Commercial Smart Electric Meter Market Size

Commercial Smart Electric Meter Market was valued at USD 5.2 billion in 2023 and is projected to register over 9.6% CAGR from 2024 to 2032. Increasing energy consumption demands greater efficiency and accurate monitoring, which smart meters provide are one of the major drivers for market growth. Regulatory mandates worldwide push for energy conservation and grid modernization, incentivizing the adoption of smart metering technologies.

The integration of renewable energy sources necessitates real-time monitoring and management, enhancing grid stability. Furthermore, advancements in IoT technology and data analytics empower businesses to optimize energy usage, reduce costs, and enhance operational efficiency, driving market growth.

COVID–19 Impact

The COVID-19 pandemic influenced the commercial smart electric meter market significantly. Lockdowns and economic slowdowns led to project delays and reduced investments in infrastructure. However, the crisis also accelerated digital transformation initiatives, prompting increased interest in smart metering solutions to monitor energy consumption remotely and optimize operations, which could potentially offset some of the market downturns.

Commercial Smart Electric Meter Market Trends

The commercial smart electric meter industry is witnessing a notable growth owing to the growing focus on data analytics and IoT integration to enhance energy management and efficiency. Demand for real-time monitoring and grid optimization drives the adoption of advanced metering infrastructure (AMI). Regulatory mandates worldwide encourage the deployment of smart meters to support sustainability goals and improve grid reliability. As per Greek Ministry of Foreign Affairs, In 2022, installations of smart meters reached 100,000 in Greece. This figure is projected subsequently escalate to a range of 800,000 to 1 million annually from 2024 to 2030.

Commercial Smart Electric Meter Market Analysis

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Based on application, hospitality industry held a market share of over 17% in 2023 and is poised to grow significantly. This growth stems from the hospitality sector's increasing emphasis on sustainability, energy efficiency, and cost savings. Smart meters enable hotels, resorts, and other hospitality establishments to monitor and manage energy consumption more effectively, identify areas for optimization, and reduce utility expenses. Additionally, regulatory pressures and consumer demand for environmentally friendly accommodations further incentivize the adoption of smart metering technologies in the hospitality industry, contributing to the overall market growth.

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The commercial smart electric meter market is projected to witness around 9.5% CAGR through 2032, fuelled by the widespread adoption of Advanced Metering Infrastructure (AMI). AMI technology facilitates real-time monitoring, remote meter reading, and two-way communication, empowering consumers with insights into energy consumption patterns for efficient management. Regulatory mandates, environmental concerns, and utility companies' grid modernization initiatives also drive market expansion, with sustained momentum expected in the foreseeable future.

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Asia Pacific commercial smart electric meter market is anticipated to reach over USD 9 billion by 2032, owing to increasing demand for energy efficiency solutions due to rising electricity consumption, growing awareness of environmental sustainability, and the need for accurate billing and real-time data monitoring. Supportive governmental initiatives toward smart grid infrastructure further boosts the product penetration. Additionally, advancements in technology such as IoT integration and data analytics further boost market growth by enhancing operational efficiency and enabling proactive maintenance.

Commercial Smart Electric Meter Market Share

Siemens stands out as one of the major players operating in the industry. Renowned for its innovative solutions, Siemens offers cutting-edge smart metering technology that enables precise energy management and optimization for commercial applications. Its comprehensive portfolio and global presence make Siemens a key player driving advancements in the smart metering sector.

Commercial Smart Electric Meter Market Companies

Some of the prominent players operating across the commercial smart electric meter industry are:

• Aclara Technologies LLC
• CyanConnode
• General Electric
• Honeywell International Inc.
• Holley Performance Products, Inc.
• Iskraemeco Group
• Itron Inc.
• Jabil Inc.
• Kamstrup
• Kontron AG (S&T AG)
• LARSEN & TOUBRO LIMITED
• Landis+Gyr
• Mitsubishi Electric Corporation
• OSAKI ELECTRIC CO., LTD.
• SAMI Advanced Electronics
• Schneider Electric
• Sensus
• Siemens
• Trinity Energy Systems Pvt. Ltd.
  

Commercial Smart Electric Meter Industry News

• In July 2023, Landis+Gyr secured a contract with the Israel Electric Corporation (IEC) to deploy smart electricity meters, software, and services, addressing future regulations. Initially, 565,600 smart meters will be supplied, with potential for IEC to expand to 4.2 million units. A portion may come from a third-party supplier. Landis+Gyr will also provide the head-end system and services, crucial for Israel's smart grid establishment.
  
• In June 2023, Holley and their representative formally executed a contract for the acquisition of Prepayment Type Smart Meters intended for the PEC Yemen Market. This agreement signifies a notable moment as Holley's agent assumes exclusive representation for the company's metering operations in Yemen. Through this collaboration, Holley pledges to deliver superior quality and service to PEC. The acquired Prepayment Type Smart Meters feature remote communication options including RF, Cellular, PLC, facilitating PEC's future smart grid advancement.
  

This commercial smart electric meter market research report includes an in–depth coverage of the industry with estimates & forecast in terms of units and revenue in ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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Market, By Application

• Education
• Healthcare
• Retail
• Logistics & transportation
• Offices
• Hospitality
• Others

Market, By Technology

• AMI
• AMR

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Sweden 
• Asia Pacific
  • Japan
  • China
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Kuwait
  • South Africa
• Latin America
  • Mexico
  • Brazil
  • Chile