Global Smart Electricity Meters Market Size study & Forecast, by Phase (Single-Phase, Three- phase), by End User (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Global Smart Electricity Meters Market Size study & Forecast, by Phase (Single-Phase, Three- phase), by End User (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Global Smart Electricity Meters Market is valued at approximately USD 11.65 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.6% over the forecast period 2023-2030. The smart electricity meters market refers to the segment of the energy industry that focuses on the deployment and utilization of advanced metering technology, enabling accurate and real-time monitoring, measurement, and management of electricity consumption in residential, commercial, and industrial sectors. The Smart Electricity Meters Market is being driven by factors such as the rising need for energy efficiency & conservation and increasing government initiatives.

These meters utilize digital technology and communication capabilities to provide real-time data on energy usage, enabling both utility providers and consumers to monitor and manage electricity consumption more effectively. According to the International Energy Agency, in 2021 electricity demand is anticipated to grow by 3% (around 700 TWh). Along with that government is also focused on installing smart meters for instance, European Investment Bank (EIB) announced that it would be offering € 200 million in loans to Belgian network operator Fluvius for the deployment of smart metering systems (electricity) in Flanders. The project includes the installation of smart meters for Flemish families and companies in 300 cities and municipalities. Thus, increasing electricity consumption and government initiatives fuel the growth of the market. In addition, growing adoption of smart grids and an increasing need for energy security globally. However, the lack of standardization and electricity theft concerns may hinder the growth of the market throughout the forecast period of 2023-2030.

The key regions considered for the Global Smart Electricity Meters Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the increasing urban population, and swift growth in industrial activities create high growth virtues for the consumption of smart electricity meters. Europe is considered as the fastest growing region during the forecasted period due to strong government initiatives related to the implementation of smart electricity metering.

Major market player included in this report are:
ABB Ltd.
General Electric Company
Holley Technology Ltd.
Elster Group SE
Iskraemeco d.d
Itron, Inc.
Landis+Gyr
Schneider Electric SE
Siemens AG
Honeywell International Inc.

Recent Developments in the Market:
In February 2023, Itron Inc collaborated with SEW, a leading provider of cloud-based software solutions for the energy and water industries. The collaboration aims to develop new solutions that leverage Itron's OpenWay Riva IoT solution, which includes smart electricity meters and other smart grid technologies. Further, it would provide utilities with better insights into their customers' energy usage and help consumers better understand and manage their energy consumption.

Global Smart Electricity Meters Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Phase, End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Phase:
Single-Phase
Three-Phase

By End User:
Residential
Commercial
Industrial

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies
ABB Ltd.
General Electric Company
Holley Technology Ltd.
Elster Group SE
Iskraemeco d.d
Itron, Inc.
Landis+Gyr
Schneider Electric SE
Siemens AG
Honeywell International Inc.

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