The global smart electric meters market is anticipated to reach USD 30.19 Billion by 2026. Electricity plays a crucial role in the energy and power industry. The rising need to maintain data with an aim to avoid any unaccounted consumption is fueling demand for smart electric meters. These meters help to enhance the efficiency of power networks as they are fully digitized and involves measuring and collecting data. These meters act as strong pillars behind the intelligence power grids. Now, companies are developing “smart electric meters” that can not only collect data rather gather it for consumption billing. Such factors have compelled consumers to replace their traditional meters with smart and advanced electric meters. These new electric meters can monitor the electricity consumption on a daily or monthly basis and directly sends the meter readings to the company. There is no manual operational activity involved in either producing a bill or noting the readings. Spurred by this advantage, the smart electric meters market is expected to grow at a promising rate in the forthcoming years. As compared to traditional electric meters, smart meters maintain transparency with regards to bill generation between consumers and electric companies. Owing to the rising adoption of renewable energies such as wind and solar energy, the smart electric meters are penetrating into developing as well as developed nations.
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Top Players Overview:
- Secure Meters Limited
- Itron, Inc.
- ZPA Smart Energy
- Xylem Inc.
- Holley Technology Ltd
- EDMI Limited
China to Witness the Maximum Deployment of Smart Electric Meters. Asia Pacific to Dominate
In 2018, the market in Asia Pacific was valued at USD 9.13 Billion and is projected to hold the maximum share in the global market through the forecast years. The smart metering industry is gaining a lot of traction in China owing to the highest deployment of smart electric meters. People prefer direct communication than manual meter reading between end-user and companies. This is further increasing the adoption of smart electric meters across the countries of Asia Pacific. Apart from Asia Pacific, market in North America and Europe is estimated to register moderate growth over the projected horizon.
Smart Electric Meter Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
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1. By Type
- Advanced Metering Infrastructure
- Auto Meter Reading
2. By Application
3. By Geography
- North America (U.S. and Canada)
- Europe (Italy, Sweden, Spain, Denmark, France, Germany, UK, and Rest of Europe)
- Asia Pacific (China, South Korea, Japan, India, Australia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
Fortune Business Insights in a report, titled “Smart Electric Meters Market Size, Share & Industry Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2019-2026” predicts the global market to exhibit a CAGR of 7.95% between 2018 and 2026. In addition to this, the market was valued at USD 16.39 Billion in the year 2018. The report outlines the present scenario of the global market by offering key insights into the trends and drivers stimulating growth. In addition to this, it offers a detailed competitive landscape by covering key developments of some of the leading players. It also showcases information on all the major segments and their respective market share.
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected Smart Electric Meter market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
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Adoption of Smart Electric Meters to Overcome the Rising Concern on Energy Consumption
The rising demand rather needs for electricity along with the increasing population withy rural electrification has led to the increasing process of electricity across several countries. Smart electric meters offer numerous advantages to electric companies which include real-time data to avoid power outages, instant and precise monitoring of the system, and reduction of electricity cost as per demand. These smart meters offer advantages to customers by providing them constant feedback on the usage of electricity, reducing system failures or blackouts, and enables automatic adjustment of power usage to control high-priced bills. Considering the concerns regarding high energy consumption, the adoption of smart electric meters is expected to augment by 2026. Smart electric meters enable two-way communication between the system and consumer through new technologies such as General Packet Radio Service (GPRS). This further helps to save energy and eventually result in reducing energy emissions. Another major trend observed in this market is that people are shifting towards moving the concept of smart homes. This has led to the emergence of automatically controlling the light, energy, and electricity to avoid energy wastage. Therefore, the demand for smart electric meters in increasing at a remarkable rate.
Key Features of Market Research Report:
- This report provides detail analysis of the Smart Electric Meter market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various Smart Electric Meter market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the Smart Electric Meter market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global Smart Electric Meter market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Smart Electric Meter Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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Table of Content
5. Global Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Smart Electric Meter Market Analysis, Insights, and Forecast – By Type (USD Billion)
5.2.1. Advanced Metering Infrastructure
5.2.2. Auto Meter Reading
5.3. Smart Electric Meter Market Analysis, Insights and Forecast – By Application (USD Billion)
5.4. Smart Electric Meter Market Analysis, Insights and Forecast – By Region (USD Billion)
6. North America Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
6.2.1. Advanced Metering Infrastructure
6.2.2. Auto Meter Reading
6.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
6.4. Market Analysis, Insights and Forecast – By Country (USD Billion)
7. Europe Smart Electric Meter Market Analysis, Insights, and Forecast, 2015-2026
7.1. Key Findings / Summary
7.2. Market Analysis, Insights, and Forecast – By Type (USD Billion)
7.2.1. Advanced Metering Infrastructure
7.2.2. Auto Meter Reading
7.3. Market Analysis, Insights and Forecast – By Application (USD Billion)
(Have a Look at Reports Trending in “Energy & Power” Industry)
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