Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Smart Electric Meter Market Outlook

The global smart electric meter market reached 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. 

Global Smart Electric Meter Market

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Asia Pacific to Lead the Smart Electric Meter Market

Europe and Asia Pacific collectively held a significant share of the smart electric meter market share. The Asia Pacific is the largest and the fastest-growing region. China accounts for about nearly half of the global market. This is the main reason for the Asia Pacific to be the largest market. India is a vast economy with electric consumption on the rise. There is also various government initiative that the Indian government will undertake. India’s robust economy and untapped market and multiple advantages of the smart electric meter will cause it to grow at a high rate. India’s growth will be the primary reason for the Asia Pacific to be the fastest-growing region.

Shifting focus toward the adoption of energy efficient technologies coupled with increasing investments toward replacement of conventional systems with IoT based metering technology will augment the regional industry growth. Moreover, ongoing government incentives and subsidies toward the integration of smart systems across the grid infrastructure will fuel the product demand. Europe market will witness an upsurge during the forecast period due to rising regulatory inclination toward the adoption of policies and standards to effectively address energy theft and power outages.

Smart Electric Meter: Industry Definition and Segments

A smart electric meter is an electronic device that records the consumption of electrical energy and communicates the information to the electricity supplier for monitoring and billing on monthly or daily basis depending on requirement. The preciseness in terms of reading and eliminating manual involvement to note readings and produce electricity is the major advantage of smart electric meter.

Global Smart Electric Meter Market By Type

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Smart electric meter can be divided on the basis of type into the following:

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

The industry can be classified on the basis of phase into:

  • Single Phase
  • Three Phase

On the basis of communication type, the industry can be divided into:

  • Power Line Communication
  • Radio Frequency
  • Cellular

The industry finds its end uses in the following:  

  • Residential
  • Commercial
  • Industrial

The regional markets for smart electric market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Smart Electric Meter Market By Region

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Smart Grid Industry to Boost the Global Smart Electric Meter Industry

The essential driver increasing growth in the global smart electric market is growing in the smart grid market. To provide secure and efficient energy management on a regional level, utility providers are progressively focusing on the extensive deployment of smart grid systems. Growing focus on energy-efficient products and services, rising initiatives to solve energy need problems by smart electric meters by various governments, losses like fraud, costs, and theft involved in the manual collection are minimized with the use of the smart electric meter.

The smart electricity meter is an essential element of the smart grid system, which can offer bi-directional communication with data collection points, thus the smart grid market will directly affect the smart electric meter market. Increasing power consumption across residential establishments including apartments and multistorey buildings along with expanding commercial sector will drive the segment growth. Rapid expansion of distributed generation technology coupled with the advancement of microgrid networks will further spur the market growth trends.

Key Industry Players in the Global Smart Electric Meter Market

The report gives a detailed analysis of the following key players in the global smart electric meter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • 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
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Phase
  • Communication Type
  • End Use
  • Region
Breakup by Type
  • Advanced Metering Infrastructure (AMI)
  • Automatic Meter Reading (AMR)
Breakup by Phase
  • Single Phase
  • Three Phase
Breakup by Communication Type
  • Power Line Communication
  • Radio Frequency
  • Cellular
Breakup by End Use
  • Residential
  • Commercial
  • Industrial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • 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,
  • Others
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Smart Electric Meter Market Report Snapshots

Smart Electric Meter Market Size

Smart Electric Meter Market Growth

Smart Electric Meter Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global smart electric meter market attained a value of nearly USD 6,202.6 million.

The market is projected to grow at a CAGR of 1.6% during 2022-2028.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 6,878.5 million by 2032.   

The key market drivers are growing in the smart grid market and increasing power consumption across residential establishments including apartments and multistorey buildings along with expanding commercial sector.

The key market trends driving the market are growing focus on energy-efficient products and services, rising initiatives to solve energy need problems by smart electric meters by various governments.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Asia Pacific accounting for the largest share in the market.

The dominant type of smart electric meter in the market are automatic metering infrastructure (AMI) and automatic meter reading (AMR).

The phases of the product can be divided into single phase and three phases.

In terms of communication type, the market segments are power line communication, radio frequency, and cellular.

The leading end use sectors of smart electric meter are residential, commercial, and industrial.

The major players in the 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.

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