Smart Electricity Meters Market Size, Share & Trends Analysis Report By Phase (Single-phase, Three-phase), By End-use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2023 - 2030

Smart Electricity Meters Market Growth & Trends

The global smart electricity meters market size is expected to reach USD 21.81 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2023 to 2030. The substantial growth prospects of the smart electricity meter market can be attributed to the significant promotion of green energy, efficient transmission facilities, and integrated presence across the value chain, especially for sharing real-time information about usage and tariff rates. These factors are perceived to offer the market a competitive advantage. Regional markets, such as Europe and the Asia Pacific, are expected to emerge as significant attractive markets.

Technological innovations are occurring at a fast pace in the APAC region. This generates the need for refreshing the existing technology to drive efficiency. Companies are spending more to update their existing infrastructure with advanced technologies such as the Internet of Things. Companies use IoT-based smart meters to optimize the meter reading process and offer accurate billing based on consumption. For instance, in August 2022, Adani Electricity invested INR 500 crore for the smart meter installation in Mumbai. The power discom, a unit of Adani Transmission, plans to install 7 lakh smart meters as part of the first phase target. The remaining 20 lakh consumers are expected to receive smart meters by the end of the financial year 2025. Installing the remaining smart meters will occur in multiple phases over the coming years.

The smart electricity meter is projected to lower the peak electricity demand as they enable end-users to monitor power consumption easily and take necessary measures to reduce overconsumption. This is further expected to lessen the stress on power generation plants, thereby allowing efficient resource usage and optimization. Government directives mandating smart electricity meters and smart grids to increase energy efficiency are expected to emerge as key market drivers. For instance, in August 2021, the India power Ministry engaged all central ministries and departments to shift towards prepaid smart electricity meters. The power ministry has regulated an advisory to all central ministries of the government to guide organizations under their administrative control to safeguard and shift towards prepaid smart meters on a priority basis.

Further, smart electricity meter is anticipated to offer energy suppliers several advantages, such as reducing reaction time to resolve power outages and hardware faults and enhanced customer service delivery by providing convenient remote meter readings. Additionally, attentiveness to environmental protection and associated proceedings & policies are estimated to control the surging levels of radiation emissions.

Smart Electricity Meters Market Report Highlights

• The residential segment led the market in 2022, accounting for over 88% share of the global revenue owing to continual expansion in residential establishments. Additionally, Increased awareness among consumers about the benefits of smart meters has contributed to their growth
• The single-phase segment held the largest revenue share of over 90% in 2022. ingle-phase smart meters are less expensive than their three-phase counterparts, making them more affordable for households. They can help households save money on their energy bills by providing real-time information about energy usage
• A smart grid act as an automated monitoring and controlling system, emerging as an improved electrical network over the conventional one. Real-time pricing and consumption data display are the core functionalities provided by smart electricity meter
• The rapidly increasing investments in smart city projects and the development of smart grid technologies in emerging countries across the globe are expected to create growth prospects for smart electricity meters in the commercial sector
• The growing awareness among customers regarding the benefits of smart meters is foreseen to increase the adoption in non-regulatory regions as well
• Companies in the market are concentrating on growing their client bases to acquire a competitive edge in the market and are taking various strategic initiatives, such as partnerships, acquisitions and mergers, and collaborations with other important players

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