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Smart Electric Meter Market Trends

Report ID: GMI1503
Published Date: Jun 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of smart electric meter was worth over USD 15.6 billion in 2023 and will grow at 9.8% CAGR between 2024 and 2032, propelled by increasing emphasis on energy efficiency and sustainability along with government regulations mandating the deployment of smart grid technologies.

Smart electric meter industry from the residential segment will garner USD 18.4 billion by 2032, due to increasing urbanization and rising household energy consumption.

Asia Pacific smart electric meter industry size will reach USD 27 billion by 2032, owing to rapid urbanization, population growth, and government initiatives promoting energy efficiency.

Some of the leading smart electric meter industry players include General Electric, Honeywell International Inc., Iskraemeco Group, Itron Inc., Kamstrup, Larsen & Toubro Limited, Mitsubishi Electric Corporation, Osaki Electric Co., Ltd., Sensus, Schneider Electric, and Siemens, among others.