[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.
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.
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.
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.
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.
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.
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
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
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 |
Purchase Options |
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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.
The global smart electric meter is segmented as follows:
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