Press Release

Global Smart Electric Meter Market to Grow at a CAGR of 1.6% During 2024-2032, Aided by the Growing Adoption of Smart Grid Infrastructure

Global Smart Electric Meter Market

According to a new report by EMR titled, ‘Global Smart Electric Meter Market Report and Forecast 2024-2032’, the market attained a value of USD 6,202.6 million in 2023. The market is further assessed to grow at a CAGR of 1.6% during 2024-2032 to reach a value of USD 6,878.5 million by 2032.

The global market for smart electric meter is being driven by the growing adoption of smart grid infrastructure with rapid digitalisation across the utility sector. This can be attributed to the growing focus of individuals on monitoring energy consumption due to the high energy rates, as a result of the heightened energy demands. The demand for energy is constantly increasing as a result of rapid urbanisation. Smart electricity meters aid consumers in tracking their daily energy consumption and assist in the strategic reduction of energy usage to reduce their electricity bills, and also contribute to energy conservation. Furthermore, the government schemes aimed at the electrification of the rural sector are also expected to drive the demand for smart electric meters. In the forecast period, the growing government expenditure in the development of smart city infrastructure is anticipated to bolster the demand for smart electric meters further.

 

The increasing expenditure by the leading market players in mergers and acquisitions to support the development of new smart electric meters and expand their product portfolio are expected to positively impact the growth of the market in the forecast years. For instance, in September 2021, Landis+Gyr Group AG (OTCMKTS: LDGYY) announced that its subsidiary Landis+Gyr AG entered into a binding agreement to acquire 100% shares of Luna Elektrik Elektronik Sanayi ve Ticaret A.S., a Turkey-based smart metering devices manufacturer. This acquisition was aimed at strengthening the company’s smart electricity and water metering offerings. Meanwhile, in January 2017, Itron, Inc. (NASDAQ: ITRI) announced its partnership with Wasion Group in an endeavour to expand Itron’s OpenWay Riva ecosystem. The companies had agreed to develop and provide OpenWay Riva-enabled Wasion electricity meters to expand their capabilities, while also extending the customer’s choices.

 

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Market Breakup by Type, Phase, Communication Type, End Use, and Region:

  • The market is divided, based on type, into advanced metering infrastructure (AMI) and automatic meter reading (AMR).
  • On the basis of phase, the market can be distributed into single phase and three phase.
  • Based on communication type, the industry is segregated into power line communication, radio frequency, and cellular.
  • On the basis of end use, the market can be segregated into residential, commercial, and industrial.
  • Region-wise, the global market for smart electric meter can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The global market for smart electric meter is being driven by the rising digitalisation in the utility sector.
  • The increasing need to promote energy conservation and the growing customer demand for monitoring power consumption are driving the market growth.
  • The increased government expenditure to develop smart city infrastructure is also adding to the market expansion.
  • The rising investments by the leading market players in the development of advanced smart electric meters are further propelling the market growth.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for smart electric meter for the periods (2018-2023) and (2024-2032).
  • The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, phases, communication types, end uses, and regions of smart electric meter.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global smart electric meter market are Aclara Technologies LLC, Honeywell International, Inc., Itron, Inc., Kamstrup A/S, Landis+Gyr AG, Sagemcom Broadband SAS, Schneider Electric SE, Wasion Holdings Limited, Xylem, Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

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