IMARC Group, a leading market research company, has recently releases report titled “Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart electric meter market growth, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the smart electric meter market?
The global smart electric meter market size reached US$ 23.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
What is smart electric meter?
A smart electric meter, also known as an advanced metering infrastructure (AMI) meter, is an advanced device that is designed to measure and record the electricity consumption of residential, commercial, and industrial buildings. It is equipped with integrated communication capabilities and digital displays that enable two-way communication between the meter and the utility provider. It offers real-time monitoring and remote meter reading and enables consumers to access detailed information about their energy usage efficiently as compared to traditional electromechanical meters. As it assists in providing accurate and timely data on electricity consumption, the demand for smart electric meters is rising across the globe.
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What are the growth prospects and trends in the smart electric meter industry?
At present, the increasing focus on energy conservation and environmental sustainability represents one of the major factors impelling the market growth. Apart from this, the rising deployment of renewable energy sources, such as solar and wind, is supporting the market growth.
In addition, the growing demand for real-time energy monitoring and control solutions is offering a positive market outlook. Additionally, governing agencies of various countries are encouraging the adoption of smart meters that assists in reducing energy consumption, optimizing grid operations, and mitigating greenhouse gas (GHG) emissions, which is contributing to the growth of the market.
Furthermore, the rising integration of advanced analytics and the Internet of Things (IoT) technologies in smart electric meters to provide accurate data and optimize overall efficiency is offering lucrative growth opportunities to industry investors.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Advanced Metering Infrastructure (AMI)
- Automatic Meter Reading (AMR)
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
- Industrial
- Commercial
- Residential
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
ABB Ltd., Aclara Technologies LLC (Hubbell Incorporated), Genus Power Infrastructures Ltd., Holley Technology Ltd., Honeywell International Inc., Iskraemeco Group, Itron Inc., Jiangsu Linyang Energy Co. Ltd., Landis+Gyr, Microchip Technology Inc., Schneider Electric SE and Wasion Group.
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