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Smart Electric Meter Market Size
- Report ID: GMI1503
- Published Date: Jun 2024
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Smart Electric Meter Market Size in 2023: | USD 15.6 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 9.8% |
| 2024 – 2032 Value Projection: | USD 37.2 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 15 |
| Segments covered: | Voltage and Application |
| Growth Drivers: |
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Smart Electric Meter Market Scope
