Global Smart Electric Meter Market Share Is Likely To Reach At A CAGR Value Of Around 7.24% By 2032

20-Mar-2024 | Facts and Factors

According to Facts and Factors, the global smart electric meter market size was worth around USD 12.07 billion in 2023 and is predicted to grow to around USD 22.65 billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.24% between 2024 and 2032.

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A smart meter is an electric device that at its core is like traditional electric meters in the sense of monitoring and recording the information related to electric consumption.

Browse the full “Smart Electric Meter Market Size, Share, Growth Analysis Report By Phase (Three Phases And Single Phase), By Technology (AMR and AMI), By Application (Utility, Commercial, And Residential), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" report at https://www.fnfresearch.com/smart-electric-meter-market-report

However, the key difference between the two is that smart meters transmit the recorded information to the power provider since the digital device is equipped with a communication attachment. The communication transmission occurs every 15 minutes and eliminates the requirement of installing a full-time dedicated meter reader.

A smart meter takes and records electricity consumption information from commercial, residential, or industrial settings automatically, and the recorded information is relayed to the energy provider. More advanced versions of smart electric meters can help the consumer with the analysis of energy usage in off-peak and peak hours which can assist the user to predict future usage levels and modify the consumption patterns accordingly. Smart meters are accurate in their readings & recordings and there is almost no room for error. It also assists in reducing extra or unnecessary costs and aids prevention of energy wastage.

The global smart electric meter market is projected to grow owing to the rising levels of responsibility toward energy consumption amongst residential, commercial, or industrial users of power. Smart meters not only help utility providers but also consumers since it is an effective way of understanding personal consumption patterns. The growing efforts undertaken by the government as well as the private sector companies to educate the population about the benefits of using smart meters along with the rising voluntary production acceptance amongst small or large-scale utility providers are expected to act as growth factors.

Furthermore, the global market is witnessing a surge in the number of investments directed toward the development of smart cities along with providing necessary encouragement for the adoption of smart meters could act as an important market driver. The features of the product in terms of providing voltage monitoring and the upgrade in power quality, strengthened by the growing incorporation of cloud and internet of things (IoT) technologies could assist in delivering higher revenue.

One of the main aspects that can potentially restrict the smart electric meter industry growth is the lack of necessary infrastructure to support the large-scale deployment of smart meters. Many underdeveloped or developing countries lack the right architecture in remote areas which can support the use of advanced technologies.

Until regional governments invest in developing the supportive facets of smart electric meters, the global market may not be able to reach its true potential. Furthermore, the cost of installing and maintaining smart electric meters is high and there is a relatively lesser awareness amongst the population related to the benefits of the device which could also cause a loss of revenue.

The rising efforts toward green energy could provide growth opportunities whereas managing communication in absence of a network could challenge market growth.

Segmental Analysis:

The global smart electric meter market is segmented based on phase, technology, application, and region

Based on phase, the global market is divided into three phase and single phase

  • The former phase is used to measure the energy or power of a three-phase electrical supply whereas the latter is a two-wire alternating current power circuit
  • Three-phase smart electric meters have commercial applications whereas single phase meters are known as residential meters
  • By 2032, the three-phase segment may grow at a CAGR of 7.24% as the product penetration increases in commercial settings

Based on technology, the smart electric meter industry is divided into advanced metering system and automated meter reading system

Based on application, the global market is segmented into commercial, residential, and utility

  • The global market registered the highest growth in the residential segment in 2023 and is expected to follow the same trend during the forecast period with the commercial and the utility segments contributing with higher CAGR
  • The segmental growth in the past was driven by the increasing awareness amongst the population and the demand for more transparency in terms of meter readings and billings along with the lesser wastage of energy observed when smart meters were installed. A recent survey concluded that the consumers of smart meters could reduce energy consumption by 1 to 2%
  • The utility segment could be driven by the increasing infrastructure development investments and activities

Regional Analysis:

North America is anticipated to lead the global smart electric meter market which currently dominates more than 21.59% of the global market share. The regional growth is driven by the increasing number of players offering lucrative products and post-purchase services along with the already existing large consumer database which is acting as a strengthening factor.

The presence of supportive technological infrastructure allows a seamless transition from traditional electric meters to smart versions. The stringent government’s take on optimizing energy consumption across commercial and industrial units could act as growth driving factors. Asia-pacific is projected to record a high CAGR due to the growing number of domestic players along with the rise in strategic collaborations to explore uncharted growth opportunities in the remote areas of countries like China and India.

Report Scope

Report Attribute

Details

Market Size in 2023

USD 12.07 Billion

Projected Market Size in 2032

USD 22.65 Billion

CAGR Growth Rate

7.24% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Tableau Software, Elster Group, Badger Meter, Honeywell International, Neptune Technology, Sensus Sentec, Osaki Electric, Iskraemeco, Holley Metering, Landis+GYR, Schneider Electric, Itron, Siemens, and Others.

Key Segment

By Phase, By Technology, By Application, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Analysis:

The key players in the global smart electric meter market include Tableau Software, Elster Group, Badger Meter, Honeywell International, Neptune Technology, Sensus Sentec, Osaki Electric, Iskraemeco, Holley Metering, Landis+GYR, Schneider Electric, Itron, Siemens, others.

Recent Developments:

  • In November 2022, Japan’s Ministry of Economy, Trade, and Industry (METI) and Sojitz Corporation entered a collaboration that will aim at energy infrastructure development and the introduction of a planned smart architecture in the Association of Southeast Asian Nations (ASEAN) region
  • In December 2023, Adani Transmission announced the inauguration of another subsidiary called BEST Smart Metering Ltd (BSML) dedicated to undertaking the smart metering system in the Indian territory

The global smart electric meter is segmented as follows:

By Phase

  • Three Phases
  • Single Phase

By Technology

  • AMR
  • AMI

By Application

  • Utility
  • Commercial
  • Residential

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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