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Smart Electric Meter Market Size, Share Global Analysis Report, 2022 – 2030

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Smart Electric Meter Market Size, Share, Growth Analysis Report By Technology (Advanced Metering System and Automated Meter Reading System), By Application (Commercial, Residential, and Utility), By Phase (Three Phase and Single Phase), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030

Industry Insights

[230+ Pages Report] According to the report published by Facts and Factors, the global smart electric meter market size was worth around USD 16.2 billion in 2021 and is predicted to grow to around USD 36.37 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.12% between 2022 and 2030. The report analyzes the global smart electric meter market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart electric meter market.

Global Smart Electric Meter Market

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logoMarket Overview

A smart electric meter is advanced equipment that can accurately record information related to electricity and its utilization. It records information like current and voltage levels, power factors, and electric energy. The information thus obtained is communicated to the owner or consumers so that they can make smart and informed decisions related to further energy utilization. The electricity suppliers also benefit because they can efficiently decide on key factors related to electricity supply, it's monitoring, and the billing aspects of the entire process.

A typical smart meter can record and store information in real time. The same information is reported to the relevant stakeholders at regular intervals throughout the day. These meters have revolutionized the way electricity supply functions because it has opened a way for two-way communication between the meter and the central system that operates it. Generally, a smart meter refers to an electricity meter, but it may also mean metering systems for other utilities like gas and water.

logoKey Insights

  • As per the analysis shared by our research analyst, the global smart electric meter market is estimated to grow annually at a CAGR of around 8.12% over the forecast period (2022-2030)
  • In terms of revenue, the global smart electric meter market size was valued at around USD 16.2 billion in 2021 and is projected to reach USD 36.37 billion, by 2030.
  • The smart electric meter industry is projected to grow at a significant rate due to its impact on making information-based decisions in terms of energy utilization
  • Based on technology segmentation, the advanced metering system was predicted to show maximum market share in the year 2021
  • Based on phase segmentation, three-phase was the leading phase in 2021
  • On the basis of region, North America was the leading revenue generator in 2021

logo Growth Drivers

  • Its impact on making information-based decisions in terms of energy utilization to propel market demand

The global smart electric meter market is projected to benefit due to the several advantages of using smart meters in today’s deregulated world. Smart meters have allowed consumers to gain control over the energy consumption pattern based on real-time information that is accurate and transparent. Some benefits of using smart electric meters include enabling the creation of accurate bills where the cost of using electricity is regularly communicated to the user.

Furthermore, the technology allows the consumer to witness first-hand their consumption pattern and make changes in it depending on the information received. The information displayed on the meter is as narrowed down as learning about the amount of energy used in the last hour, week, or month. The information extracted by smart electric meters is sent to the stakeholders digitally and hence there is no requirement of waiting for an individual to manually check the meter readings which may be inaccurate if the readings are read incorrectly. Additionally, other features like the ability to switch between credit or prepaid versions of electricity consumption could act as a growth propelling factor.

logo Restraints

  • Growing concerns over the cyber-attack to restrict market expansion

The use of smart electric meters makes power grids vulnerable to cyber or digital attacks that can cause severe damage in terms of loss of information, power outages, and data theft. Power outages can occur by either cutting off the consumer's electricity supply directly or by causing an overload in the grid section. Although companies offer cyber-attack-resistant smart meters, the chances of an attack exist. Some reports have claimed that certain smart meters can be hacked to underreport electricity consumption or usage. These factors are expected to restrict the smart electric meter industry growth.

logo Opportunities

  • Rising efforts toward green energy to provide growth opportunities

Smart electric meters are capable enough to allow businesses and residential units to adopt technologies that are more environmentally friendly since they can detect issues before they occur and turn into an irreversible crisis. The coming years are expected to witness a surge in the adoption of Internet of Things (IoT) technologies that have constantly supported the quality of the environment and may prevent the population from becoming victims of environmental dangers. Furthermore, growing investment towards the development of large-scale smart homes as a means of sustainable growth is anticipated to create more growth opportunities for global smart electric meter market.

logo Challenges

  • Managing communication in absence of a network to challenge market growth

Smart electric meters make use of mobile technology to communicate the recording to energy suppliers. In remote areas or regions that do not have strong signals, the connection may get easily disrupted. This is a major challenge for the global market players to overcome as there are many regions worldwide that lack the necessary infrastructure required to support the higher adoption of smart electric meters which currently is more of an urban device. Additionally, the higher installation duration causing non-accessibility to electricity for a long duration is another challenge that the smart electric meter industry players may have to face and overcome.

logoSegmentation Analysis

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

Based on technology, the global market is divided into the advanced metering systems and automated meter reading system

  • An advanced metering system (AMI) is a communication system that works two ways and collects information from the entire utility service sector. These systems can effectively benefit the consumer to save monthly expenses by providing accurate and real-time information
  • Automated meter reading system (AMR) is the technology that describes the automatic collection of information from an electric meter which is then sent to the service provider for final billing
  • The global market may register the highest growth in the AMI segment due to the growing remote control and monitoring applications
  • As of 2020, the US had installed more than 100 million smart meters across the region

