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Three Phase Smart Electric Meter Market Trends

Report ID: GMI8440
Published Date: Mar 2024
Report Format: PDF

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Three Phase Smart Electric Meter Market Trends

The three-phase smart electric meter industry is growing at a substantial rate owing to numerous factors including heightened adoption driven by smart grid initiatives and energy efficiency mandates. Technological advancements, such as IoT integration and data analytics, enhance metering capabilities for real-time monitoring and demand-side management. Increasing focus on renewable energy integration and grid stability further drives market growth. Furthermore, the emergence of smart city projects and the need for advanced metering infrastructure propel the demand for three-phase smart electric meters.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of the three phase smart electric meter was reached USD 13.6 billion in 2023 and is likely to grow at 10% CAGR from 2024 to 2032, due to the rising demand for accurate billing, real-time monitoring, and enhanced grid stability.

The residential application segment recorded over 50% share of the three phase smart electric meter market in 2023, owing to rising urbanization, population growth, and the higher adoption of smart home technologies.

Asia Pacific three-phase smart electric meter market is expected to exceed USD 25 billion by 2032, led by increased demand for energy-efficient solutions due to rising electricity consumption across the region.

Some of the leading three phase smart electric meter firms are Apator SA, Circutor, CyanConnode, General Electric, Holley Performance Products, Inc., Honeywell International Inc., and Iskraemeco Group.