Utility Scale Smart Electric Meters Market Size - By Technology (AMI, {RF, PLC, Cellular}, AMR), By Phase (Single Phase, Three Phase) & Forecast, 2024 – 2032

Utility Scale Smart Electric Meters Market Size

Utility Scale Smart Electric Meters Market size was assessed at USD 2.2 billion in 2023 and is projected to grow at a CAGR of 11.9% between 2024 and 2032, on account of the rising demand for efficient energy management and the integration of renewable energy sources. Smart electric meters provide real-time monitoring and data analytics, enabling utilities to optimize energy distribution, reduce losses, and enhance grid reliability. Governments worldwide are supporting smart grid initiatives and infrastructure upgrades, driving market expansion.
 

The push for sustainability and the adoption of Internet of Things (IoT) technologies further fuel the market, as smart meters facilitate energy conservation and cost savings for consumers. Additionally, advancements in communication technologies and data security are enhancing the capabilities and adoption of smart meters. Key players are investing in research and development to innovate and offer advanced solutions, which is expected to continue propelling market growth in the coming years.

Utility Scale Smart Electric Meters Market Trends

Governments and utility companies are investing heavily in smart grid infrastructure to modernize the energy distribution system. Smart electric meters are integral to smart grids, enabling real-time data collection, monitoring, and management. The market is witnessing rapid technological advancements, including improvements in communication technologies such as Zigbee, cellular, and low-power wide-area networks (LPWAN). These advancements enhance the functionality and performance of smart meters, allowing for more accurate readings, better data security, and improved energy management capabilities.
 

Moreover, innovations in data analytics and machine learning are being integrated to provide deeper insights into energy consumption patterns and grid performance. Many countries are implementing regulations and offering incentives to promote the deployment of smart meters. Policies aimed at reducing carbon emissions, enhancing energy efficiency, and supporting renewable energy integration are encouraging utilities to upgrade their metering infrastructure. For instance, the European Union and various U.S. states have set ambitious targets for smart meter installations, which are driving market growth.
 

Utility Scale Smart Electric Meters Market Analysis

Based on technology, the AMI segment is expected to cross USD 5.7 billion by 2032 since AMI systems provide advanced data collection capabilities, allowing utilities to gather detailed real-time consumption data. This enables more accurate billing, better demand forecasting, and improved grid management. As utilities and governments increasingly prioritize these capabilities, the demand for AMI systems is expected to rise significantly.
 

Based on phase, the utility scale smart electric meters market from three-phase segment is anticipated to record over 11.5% CAGR through 2032 owing to the growing expansion of industrial and commercial sectors globally, driving the need for robust and reliable metering solutions. Three-phase smart meters are critical in these sectors due to their ability to handle higher loads and provide detailed insights into energy usage, supporting the efficient management of large-scale operations.
 

Asia Pacific utility scale smart electric meters market is expected to reach USD 4.5 billion by 2032 since Governments across Asia Pacific are investing in smart grid projects and energy infrastructure upgrades to improve energy efficiency and sustainability. Policies and incentives aimed at modernizing the energy sector, such as smart meter rollouts and grid modernization programs, are driving market growth. The rising energy demand due to population growth and economic development in countries like China, India, and Indonesia is fueling the need for smart electric meters. These meters help manage and optimize energy distribution, ensuring a reliable supply to meet increasing consumption.
 

The U.S. is a global leader in smart grid technology and innovation. The development and deployment of smart meters in the U.S. are closely tied to advancements in smart grid infrastructure, which enhances energy management, reliability, and efficiency. The U.S. sets trends and standards that influence global markets. As one of the largest and most developed energy markets, the U.S. has a substantial demand for smart electric meters.

Utility Scale Smart Electric Meters Market Share

Companies like ABB, schneider electric, and siemens dominate the utility scale smart electric meters industry due to their extensive experience, technological innovation, and broad global reach. They offer advanced, reliable, and scalable solutions that integrate seamlessly with existing infrastructure. Their strong R&D capabilities drive continuous improvements, while their established industry networks and customer relationships provide a competitive edge.
 

Utility Scale Smart Electric Meters Market Companies

• ABB
• Aclara Technologies LLC
• AEM
• Apator SA
• Badger Meter, Inc.
• Chint Group
• General Electric
• Honeywell International, Inc.
• Itron, Inc.
• Kamstrup
• Larsen & Toubro Limited
• Schneider Electric SE
• Sensus
• Siemens
• Sontex SA
• Wasion Group
   

Utility Scale Smart Electric Meters Industry News

• In June 2024, Mitsubishi Electric has revealed a partnership with system integrator Glory Technology Service Inc. and Chunghwa Telecom Co., Ltd., a major telecom provider in Taiwan, to deliver a headend system to Taiwan Power Company (Taipower). This headend system will serve as the core platform for the oversight and management of utility scale smart electric meters. This deployment marks Mitsubishi Electric’s initial venture into smart meter systems beyond Japan. The system is currently operating in part, underscoring a key development in the company's international growth strategy.
   
• In March 2024, Adani Energy is seeking a USD 600 million loan to support its major smart meter project in India. This substantial funding is intended to advance the nation's energy infrastructure by implementing cutting-edge metering technology that will enable real-time monitoring and management of energy use. This smart meter initiative is in line with the Indian government's efforts to modernize the energy grid and enhance overall efficiency.
   

The utility scale smart electric meters 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:

Click here to Buy Section of this Report

Market, By Technology

• AMI
  • RF
  • PLC
  • Cellular
• AMR

Market, By Phase

• Single Phase
• Three Phase

The above information has been provided for the following countries 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