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Global Smart Electricity Meters Market: By Phase: Single-Phase, Three-Phase; By End Use: Residential, Commercial, Industrial; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global Smart Electricity Meters Market Outlook
The global smart electricity meters market stood at a value of around USD 10.8 billion in 2020. The market is further expected to grow at a CAGR of 8.57% in the forecast period of 2022-2027 to attain a value of around USD 17.50 billion by 2026.
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Residential Segment to Augment the Market Growth of the Global Smart Electricity Meters Industry
Based on end use, the residential segment is expected to hold a significant share in the global smart electricity meters industry during the forecast period. This growth can be attributed to the rising deployment of smart electricity meters in the residential sector. Consumers are increasingly investing in such devices to monitor their electricity consumption and reduce excess usage. Another factor contributing to the product demand in the residential sector is the escalating eco-consciousness among consumers, which is leading to an increased investment in energy conservation systems such as smart electricity meter. These factors are expected to drive the market growth in the coming years.
The Asia Pacific to Provide Significant Growth Opportunities to the Global Smart Electricity Meters Industry
The Asia Pacific is predicted to hold a significant market share in the global smart electricity meters industry. This surge can be attributed to the heightened deployment of smart electricity meters in the region as a result of the increasing industrialisation and urbanisation. In addition, the growing investments in strategising policies to monitor energy consumption across the region also contributed to the market growth. For instance, in India, the government launched the Smart Meter National Programme, which aims to replace 25 crores conventional meters with smart meters. Meanwhile, the North America smart electricity meters industry is also expected to witness a considerable growth in the forecast period. In this region, the key factors driving the market growth include the favourable government initiatives such as the American Recovery and Reinvestment Act (ARRA) 2009, which also funded the Smart Grid Investment Grant programme. Thus, these factors are anticipated to drive the overall market in the forecast period.
Smart Electricity Meters: Market Segmentation
Smart electricity meters are electronic devices that help in the accurate monitoring of electricity usage. Based on the consumption of electricity, these meters transmit the recorded usage data through power line communication and cellular communication, which can be accessed by the users based on their leisure. Thus, these devices help consumers keep track of their electricity consumption and manage it by reducing consumption. On the other hand, energy providers can reduce their reaction time and provide quick assistance during power outages and expeditious customer service.
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By phase, the market is distributed into:
- Single-Phase
- Three-Phase
On the basis of end use, the industry can be categorised into:
- Residential
- Commercial
- Industrial
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rapid Digitalisation and Industrialisation to Augment the Growth of the Global Smart Electricity Meters Industry
The steadily increasing pace of industrialisation and digitalisation, with swift adoption of IoT devices and internet technology across industries, is anticipated to provide impetus to the industry growth in the coming years. Moreover, the growing emphasis of governments on energy conservation is predicted to drive the market growth. As a result, investments are being made in the construction of energy-efficient buildings to reduce energy wastage. For instance, according to the data provided by the International Energy Agency, a total of USD 250 billion were invested in energy efficiency across buildings, transport, and industrial sectors in 2019. In addition, smart electricity meters also allow consumers to keep track of real time energy consumption. Furthermore, they also provide remote meter reading facilities and help track incidences of theft. These factors are estimated to bolster the market growth in the forecast period.
Key Industry Players in the Global Smart Electricity Meters Market
The report gives a detailed analysis of the following key players in the global smart electricity meters market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- ABB Ltd
- General Electric Company
- Holley Technology Ltd.
- Schneider Electric SE
- Siemens AG
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Phase, End Use, Region |
| Breakup by Phase | Single-Phase, Three-Phase |
| Breakup by End Use | Residential, Commercial, Industrial |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | ABB Ltd, General Electric Company, Holley Technology Ltd., Schneider Electric SE, Siemens AG, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Smart Electricity Meters Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Electricity Meters Historical Market (2017-2021)
8.3 Global Smart Electricity Meters Market Forecast (2022-2027)
8.4 Global Smart Electricity Meters Market by Phase
8.4.1 Single-Phase
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Three-Phase
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.5 Global Smart Electricity Meters Market by End Use
8.5.1 Residential
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Commercial
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Industrial
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.6 Global Smart Electricity Meters Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (902830)
12.1 Major Exporting Countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Importing Countries
12.2.1 By Value
12.2.2 By Volume
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 ABB Ltd
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 General Electric Company
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Holley Technology Ltd.
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Schneider Electric SE
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Siemens AG
13.2.5.1 Company Overview
13.2.5.2 Product Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Others
14 Industry Events and Developments
List of Key Figures and Tables
1. Global Smart Electricity Meters Market: Key Industry Highlights, 2016 and 2026
2. Global Smart Electricity Meters Historical Market: Breakup by Phase (USD Billion), 2017-2021
3. Global Smart Electricity Meters Market Forecast: Breakup by Phase (USD Billion), 2022-2027
4. Global Smart Electricity Meters Historical Market: Breakup by End-Use (USD Billion), 2017-2021
5. Global Smart Electricity Meters Market Forecast: Breakup by End-Use (USD Billion), 2022-2027
6. Global Smart Electricity Meters Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Smart Electricity Meters Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Smart Electricity Meters Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Smart Electricity Meters Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Smart Electricity Meters Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Smart Electricity Meters Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Smart Electricity Meters Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Smart Electricity Meters Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Smart Electricity Meters Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Smart Electricity Meters Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Smart Electricity Meters Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Smart Electricity Meters Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Major Importing Countries by Volume (2020)
19. Major Exporting Countries by Volume (2020)
20. Major Importing Countries by Value (2020)
21. Major Exporting Countries by Value (2020)
22. Global Smart Electricity Meters Market Structure
Key Questions Answered in the Report
In 2020, the global smart electricity meters market attained a value of nearly USD 10.8 billion.
The market is projected to grow at a CAGR of 8.57% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 17.50 billion by 2026.
The major drivers of the industry, such as the increased demand for smart electricity meters across residential and industrial sectors, rising focus of the governments on energy conservation, growing investments in the construction of energy efficient buildings, contactless meter reading facilities and the ability to track energy consumption, as well as incidences of energy theft, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the rapid digitalisation and industrialisation across the globe.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant segments based on phase include single-phase and three-phase.
The significant end use segments of the product include residential, commercial, and industrial.
The major players in the industry are ABB Ltd., General Electric Company, Holley Technology Ltd., Schneider Electric SE, Siemens AG, and others.
Analyst Review
The global smart electricity meters market attained a value of USD 10.8 billion in 2020, driven by the increased digitalisation and industrialisation worldwide. Aided by the increased investments in energy conservation strategies, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 8.57%. The market is projected to reach USD 17.50 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on phase, the market can be bifurcated into single-phase and three-phase. On the basis of end use, the industry can be segmented into residential, commercial, and industrial. The major regional markets for smart electricity meters are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ABB Ltd., General Electric Company, Holley Technology Ltd., Schneider Electric SE, Siemens AG, and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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