The global smart electric meter market is expected to be worth US$ 20,983.3 million in 2022, with a CAGR of 10.0% during the forecast period. By 2032, the market is expected to be worth US$ 54,254.7 million.
Rising demand for accurate billing together with efforts towards energy conservation has enlarged the global smart electric meter market. The rapid growth of electricity network along with growing investment in smart grid has further complemented the business landscape for Smart electric meter market. With smart electric meters, utility firms can improve their revenue collection through accuracy in billing.
The demand of Smart Electric Meter in applications of distribution, automation and Renewable Energy integration has been a recent trend in the Smart Electric Meter Market. An upcoming project on electric fuel for cars will further increase the demand of smart electric meters in the market.
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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 to 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 smart electric meter market would include regulatory constraints and fierce competition among other players in 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 position in smart electric meter market. Aclara is famous for its metering in North American region specifically.
Key Players
Major industry participants in 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 meter 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
- MEA
- Europe
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The post Smart Electric Meter Market is set to surpass a worth of US$ 54.3 Bn at a steady CAGR of 10% by year 2032-end. Get data analysis by the experts at Future Market Insights, Inc. appeared first on Future Market Insights.