Smart Electric Meter Market Surges with 10% CAGR, Reaching $54.25 Billion by 2032 (Computers - Information Technologies)

Item ID 133071864 in Category: Computers - Information Technologies

Smart Electric Meter Market Surges with 10% CAGR, Reaching $54.25 Billion by 2032


With a projected CAGR of 10.0%, the market for smart electric metres market is expected to reach US$ 20,983.3 million in value by 2022. By 2032, the market is projected to be worth US$ 54,254.7 million.

The necessity for exact billing and energy-saving activities has increased, which has led to a growth in the market for smart electric metres on a global scale. The rapid expansion of the electrical network and the rise in smart grid expenditure have further improved the business climate for the market for smart electric metres. Using smart electric metres, utility companies can boost revenue collection by increasing the accuracy of their billing.

A recent development in the market for smart electric meters is the demand for these devices in distribution, automation, and renewable energy integration applications. The market’s demand for smart electric meters will further rise as a result of a future project on electric vehicle fuel.

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Smart electric meter Market: Drivers and Challenges

The increase in electricity demand is driving the growth of the global smart electric meter market as governments use the technology to reduce energy consumption and make use of available energy to improve access to electricity for people in areas not connected to grid power. Increasing energy prices and growing instances of electricity theft is also a driver which will further boost Smart electric meter demand.

The wireless signals from these smart electric meters lead to health problems making this a major challenge in the market. Other challenges for the smart electric meter market would include regulatory constraints and fierce competition among other players in the global smart meter market.

Smart electric meter Market: Competition Landscape

Key Contracts:

In June 2017, Comverge a company famous for its integrated cloud-based demand response, energy efficiency, and customer engagement solutions was acquired by Itron which provides solutions to measure, manage and analyze energy and water through smart electric meters and smart meters.

In September 2015, Aclara acquired General Electric’s electricity metering business. The acquisition strengthened Aclara’s position in the smart electric meter market. Aclara is famous for its metering in the North American region specifically.

Key Players

Major industry participants in the Smart electric meter market include Seimens, Itron, Schneider Electric, Landis+GYR, Holley Metering, Iskraeeco, Osaki Electric, Sensus Sentec, Neptune Technology, Honeywell International, Badger Meter, Elster Group and Tableau Software among others.

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Regional Overview

North America is expected to be the largest market for Smart electric meters due to major growth in the market. The main reason for this is the growth in infrastructure, strict government policies, and the emergence of smart cities.

Asia Pacific is expected to manifest high growth over the foreseeable future. Europe and the Middle East and Africa can be seen emerging in this market.

Key Segments in the Smart Electric Meter Market

By Product:

Smart Electric Meter
Smart Water Meter
Smart Gas Meter
By End-Use:

Residential
Commercial
Industrial
By Phase:

Single
Three
By Region:

North America
Latin America
Asia Pacific
META
Europe


Target State: All States
Target City : All Cities
Last Update : Jun 12, 2024 1:15 PM
Number of Views: 42
Item  Owner  : Sudip Saha is the managing director and co-founder at Future Market Insights
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2024-07-25 (0.440 sec)