Smart Electric Meters Market size to cross $36 Bn by 2030

Smart Electric Meters Market is anticipated to surpass USD 36 billion by 2030, as reported in the latest study by Global Market Insights Inc.
 

Growing adoption of sustainable systems owing to the shifting focus toward the enhancement of energy mix to tackle the soaring energy demand is likely to drive the smart electric meter industry growth. The introduction of fiscal incentives along with the government plans to replace the conventional systems with advanced meters will further create a favorable business opportunity for the manufacturers.
 

Effective remote monitor and controlling features offered by the technology

Smart electric meters will witness a substantial demand from utility sector on account of its ability to allow reliable and effective controlling and monitoring of the electricity consumption and cost. These units also aid in reducing the carbon emission on account of aiding in peak load diminution and controlling the amount of energy supplied, which in turn diminishes any unnecessary energy consumption. Additionally, integration of renewable energy sources across the grid infrastructure has augmented a demand for sustainable technologies including smart meters.
 

Governmental efforts to promote energy efficient technologies to tackle soaring electricity demand

AMI technology based smart electric meters market is poised to exceed USD 34 billion by 2030. These units allow detection of power outage remotely and further aids the power utilities to remotely read the meter reading, which in turn is boosting its preference over other technologies. Moreover, AMI technology allows the end users to closely monitor their energy usage, improve the power quality, allow accurate billing, and resolve power failure issues more quickly and effectively, thus stimulating its deployment across residential sector.
 

Browse key industry insights spread across 550 pages with 1121 market data tables & 37 figures & charts from the report, “Smart Electric Meter Market Size By Application (Residential {Single Family, Multi Family}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Utility), By Technology (AMI {RF, PLC, Cellular}, AMR), By Phase (Single Phase, Three Phase), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/smart-electric-meter-market
 

Ongoing refurbishment of industrial establishments and utility sector

Three phase will hold a majority of smart electric meters market share and is set to grow at over 9% CAGR through 2030. These units are utilized primarily across energy intensive industries and utility aided transmission networks due to their effective viability across these industries. Moreover, growing demand for power reliability across the industrial processes including mining and oil & gas will positively influence the industry landscape. Moreover, the effective transmission capacity coupled with lower line losses will further boost the product demand. However, the effective transmission capacity and reduced line losses will further fuel the market revenue.
 

Stringent energy saving targets with efforts to foster energy efficiency in Europe

Europe smart electric meters market is expected to observe a noteworthy growth during 2022 to 2030 led by the continuous efforts of the policy makers to gear up the soaring energy demand and comply with the energy efficiency targets. For instance, in July 2020, Rosseti, an electric power distribution company, implemented Law 552-FZ, which administers the development of smart electric metering systems and thus the firm started the deployment of smart meters in Russia. Furthermore, the rising need to mitigate non-technical losses and increased government and private funding toward infrastructure modernization will spur the regional industry demand.
 

Ongoing technological advancements and burgeoning demand for automation across industrial and utility sector

The outbreak of coronavirus has resulted in shortage of labor & raw material and disruption in supply chain & logistics impelled by the temporary shutdown of the manufacturing and other industries by the lockdown protocols imposed by the respective governments. Growing energy demand and ongoing efforts to efficiently manage the electricity supply will propel the technology deployment. Moreover, ongoing vaccination drive across the globe will further reduce the outspread of the virus which in turn will allow the resuming of operations, thereby complementing the adoption of smart meters.
 

Strategic acquisitions and collaborations with innovations across the technology

Partnerships, mergers, joint ventures, agreements and acquisitions amongst others are few of the strategic implications by the key players which will aid in supporting the industry growth. Additionally, companies are increasing R&D expenditures to develop advanced systems to gain a competitive edge in the industry.
 

The prominent players functioning in the smart electric meters market include Larsen & Toubro Limited, General Electric, Apator, Schneider Electric, Circutor SA, ZIV, Siemens, Honeywell Elster, Kamstrup A/S. Itron Inc. and Osaki Electric Co., Ltd. Amongst others.