Smart Electric Meter Market Size - By Application (Residential, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Utility), By Technology (AMI {RF, PLC, Cellular}, AMR), Phase, & Forecast, 2024 - 2032

Smart Electric Meter Market Size

Smart Electric Meter Market was valued at USD 15.6 billion in 2023 and is set to grow at a CAGR of 9.8% between 2024 and 2032, due to increasing demand for energy efficiency, sustainability, and grid modernization. Key drivers include the rise of renewable energy sources, advancements in smart grid technologies, and the proliferation of IoT devices. Governments and utilities are investing heavily in smart meters, grid automation, and energy management systems to enhance reliability and reduce carbon footprints. Consumer interest in smart homes and electric vehicles is further propelling market growth.
 

Additionally, supportive regulatory frameworks and financial incentives are encouraging widespread adoption. This growth is evident in rising investments, strategic partnerships, and an increasing number of pilot projects worldwide, indicating a robust trajectory for the smart electric market. Moreover, Furthermore, the anticipated rise in government support and investments is set to accelerate the adoption and rollout of smart meters nationwide. For instance, India's Energy Efficiency Services Limited (EESL), a government entity, has successfully installed around 1 million smart meters across the country as part of the Government of India's Smart Meter National Programme.
 

Smart Electric Meter Market Trends

Smart electric meters are increasingly incorporating Internet of Things (IoT) technologies and advanced analytics. This integration allows for real-time data collection and analysis, providing utilities and consumers with actionable insights into energy consumption patterns. Predictive maintenance, enhanced grid management, and improved demand response are among the benefits. AMI systems are becoming more widespread, enabling two-way communication between utilities and consumers. These systems facilitate automated meter reading (AMR), reducing the need for manual meter readings and improving billing accuracy.
 

AMI also supports outage detection and management, enhancing the reliability of the electricity supply. Governments worldwide are implementing regulations and incentives to promote the adoption of smart meters. For instance, the European Union's Energy Efficiency Directive mandates member states to deploy smart meters, aiming for an 80% coverage by 2024. In the U.S., the Energy Policy Act encourages states to adopt time-based pricing and other advanced metering initiatives.
 

Smart Electric Meter Market Analysis

Based on application, the residential segment is expected to cross USD 18.4 billion by 2032 owing to the increasing focus on energy efficiency and cost savings. Smart meters provide detailed real-time data on energy consumption, enabling homeowners to monitor and optimize their usage, thereby reducing electricity bills. This heightened awareness of energy management is driving the adoption of smart meters. Governments worldwide are implementing policies and incentives to promote the installation of smart meters in homes. Programs and mandates, such as the European Union’s directive for member states to achieve 80% smart meter coverage by 2024, are accelerating the deployment of smart meters in the residential sector.
 

Based on technology, the AMI segment is anticipated to witness about 10% CAGR through 2032 since AMI systems enable two-way communication between utilities and consumers, which enhances the overall efficiency and reliability of the power grid. This capability allows utilities to receive real-time data on energy consumption, detect outages promptly, and provide timely responses. The interactive nature of AMI is a significant advantage over traditional metering systems.
 

Asia Pacific smart electric meter market revenue to surpass USD 27 billion by 2032 since governments in the region are actively promoting the deployment of smart meters through various initiatives and regulatory frameworks. Countries like China, India, Japan, and South Korea have launched ambitious smart grid programs and are investing heavily in upgrading their energy infrastructure, including the widespread adoption of smart meters. Smart meters facilitate the integration of these intermittent energy sources including solar and wind into the grid by providing accurate data on energy production and consumption, ensuring better grid stability and efficiency.
 

The U.S. government, through federal and state regulations, actively promotes the adoption of smart meters. Programs like the Smart Grid Investment Grant (SGIG) and the Energy Independence and Security Act (EISA) of 2007 have provided funding and set guidelines to accelerate the deployment of smart grid technologies, including smart meters. These initiatives aim to enhance energy efficiency, reduce greenhouse gas emissions, and improve grid reliability.
 

Smart Electric Meter Market Share

Companies like Schneider Electric, ABB, and Siemens hold significant market share in the smart electric meter industry due to their extensive experience, robust technological capabilities, and comprehensive product portfolios. They offer advanced, integrated solutions that include smart meters, grid management systems, and data analytics tools, meeting diverse customer needs.
 

Smart Electric Meter Market Companies

Eminent players operating in the smart electric meter industry include:

• Advanced Electronics Company (AEC)
• Aclara Technologies LLC
• Apator SA
• Cisco Systems, Inc.
• Ciructor
• CyanConnode
• General Electric
• Honeywell International Inc.
• Iskraemeco Group
• Itron Inc.
• Kamstrup
• Larsen & Toubro Limited
• Mitsubishi Electric Corporation
• Osaki Electric Co., Ltd.
• Sensus
• Schneider Electric
• Siemens
• Trinity Energy Systems Pvt. Ltd.
   

Smart Electric Meter Industry News

• In August 2022, Adani Group announced that it will invest approximately USD 60 million to setup smart electric meters in Mumbai, India. It was likely to setup approximately seven lakh smart meters in 2023. Such meters enable the customers to get real-time updates on power consumption.
   
• In June 2023, Kamstrup secured a substantial contract through a competitive tender process with BKW Energie AG, an energy and infrastructure company based in Bern. The contract involves providing 404,000 OMNIPOWER electricity meters along with a head-end system.
   

This smart electric meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million & ‘000 Units” from 2021 to 2032, for the following segments:

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Market, By Application

• Residential
  • Single Family
  • Multi Family
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
  • Others
• Utility

Market, By Technology

• AMI
  • RF
  • PLC
  • Cellular
• AMR

Market, By Phase

• Single
• Three

The above information has been provided for the following regions across the regions:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Sweden
  • Denmark
  • Austria
  • Spain
  • Portugal
• Asia Pacific
  • Japan
  • China
  • South Korea
  • India
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Oman
  • Kuwait
  • Iran
  • Lebanon
  • Egypt
  • South Africa
  • Nigeria
• Latin America
  • Mexico
  • Brazil
  • Uruguay
  • Argentina
  • Chile
  • Colombia
  • Peru