Based on application, the smart electric meter industry is segmented into commercial, residential, and utility

Based on phase, the global market is divided into three phases 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 2030, the three-phase segment may grow at a CAGR of 9.1% as the product penetration increases in commercial settings

logoRecent developments:

  • In December 2022, the share price of HPL Electric & Power, India increased by 6.1% post the company’s announcement revealing the receipt of an INR 61.59 crore contract under which the company will supply smart meters to some of the biggest names in the region's electricity distribution segment. With the signing of the new contract, the company has managed to improve its overall hold in the regional market
  • In September 2022, Delving Research and Development, an India-based company, announced that it will be installing the company’s Delsmart IoT meters in the Madhya Pradesh (MP) state of India as its pilot project. Under this project, the company will complete the installation of around 100 meters by the end of the year and is applicable to all the transformers and service connections that come under one feeder in the state

logoReport Scope

Report Attribute

Details

Market Size in 2021

USD 16.2 Billion

Projected Market Size in 2030

USD 36.37 Billion

CAGR Growth Rate

8.12% CAGR

Base Year

2021

Forecast Years

2022-2030

Key Market Players

Itron Inc., Aclara Technologies Llc, EDMI, Siemens AG, Sensus, Kaifa Technology, Diehl Stiftung& Co. KG, Holley Metering Limited, Xemex, Suntront Technology, Aichi Tokei Denkei, Honeywell International Inc., Schneider Electric SA, Neptune Technology Group Inc., Landis+Gyr, Kamstrup Company, Badger Meter, Wasion Group, and others.

Key Segment

By Technology, Application, Phase, and Region

Major Regions Covered

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

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logo Regional Analysis

  • North America to lead with the highest market share

The global smart electric meter market is projected to witness the highest growth in North America due to the already existing consumer database in the regions of the US and Canada. By 2021, the US had already installed over 110 million smart electric meters which are close to 68.9% of all electric meter installations. As per a recent survey, more than 71% of American households have smart meters. The demand is propelled by the growing awareness amongst the population about the benefits of smart meters and rising alertness amongst the consumers to have better control over their energy consumption habits which will ensure that they can make changes to optimize energy utilization.

Furthermore, growing emphasis by the regional government on the adoption of the technology as well as rising investment for further development and product innovation to tackle the existing loopholes and create larger consumer databases could also lead to higher regional growth during the forecast period.

logo Competitive Analysis

  • Itron Inc. 
  • Aclara Technologies Llc 
  • EDMI 
  • Siemens AG 
  • Sensus 
  • Kaifa Technology 
  • Diehl Stiftung & Co. KG 
  • Holley Metering Limited 
  • Xemex 
  • Suntront Technology 
  • Aichi Tokei Denkei 
  • Honeywell International Inc. 
  • Schneider Electric SA 
  • Neptune Technology Group Inc. 
  • Landis+Gyr 
  • Kamstrup Company 
  • Badger Meter 
  • Wasion Group

The global smart electric meter is segmented as follows:

logoBy Technology Segment Analysis

  • Advanced Metering System
  • Automated Meter Reading System

logoBy Application Segment Analysis

  • Commercial
  • Residential
  • Utility

logoBy Phase Segment Analysis

  • Three Phase
  • Single Phase

logoBy Regional Segment Analysis

  • 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

Industry Major Market Players

  • Itron Inc. 
  • Aclara Technologies Llc 
  • EDMI 
  • Siemens AG 
  • Sensus 
  • Kaifa Technology 
  • Diehl Stiftung & Co. KG 
  • Holley Metering Limited 
  • Xemex 
  • Suntront Technology 
  • Aichi Tokei Denkei 
  • Honeywell International Inc. 
  • Schneider Electric SA 
  • Neptune Technology Group Inc. 
  • Landis+Gyr 
  • Kamstrup Company 
  • Badger Meter 
  • Wasion Group

Frequently Asked Questions

The global smart electric meter market is projected to benefit due to the several advantages of using smart meters in today’s deregulated world.
According to a study, the global smart electric meter market size was worth around USD 16.2 billion in 2021 and is predicted to grow to around USD 36.37 billion by 2030 with a compound annual growth rate (CAGR) of roughly 8.12% between 2022 and 2030.
The global smart electric meter market is projected to witness the highest growth in North America due to the already existing consumer database in the regions of the US and Canada.
The global smart electric meter market is led by players like Itron Inc., Aclara Technologies Llc, EDMI, Siemens AG, Sensus, Kaifa Technology, Diehl Stiftung& Co. KG, Holley Metering Limited, Xemex, Suntront Technology, Aichi Tokei Denkei, Honeywell International Inc., Schneider Electric SA, Neptune Technology Group Inc., Landis+Gyr, Kamstrup Company, Badger Meter, and Wasion Group.