Global Smart Electric Meter Market Share, Growth, Industry Analysis and Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart electric meter market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Smart Electric Meter

A smart electric meter is a modern utility metering device equipped with advanced technology to measure, record, and transmit real-time electricity consumption data. It can send and receive data, facilitating communication with utility providers and consumers. It can integrate with other smart devices and systems in a home or business. It enables quicker identification and resolution of power outages or faults. It allows utility companies to access meter data remotely, reducing the need for physical meter readings. It is widely installed in homes to monitor energy consumption and lower bills. Besides this, it is also utilized in modernizing the power grid, enabling better load balancing and integration of renewable energy sources.

How Big Is the Smart Electric Meter Market?

The global smart electric meter market size reached US$ 23.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.

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What are the growth prospects and trends in the smart electric meter industry?

Rapid urbanization and the increasing construction of smart homes represent one of the key factors augmenting the market growth. The rising global emphasis on energy efficiency and sustainability is promoting the widespread adoption of smart electric meters. These meters empower consumers to monitor and manage their energy consumption, reducing bills and lowering carbon footprints.

Additionally, the modernization of aging power infrastructure is propelling the market growth. Smart meters facilitate the development of smart grids, enabling better load management, integration of renewable energy sources, and quicker issue resolution. Apart from this, the rising demand for reliable and accurate billing is another significant factor driving the demand for smart meters to provide precise data collection capabilities. Moreover, the advent of the Internet of Things (IoT) technology is creating lucrative opportunities for integrating smart meters with other connected devices, allowing consumers to make informed decisions about their energy consumption.

Besides this, ongoing advancements in metering technology and increasing awareness of their benefits are strengthening the growth of the market. In addition, the governing authorities of several countries are undertaking initiatives and imposing regulations to promote the use of smart meters. These initiatives often require utilities to deploy smart meters to enhance grid efficiency, reduce energy waste, and improve customer service.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Type:

• Advanced Metering Infrastructure (AMI)
• Automatic Meter Reading (AMR)

Breakup by Phase:

• Single Phase
• Three Phase

Breakup by End User:

• Industrial
• Commercial
• Residential

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• ABB Ltd.
• Aclara Technologies LLC (Hubbell Incorporated)
• Genus Power Infrastructures Ltd.
• Holley Technology Ltd.
• Honeywell International Inc.
• Iskraemeco Group
• Itron Inc.
• Jiangsu Linyang Energy Co. Ltd.
• Landis+Gyr
• Microchip Technology Inc.
• Schneider Electric SE
• Wasion Group

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