The global smart electricity meter market size will reach $36.00 billion by 2028

The manufacturers of smart electric meters mentioned in the report are Aclara, GE, Itron, Landis + Gyr, Kamstrup, Honeywell, Siemens, Sensus, ABB, ZPA Smart Energy, Secure Meter Limited, Holley Technology, Jabil, Xemex, EDMI Limited and EMH Metering GmbH & Co KG, Schneider Electric.

Global smart electricity meter market share

Pune, India, May 09, 2022 (GLOBE NEWSWIRE) – Global smart electric meters market It is expected to grow from US$20.81 billion in 2021 to US$36.00 billion in 2028 at a compound annual growth rate of 8.1% in the period 2021-2028. Rapid urbanization, the development of many smart cities, and the increasing adoption of renewable energy resources are likely to boost market growth. Fortune Business Insights™ provides this information in its report titled “Smart Electric Meter Market, 2021-2028”. A smart electric meter is a device equipped with advanced technologies such as smart software and cloud computing to monitor electricity consumption.

The increasing demand for electricity between commercial and residential buildings is fueling the demand for the product. Its increased adoption in smart cities is likely to increase sales. For example, India initiated the “Smart City Mission” to transform the country’s urban landscape in 2015. Investments in the initiative reached $28.31 billion in 2020, and nearly 5,331 projects worth $24.31 billion were successfully submitted. In 2020, approximately 2,122 projects valued at $4.83 billion were completed, and 4,540 orders were issued, valued at $19.33 billion. These factors are likely to fuel market growth over the coming period.

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The impact of COVID-19:

Lockdown restrictions and raw material shortages to hamper market growth

This market is expected to be adversely affected during the COVID-19 pandemic due to restrictions imposed during the lockdown. The sudden rise in the number of COVID-19 patients has prompted governments to impose strict restrictions. The shortage of raw materials due to transportation restrictions and shutdown of industries may adversely affect the progress of the market. Restrictions on construction and manufacturing activities adversely affect product sales. However, the adoption of reduced capacities, advanced sterilization methods, part-time shifts, and the adoption of production machinery are likely to fuel demand. These factors are likely to influence market growth during a pandemic.

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Smart Electric Meter Market Segmentation;

• Smart Electric Meter Market by Type: Market is segmented into Automotive Meter Reading and Advanced Metering Infrastructure.

• Depending on the application, they are categorized into industrial, commercial, residential, and others.

• Regionally, it is grouped into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Report coverage:

The report provides a detailed analysis of the most important sectors and the latest trends in the market. It comprehensively discusses the driving factors, limiting factors and the impact of COVID-19 on the market. In addition, it examines regional developments and the strategies pursued by the major players in the market.

Drivers and restrictions:

Cost benefits and operational efficiency of the smart meter to support market growth

The smart electricity meter enables users to get sufficient electricity and save costs resulting from electricity consumption. It saves electricity consumption and enables electricity companies to eliminate monthly manual reading, reduce electricity costs, provide real-time data to avoid power outages, and monitor the system instantly. Moreover, it offers great advantages to consumers by providing easy user controls and tracking of electricity consumption. The growing awareness of the benefits of the product among consumers is expected to increase the demand for it. In addition, the growing awareness about renewable energy is expected to attract consumer demand. These factors are likely to drive the growth of the smart electric meter market.

However, high deployment costs related to smart meters are likely to hamper market progress.

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Regional insights:

Growing adoption of smart meters to boost market growth in Asia Pacific

The smart electric meter market share is expected to be dominated by the Asia Pacific region due to the increasing adoption of smart electric meters to reduce unaccounted electricity losses. The market in Asia Pacific reached $10.82 Billion in 2020 and it is expected to grow exponentially in the coming years. Moreover, the introduction of tariff plans tailored to customer usage is likely to increase the demand for smart electric meters. The adoption of direct customer-to-business communication and the impressive deployment of meters in China are expected to boost market growth.

In North America, the adoption of smart electric meters over ordinary meters is likely to increase the demand for them. In addition, increased product sales and adoption of better solutions among consumers is expected to drive further market growth.

In Europe, the increasing reliance on renewable energy resources is likely to increase the demand for smart meters. The installation of networks and smart meter features over traditional meters may boost market growth.

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Competitive scene:

Outstanding companies integrate innovative features to enhance brand image

The prominent companies operating in the market combine innovative features to provide excellent products to consumers and enhance 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 connectivity capabilities. This strategy may enable the company to enhance its brand image globally. Additionally, integrating research and development allows companies to address deficiencies and incorporate features essential to attract consumers.

Industry development:

List of Major Players featured in Smart Electric Meters Market Report

• Aclara (USA)

• GE (US)

• Itron, Inc. (United State)

• Landis + Gear (Switzerland)

• Kamstrup (Denmark)

• Honeywell (USA)

• Siemens (Germany)

• Sensus (US)

• ABB (Switzerland)

• ZPA Smart Energy (Czech Republic)

• Secure Meter Limited (India)

• Holley Technology Ltd (China)

• Byblos (USA)

• Xemex (Belgium)

• EDMI Limited (Singapore)

• EMH Metering GmbH & Co KG (Germany)

• Schneider Electric (France)

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