Smart Electric Meter Market Size Expected to Reach USD 36.00 Billion in 2028 | Rising Adoption of Renewable Energy to Bolster Market Growth

Pune, India, May 23, 2023 (GLOBE NEWSWIRE) — The global smart electric meter market size is projected to reach USD 36.00 billion by 2028, exhibiting a CAGR of 8.1% during the forecast period. Rapid urbanization, the development of multiple smart cities, and the increasing adoption of renewable energy resources are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled “Smart Electric Meter Market, 2021-2028.” 

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Smart Electric Meter Market Report Key Insights:

Smart Electric Meter market research report provides you comprehensive and insightful information about Smart Electric Meter industry. This report is a valuable tool for businesses, investors, and decision-makers to understand market dynamics, assess opportunities, and make informed strategic decisions.

This reports provides you overview of the report’s key findings, conclusions, and recommendations, presented in a concise and clear manner. Background information about the market or industry analysis, including its size, growth rate, major players, and key trends. Report also provides analysis of the market’s current state, including its historical performance, current market size, and projected growth prospects.

Market Segmentation: Identification and analysis of different market segments based on factors such as demographics, consumer behavior, or product/service types.

Competitive Analysis: Assessment of the competitive landscape, including an analysis of key competitors, their market share, strengths, weaknesses, and strategies.

Market Trends: Identification and analysis of significant market trends, emerging technologies, regulatory changes, and other factors that could impact the market’s future.

SWOT Analysis: Evaluation of the market’s strengths, weaknesses, opportunities, and threats, highlighting key areas of advantage or vulnerability.

Market Forecasts: Future projections and estimations regarding the market’s growth potential, including revenue forecasts, market size, and growth rate.

Recommendations: Actionable insights and recommendations for businesses based on the research findings, aimed at maximizing opportunities and mitigating risks.

Smart Electric Meter Market Scope:

COVID-19 Impact:

Lockdown Restrictions and Raw Material Shortage to Impede Market Growth

This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions imposed during the lockdown. The sudden spike in COVID-19 patients has provoked governments to impose stringent restrictions. The lack of raw material due to transport restrictions and the closure of industries may negatively affect the market’s progress. Restrictions on construction activities and manufacturing are negatively affecting the product’s sales. However, the adoption of reduced capacities, advanced sanitization methods, part-time shifts, and the adoption of production machinery is likely to fuel demand. These factors are likely to influence the market’s growth during the pandemic. 

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Market drivers:

Cost Benefits and Operational Efficiency of Smart Meter to Fuel Market Growth

The smart electric meter enables users to gain sufficient electricity and save costs generated by electricity consumption. It saves electricity consumption and enables electric companies to eliminate monthly manual reading, lower electricity costs, provide real-time data to avoid power outages, and instantly monitor the system. Further, it provides significant advantages to consumers by providing easy user controls and tracking electricity consumption. The increasing awareness regarding the product’s benefits among consumers is expected to boost its demand. Additionally, the rising awareness regarding renewable energy is expected to attract consumer demand. These factors are likely to drive the smart electric meter market growth. 

However, high deployment costs regarding smart meters are likely to hinder the market’s progress. 

Regional Insights:

Rising Adoption of Smart Meters to Boost Market Growth in Asia-Pacific

Asia-Pacific is expected to dominate the smart electric meter market share because of the rising adoption of smart electric meters for minimizing unaccounted electricity loss. The market in Asia pacific stood at USD 10.82 billion in 2020 and is projected to grow significantly during the upcoming years. Further, the introduction of tariff plans customized as per customer’s usage is likely to fuel smart electric meter’s demand. The adoption of direct communication between customers and companies and the remarkable meter deployment in China is expected to fuel market growth. 

In North America, the adoption of smart electric meters over regular meters is likely to fuel its demand. In addition, the increasing product sales and adoption of better solutions among consumers are expected to fuel market growth. 

In Europe, the rising adoption of renewable energy resources is likely to fuel smart meters’ demand. The installation of grids and the advantages of smart meters over traditional meters may boost the market’s growth. 

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Competitive Landscape:

Prominent Companies Incorporate Innovative Features to Boost Brand Image

Prominent companies operating in the market incorporate innovative features to provide excellent products to consumers and boost their brand image. For example, Honeywell incorporated Verizon LTE Managed Connectivity to develop smart grid solutions in January 2020. It allows companies to provide customers with an excellent wireless platform and IoT communication capability. This strategy may enable the company to boost its brand image globally. Additionally, incorporating research and development allows companies to tackle shortcomings and incorporate essential features to attract consumers.

Industry Development:

March 2021: Itron Inc. announced smart residential meters developed for utilities and German cities. It complements Germany’s low carbon energy trade alongside an affordable and reliable power supply.

List of Key Players Profiled in the Smart Electric Meter Market Report

• Aclara (U.S.)
• GE (U.S.)
• Itron, Inc. (U.S.)
• Landis+Gyr (Switzerland)
• Kamstrup (Denmark)
• Honeywell (U.S.)
• Siemens (Germany)
• Sensus (U.S.)
• ABB (Switzerland)
• ZPA Smart Energy (Czech Republic)
• Secure Meter Limited (India)
• Holley Technology Ltd (China)
• Jabil (U.S.)
• Xemex (Belgium)
• EDMI Limited (Singapore)
• EMH Metering GmbH & Co KG (Germany)
• Schneider Electric (France))

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Table of Content:

1.       Introduction

1.1.    Research Scope

1.2.    Market Segmentation

1.3.    Research Methodology

1.4.    Definitions and Assumptions

2.       Executive Summary

3.       Market Dynamics

3.1.    Market Drivers

3.2.    Market Restraints

3.3.    Market Opportunities

4.       Key Insights

4.1.    Key Emerging Trends

4.2.    Latest Technological Advancement

4.3.    Regulatory Landscape

4.4.    Porters Five Forces Analysis

5.       Qualitative Analysis – Impact of COVID-19

5.1.    Impact of COVID-19 on the Smart Electric Meter Market

5.2.    Steps Taken by the Government to Overcome the Impact

5.3.    Key Developments by Industry Players in Response to COVID-19

5.4.    Potential Opportunities and Challenges due to COVID-19 Outbreak

6.       Global Smart Electric Meter Market Analysis (USD Billion), Insights and Forecast, 2017-2028

6.1.    Key Findings / Summary

6.2.    Market Analysis, Insights and Forecast – By Type

6.2.1.  Advanced Metering Infrastructure

6.2.2.  Auto Meter Readings

6.3.    Market Analysis, Insights and Forecast – By Application

6.3.1.  Residential

6.3.2.  Commercial

6.3.3.  Industrial

6.3.4.  Others

6.4.    Market Analysis, Insights and Forecast – By Region

6.4.1.  North America

6.4.2.  Europe

6.4.3.  Asia Pacific

6.4.4.  Latin America

6.4.5.  Middle East & Africa

Continued…

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