Global Smart Electricity Meter Market, By Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component Type (Hardware, Software), Phase (Single-Phase, Three-Phase), Technology Type (AMI, AMR), End User (Residential, Commercial, Industrial) – Industry Trends and Forecast to 2029.
Market Analysis and Size
Electricity meters have been of great use over the years to measure electricity usage in every home. These devices assist in keeping a record of energy consumed, so the utility can provide billing for its customers. A smart electricity meter is similar to the traditional meter, however it is capable of communicating remotely with the utility. It sends consumption information every 15 minutes to one hour, and removes the need for a reader.
Global Smart Electricity Meter Market was valued at USD 11.48 billion in 2021 and is expected to reach USD 18.44 billion by 2029, registering a CAGR of 6.10% during the forecast period of 2022-2029. Residential accounts for the largest end user segment in the respective market owing to the increase in the installation of smart electric meters in residential places. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
A smart electricity meter is an electronic device that accurately measures the quantity of electricity consumed by a home, company, or other electrically powered item. Smart electricity meters give users precise real-time data on their energy consumption while also giving them more control over their usage. Smart electricity meters also assist consumers in choosing tariff plans that are matched to their energy usage.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014- 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Electric, Gas, Water), Communication Type (RF, PLC, Cellular), Component Type (Hardware, Software), Phase (Single-Phase, Three-Phase), Technology Type (AMI, AMR), End User (Residential, Commercial, Industrial)
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Countries Covered
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U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
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Market Players Covered
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Landis+Gyr (Switzerland), Itron Inc. (US), Elster GmbH (Germany), Aclara Technologies LLC (US), Iskraemeco d.d. (Balkans), Microchip Technology Inc. (US), wasion group (China), Schneider Electric (France), Siemens AG (Germany), LINYANG Energy (China), Genus (India), Networked Energy Services (US), Holley Technology UK Ltd. (UK), OSAKI ELECTRIC CO., LTD. (Japan), Sensus (China), ABB (Sweden), Trilliant Holdings Inc. (US), Kamstrup (Denmark) and E.ON UK plc (UK), among others
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Market Opportunities
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Smart Electricity Meter Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Growing smart city initiatives
The demand for smart devices has been fuelled by advances in cloud computing and analytics, as well as a rise in electronics development acts as major factors driving the growth of the market. This is likely to increase market demand for smart electricity mete. The increased need for efficient data monitoring systems has a positive impact on the market.
- Government directives for smart grids
The market is predicted to develop because of majority of governments have mandated smart meter installation and consider them vital to national energy plans. National energy policies have been developed in order to increase efficiency and lower carbon emissions.
- Rise in the awareness concerning energy usage
After the meters are placed, they give data on energy use that can assist clients in identifying high-energy-consumption items. This is a major driver of the market's expansion. Also, the enhanced cost savings owing to the use of smart meters assist in the expansion of the market.
Opportunities
Furthermore, rise in the demand for smart grids and energy efficiency in the advancing markets extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
Restraints/Challenges
On the other hand, increased initial investment is expected to obstruct market growth. Also, concerns regarding cybersecurity and data privacy are projected to challenge the smart electricity meter market in the forecast period of 2022-2029.
This smart electricity meter market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart electricity meter market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Electricity Meter Market
The COVID-19 had a negative impact on the smart electricity meter market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand smart solar technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the smart electricity meter market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions and increase in environmental awareness.
Recent Developments
- In January 2020, Honeywell announced that it would integrate Verizon's LTE Managed Connectivity service into smart meters and other edge devices as part of the smart grid's next phase. Honeywell can now offer a wireless network platform to its clients as part of its smart energy software, hardware, and services thanks to this collaboration.
Global Smart Electricity Meter Market Scope and Market Size
The smart electricity meter market is segmented on the basis of type, communication type, component type, phase, technology type and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Electric
- Gas
- Water
Communication Type
- RF
- PLC
- Cellular
Component Type
- Hardware
- Software
Phase
- Single-Phase
- Three-Phase
Technology Type
- AMI
- AMR
End User
- Residential
- Commercial
- Industrial
Smart Electricity Meter Market Regional Analysis/Insights
The smart electricity meter market is analysed and market size insights and trends are provided by country, type, communication type, component type, phase, technology type and end user as referenced above.
The countries covered in the smart electricity meter market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of the Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
North America dominates the smart electricity meter market because of the rise in the competition among companies which has resulted in the reduction of the per-unit price of smart electricity meters within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of growing smart city projects initiatives in several advancing and developed countries in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Electricity Meter Market Share Analysis
The smart electricity meter market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart electricity meter market.
Some of the major players operating in the smart electricity meter market are
- Landis+Gyr (Switzerland)
- Itron Inc. (US)
- Elster GmbH (Germany)
- Aclara Technologies LLC (US)
- Iskraemeco d.d. (Balkans)
- Microchip Technology Inc. (US)
- wasion group (China)
- Schneider Electric (France)
- Siemens AG (Germany)
- LINYANG Energy (China)
- Genus (India)
- Networked Energy Services (US)
- Holley Technology UK Ltd. (UK)
- OSAKI ELECTRIC CO., LTD. (Japan)
- Sensus (China)
- ABB (Sweden)
- Trilliant Holdings Inc. (US)
- Kamstrup (Denmark)
- E.ON UK plc (UK)
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