Global Smart Electricity Meter Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Smart Electricity Meter Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A smart meter is a smart terminal of the smart grid. It is not a power meter in the traditional sense. In addition to the metering function of the basic power consumption of traditional electric energy meter, the smart meter has two-way multiple in order to adapt to the use of the smart grid and new energy. Rate metering function, user-side control function, two-way data communication function of multiple data transmission modes, anti-stealing function, and other intelligent functions, smart meter represents the development direction of future energy-saving smart grid end-user intelligent terminal.

Market Overview:

The latest research study on the global Smart Electricity Meter market finds that the global Smart Electricity Meter market reached a value of USD 7270.68 million in 2022. It’s expected that the market will achieve USD 8786.03 million by 2028, exhibiting a CAGR of 3.21% during the forecast period.

Opportunities

Governments around the world are allocating budgets to make existing cities smarter and to build new smart city projects to improve the overall economy. Smart grids play a vital role in smart city deployment and are the main consumers of smart meters.
Countries have limited energy resources and increased demand for electricity. The growing demand for renewable energy and the demand for efficient transmission facilities will drive the development of the smart meter market. The consolidation of clean energy grids to maintain energy structure agreements, coupled with favorable government regulations to strengthen the deployment of these units, will have a positive impact on the industry landscape. Growing environmental issues and national renewable energy targets that countries follow will further drive business prospects. Since energy production using renewable methods changes over time, low power generation ultimately leads to unstable energy productivity. However, the use of metering devices capable of handling intermittent supplies helps to compensate for this loss by controlling the energy consumption of various electronic devices.
Evolving information and communication technology (ICT) standards, replacing outdated electricity meters: Advanced Metering Infrastructure (AMI) and traditional new infrastructure development, as well as peak load and asset management, will be some of the development opportunities during the forecast period. Cellular connectivity is gaining popularity, and Cellular has gained wider acceptance as a viable primary connectivity technology.
The rise in patent filings is one of the trends behind the growth of the market. Suppliers are investing heavily in their R&D activities to achieve product innovation and safety, and to try to make upgrades and maintenance costs effective. This ensures that all key players can update market trends and innovate accordingly.
Increasing penetration of the Internet of Things (IoT) and rising adoption rates of cloud-based services and solutions are among the factors expected to further drive market growth. The growing demand for advanced energy data monitoring systems and the growing demand for energy security systems are also major factors driving the growth of the global smart meter market.

Region Overview:

From 2023-2028, China is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Itron, Inc., Landis+Gyr and Aclara with the revenue market share of 10.15%, 8.56% and 6.79% in 2018.

Itron, Inc., a technology and service company, provides end-to-end solutions that measures, manages, and analyzes energy and water use worldwide. The company operates through three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing. The Networked Solutions segment provides a combination of communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; and associated application software for acquiring and transporting application-specific data. The Outcomes segment offers enhanced software and services for managing, organizing, analyzing, and interpreting data to enhance decision making, maximize operational profitability, drive resource efficiency, and deliver results for consumers, utilities, and smart cities. In addition, it offers software implementation, project management, installation, consulting, and post-sale maintenance support services, as well as cloud and software-as-a-service; and extended or non-customary warranties.

Landis+Gyr Group AG provides metering solutions for electricity, heat/cold, and gas utilities worldwide. The company offers digital and prepayment electricity, commercial/industrial and grid, smart gas, heat and water, and stand-alone gas meters; load control devices; system deployment services and managed network services; meter data management software; and advanced grid analytics tools. It also provides other advanced metering infrastructure offerings, such as software, installation, implementation, consulting, maintenance support, and related services.

Segmentation Overview:

Among different product types, Single Phase segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Residential segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Smart Electricity Meter market covered in Chapter 3:

Sagemcom
Clou Electronics
ZPA Smart Energy
Itron, Inc.
PowerCom Ltd.
Landis+Gyr
Jabil
Elster (Honeywell)
Arch Meter Corporation
Hexing Group
Yantai Dongfang Wisdom Electric Co., Ltd
Enel
Chintim Instruments
Ningbo Sanxing Electric Co., Ltd
ZIV
Siemens AG
Kamstrup
Hangzhou Sunrise Technology Co., Ltd.
Aclara
Jinling Intelligent Electric Meter
Diehl Metering
MBH Power Limited
Wasion Group Holdings Limited
Iskraemeco
Jiangsu Linyang Energy Co. Ltd.
Hengye Electronics
Tokyo Electric Power Company
Sensus
Holley Metering Limited
Schneider Electric

In Chapter 4 and Chapter 14.2, on the basis of types, the Smart Electricity Meter market from 2018 to 2029 is primarily split into:

Single Phase
Three Phase

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Smart Electricity Meter market from 2018 to 2029 covers:

Residential
Commercial
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)