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Driving Forces Behind The Smart Electric Meter Market Is Global Power Demand Surge: A Key Catalyst Accelerating Smart Electric Meter Market Growth in 2025
Smart Electric Meter Market
Smart Electric Meter Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The growth trajectory of the smart electric meter market size has been impressive in the past few years. The market is predicted to surge from $22.46 billion in 2024 to $23.69 billion in 2025, with a compound annual growth rate (CAGR) of 5.5%. Factors contributing to this upward trend during the historic period include regulatory mandates, grid modernization efforts, initiatives for energy efficiency, old infrastructure, and heightened consumer awareness.
Smart Electric Meter Market Size Forecast: What's the Projected Valuation by 2029?
We anticipate robust expansion in the smart electric meter market in the coming years, as it is projected to rise to $34.44 billion by 2029, experiencing a compound annual growth rate (CAGR) of 9.8%. Factors contributing to growth during the forecast period include integration of renewable energy, distributed energy resources, electric vehicle charging, demand response programs, and edge computing. Key trends expected during this period comprise advanced metering infrastructure, time-of-use tariffs, grid-interactive devices, IoT integration, and energy data analytics.
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What Are the Drivers Transforming the Smart Electric Meter Market?
The anticipated surge in global power usage is predicted to propel the market for smart electric meters. Numerous socio-economic aspects, including population growth, urban expansion, income growth, and industrial activities in both established and emerging economies, have led to a rapid escalation in global power needs. This rise in power demand is likely to enhance the application of smart meters, as governments and utility service providers worldwide are channeling investments towards advanced metering infrastructure and technologies to ensure error-proof automated utility operations. The International Energy Agency (IEA), a French independent inter-governmental body providing insights and data on the worldwide energy sector, released a report in February 2023 stating that global electricity demand had a near 2% uptick in 2022, with the United States witnessing a significant year-on-year increase of 2.6%. Moving forward, the worldwide electricity demand is predicted to accelerate at a notably high pace of 3% annually from 2023 through 2025, exceeding the growth rate observed in 2022. Consequently, the escalating need for power is anticipated to stimulate the demand for smart electric meters in the forecast period.
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What Trends Will Shape the Smart Electric Meter Market Through 2029 and Beyond?
Leading firms in the smart electric meter industry are concentrating on the advancement of innovative solutions, with a particular emphasis on grid-edge functionalities. This technology helps smart meters to interpret data from the outermost part of the power grid, boosting power distribution and organization. In a recent example from December 2023, Xylem, an international company specializing in water technology, introduced a novel smart meter specifically designed to supply instantaneous data on power usage, encompassing EV charging schedules. The smart meter employs state-of-the-art technology like IoT, grid-edge computing, and analytics of real-time data to enhance energy efficiency. It offers two-way interaction with utility servers, ensuring continuous monitoring, grid betterment, and the ability to detect power outages. This meter, after undergoing stringent testing in certified laboratories, offers high precision and consolidates EV charging information to aid utility services in managing energy requirements.
Which Segments in the Smart Electric Meter Market Offer the Most Profit Potential?
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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Which Firms Dominate the Smart Electric Meter Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential 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.
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