Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global smart electric meter market size reached US$ 23.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.

A smart electric meter sends the readings to the electricity supplier automatically and wirelessly using a secure smart data network. It measures the flow of electric power from the input to the output terminal and comprises a liquid-crystal display (LCD) display for showing readings of the parameters. It accurately monitors the quantity of electricity consumed by homes, companies, or other electrically powered devices. In addition, it assists consumers in tracking real-time updates for electricity while checking their credit and debt balances. As a result, the smart electric meter finds extensive applications in residential, commercial, and industrial sectors.

Smart Electric Meter Market Trends:

The growing development of communication network infrastructure across the globe as it enables companies to communicate faster and better, reduce production costs and improve productivity represents one of the key factors driving the market. Moreover, several benefits offered by smart electric meters, such as minimizing meter reading costs, preventing disconnections, and removing inefficiencies in billing and re-connection costs to corporations and consumers, are propelling the growth of the market. In addition, there is a rise in the digitalization of electrical systems around the world. This, coupled with the growing demand for electricity from commercial and residential sectors, is positively influencing the market. Besides this, large scale installations of smart meters by utility companies are offering lucrative growth opportunities to industry investors. Apart from this, governments of several countries are undertaking initiatives to develop smart cities worldwide. This, along with the increasing development in cloud computing and analytics, is catalyzing the demand for smart electric meters. Additionally, the rising demand for remote monitoring and controlling of power grids is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global smart electric meter market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, phase and end user.

Breakup by Type:

Advanced Metering Infrastructure (AMI)
Automatic Meter Reading (AMR)

Breakup by Phase:

Single Phase
Three Phase

Breakup by End User:

Industrial
Commercial
Residential

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Aclara Technologies LLC (Hubbell Incorporated), Genus Power Infrastructures Ltd., Holley Technology Ltd., Honeywell International Inc., Iskraemeco Group, Itron Inc., Jiangsu Linyang Energy Co. Ltd., Landis+Gyr, Microchip Technology Inc., Schneider Electric SE and Wasion Group.

Key Questions Answered in This Report:

What was the size of the global smart electric meter market in 2022?

What is the expected growth rate of the global smart electric meter market during 2023-2028?

What are the key factors driving the global smart electric meter market?

What has been the impact of COVID-19 on the global smart electric meter market?

What is the breakup of the global smart electric meter market based on the type?

What is the breakup of the global smart electric meter market based on the end user?

What are the key regions in the global smart electric meter market?

Who are the key players/companies in the global smart electric meter market?