The new report by Expert Market Research titled, ‘Smart Electric Meter Market Size, Share, Price, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global smart electric meter market, assessing the market based on its segments like source, product, industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 10.8 billion
• Forecast CAGR (2021-2026): 8%
• Forecast Market Size (2026): USD 17.2 billion
Smart Electric Meter technology is expected to achieve considerable popularity over the coming years due to its capacity to transfer electrical power and network over one cable. Increasing demand for reliable billing along with efforts at energy saving has expanded the global smart electric meter market. The rapid development of the electricity network along with increasing investment in the smart grid has further complemented the industry environment for the Smart electric meter industry. Utility providers will maximize revenue generation by improving the billing accuracy of smart electric meters, further aiding the growth of the market. In Addition, rising energy costs, as well as a spike in the number of cases of power theft, is also anticipated to increase the demand in the global market.
Industry Definition and Major Segments
Smart meters or devices with contact features (either one-way or two-way) embedded inside or connected to the meter make up smart metering solutions. They operate in combination with a smart energy sensor, which can be mounted anywhere in the home and shows how much energy is being consumed as well as an estimation of how much it costs. It is possible to see both gas and energy consumption. They capture and store data from meters, which can then be sent to portable machines, mobile systems, telephones, wireless networks, and power line carriers, among other things. Through evaluating the stored interval data, the meter data can be used to maximize operations.
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Based on type, the market is divided into:
• Automatic Metering Infrastructure (AMI)
• Automatic Meter Reading (AMR)
Based on phase, the industry can be segmented into:
• Single Phase
• Three Phase
By communication type, the industry is categorised into:
• Power Line Communication
• Radio Frequency
• Cellular
By technology type, the industry is categorised into:
• Power Line Communication
• Radio Frequency
Based on end-use, the industry can be segmented into:
• Residential
• Commercial
• Industrial
By region, the industry is categorised into:
• North America
• Europe
• The Asia Pacific
• Latin America
• The Middle East and Africa
Market Trends
The demand for smart electric meter is evolving rapidly, as new technologies generate new opportunities for industry players in a wide variety of industrial segments. Smart electric meter plays a significant role in the residential sector as they are used to reduce peak electricity usage by allowing end-users to quickly track and reduce their power usage. Increased residential development activity and government mandates, such as the EU 20-20-20 program, which intends to transform over 80% of the installed meter base into a smart one, have ensured demand for the smart electric meters market. Energy providers can take advantage of these systems by aligning their advantages such as reduced turnaround time to repair hardware glitches and power outages with improved customer service efficiency due to ease of remote reading. In the service sector, smart and efficient monitoring and control systems allow higher billing accuracy in applications such as private offices, data centers and government buildings, among others. In addition, during the forecast period, increasing urbanization and rising demand for electric vehicles globally are estimated to fuel the growth of the smart electric meter market.
North America is expected to witness the fastest growth in the market, followed by Europe. Effective smart grid initiative in the surround areas is boosting the global market in countries such as Canada and the U.S. in North America. Centered on regulatory criteria and standardized regulations, the Asia-Pacific region has the most widespread adoption of smart electricity metering systems. This is due to countries like China, India, and Japan, which have significant reserves for introducing smart grids and are gearing toward renewable energy management. The various ongoing efforts in China to upgrade meters, transmission grids, distribution networks, and power generation are assisting the region’s smart meter business growth. Increased energy demand in emerging regions such as the Middle East and Africa, as well as Latin America, is providing ample opportunities for smart meters to flourish. These regions are now applying modern technologies to satisfy their energy security requirements. The demand for smart meters will grow by the ageing infrastructure and an increasing consumer appetite for advanced technologies globally.
Key Market Players
The major players in the market are Landis+Gyr AG, Xylem Inc, Elster Group (Honeywell International Inc), Itron Inc., Siemens AG, Aclara Technologies LLC, Microchip Technology Inc., Wasion Group, Schneider Electric, among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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