Energy Meters Market Expected to Achieve 8.5% CAGR by 2029: Growth Forecast Insights

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How Large Will the Energy Meters Market Size By 2025?
The market scale for energy meters has seen robust growth in the past few years. It is projected to expand from $19.71 billion in 2024 to $21.3 billion in 2025, with a compound annual growth rate (CAGR) of 8.1%. The surge in growth during the historical period is due to factors such as the proliferation of electric vehicles, growing reliance on renewable energy sources, the escalating demand for energy consumption monitoring, the increasing digital transformation in the energy sector, and a growing demand for electricity.

How Big Is the Energy Meters Market Size Expected to Grow by 2029?
Significant expansion is projected for the energy meters market in the upcoming years, with an estimated value of $29.58 billion in 2029, indicating a Compound Annual Growth Rate (CAGR) of 8.5%. This growth during the forecasted period can be ascribed to factors such as increased consumer knowledge about energy efficiently, the rise in industrialization, escalating energy expenditures, expanding urbanization, and intensifying environmental worries. Noticeable trends during this period comprise technological progression, implementation of smart grid technology, the uptake of smart meters, the Internet of Things, and data analytics.

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Which Key Market Drivers Powering Energy Meters Market Expansion and Growth?
The surge in demand for renewable energy sources is set to drive the energy meters market's expansion in the future. These resources, which include the likes of solar, wind, hydroelectric, geothermal, and biomass, can replenish naturally and be renewed persistently. The rising appeal of renewable energy can be attributed to concerns regarding climate change, the desire for energy independence, and the reducing costs associated with renewable technologies. Energy meters play a key role in renewable energy by providing real-time information on energy production and consumption, facilitating users to manage their energy usage effectively and assimilate renewable technologies more efficiently. For example, in July 2024, GreenMatch, a UK-based service delivering comparative green energy quotes & solutions, stated that renewable energy sources accounted for nearly 13.1% of the primary energy usage in the U.S and around 21.5% of power generation from utility-scale sources in 2022. Furthermore, they projected that by 2023, wind and solar energy would contribute 16% to total power generation, marking an increase from 14% in 2022. As such, the escalating demand for renewable energy sources is catalysing the expansion of the energy meters market.

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What Are the Key Trends Driving Energy Meters Market Growth?
Top firms in the energy meter sector are innovating with grid-edge technology, including smart electrical meters, for superior energy management, heightened efficiency, and seamless integration of renewable energy sources. A smart electric meter is a digital tool that tracks real-time energy usage and shares the information with the power company and the user. For example, in December 2023, Xylem Inc., a leading water technology firm based in the US, introduced the Stratus IQ+ electric meter. This state-of-the-art smart meter is tailored to boost utility management and meet the growing demands of the electric vehicle (EV) market. The Stratus IQ+ empowers electric utility companies to collect comprehensive diagnostic information and consumer electricity use data, enabling improved administration of distribution networks. It offers nearly immediate tracking of energy consumption, ensuring prompt data logging and transfer.

What Are the Emerging Segments in the Energy Meters Market?
The energy meters market 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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Who Are the Global Leaders in the Energy Meters Market?
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

Which are the Top Profitable Regional Markets for the Energy Meters Industry?
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.

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