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Utility Scale Smart Meters Market Size

Report ID: GMI11610
Published Date: Sep 2024
Report Format: PDF

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Utility Scale Smart Meters Market Size

The global utility scale smart meter market was valued at USD 4 billion in 2023 and is anticipated to grow at a CAGR of 16.3% between 2024 and 2032, due to the increasing need for efficient energy management and government initiatives promoting smart grids. These meters enable real-time monitoring of electricity consumption, reducing energy wastage and optimizing supply. Utility companies are adopting smart meters to enhance grid reliability, minimize operational costs and meet sustainability goals. The integration of advanced communication technologies like IoT and AI is also boosting market expansion.

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Additionally, regulatory mandates and funding from governments in regions like North America, Europe, and Asia Pacific are driving widespread deployment. Growing concerns over energy efficiency, carbon emissions, and renewable energy integration are accelerating the adoption of these devices. Moreover, the rise in consumer awareness regarding energy conservation and the benefits of smart meters is further fuelling demand. This market is set to continue growing as global energy demands rise and digitalization in energy infrastructure becomes critical.

Utility Scale Smart Meters Market Report Attributes
Report Attribute	Details
Base Year:	2023
Utility Scale Smart Meters Market Size in 2023:	USD 4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	16.3%
2032 Value Projection:	USD 15.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Technology and Product
Growth Drivers:	Favourable government regulations and directives Accuracy & optimization in billings
Pitfalls & Challenges:	Privacy & cyber security concerns

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Authors: Ankit Gupta

Frequently Asked Questions (FAQ) :

The global utility scale smart meter market size is projected to surpass USD 15.7 billion by 2032 and is anticipated to grow at a CAGR of 16.3% through 2032, due to the increasing need for efficient energy management and government initiatives promoting smart grids.

The growth of the AMI segment is projected to exceed USD 12.8 billion by 2032, driven by the need for enhanced energy distribution management, optimized real-time consumption monitoring, and the integration of renewable energy sources.

The smart electric meter segment is projected to grow at a rate of 16% by 2032, driven by the global emphasis on energy conservation from governments and utility companies.

U.S. utility scale smart meter market is anticipated to surpass 1.3 billion by 2032, since government is implementing strong policies and regulations to modernize their energy infrastructure.

Some of the key players in the industry include are ABB, Belden., CG Power & Industrial Solutions., Cisco Systems, Eaton, Efacec, General Electric, Hitachi Energy., L&T Electrical and Automation, Locamation, NetControl Group, NR Electric., Open Systems International., Rockwell Automation., Schneider Electric, Siemens, SIFANG, Tesco Automation., Texas Instruments Incorporated.