA), an autonomous intergovernmental body based in France that supplies global energy sector data and analysis. In February 2023, the IEA reported that global electricity demand rose around 2% in 2022, with the United States marking a significant annual increase of 2.6%. Going forward, the IEA predicts the global electricity demand to grow at a much broader rate of 3% each year from 2023 to 2025, outstripping the 2022 growth levels. Consequently, this surge in power demand is likely to stimulate the need for smart electric meters in the coming years.
Which Companies Are Leading in the Smart Electric Meter Market?
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
What Are the Major Trends Shaping the Smart Electric Meter Market?
Key players in the smart electric meter market are making advancements by focusing on innovative solutions, like grid-edge technologies. These technologies allow smart meters to interpret data from the periphery of the power grid, which enhances the distribution and regulation of energy. In an example from December 2023, Xylem, an international water technology firm, introduced a state-of-the-art smart meter that offers real-time readings on energy usage, such as charging patterns for electric vehicles (EVs). The smart meter employs cutting-edge solutions like the Internet of Things (IoT), grid-edge computing, and real-time data analytics for superior energy efficiency. It features bi-directional communication with utility servers, delivering real-time surveillance, grid fine-tuning, and power failure detection. The meter highlights exceptional precision, confirmed in certified laboratories, and it incorporates EV charging data to support utilities in handling energy demand.
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What Are the Top Revenue-Generating Geographies in the Smart Electric Meter Market?
Asia-Pacific was the largest region in the smart electric meter market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the smart electric meter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Electric Meter Market?
2. What is the CAGR expected in the Smart Electric Meter Market?
3. What Are the Key Innovations Transforming the Smart Electric Meter Industry?
4. Which Region Is Leading the Smart Electric Meter Market?
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