Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The global smart electric meter market is projected to grow from USD 20.81 billion in 2021 to USD 36.00 billion in 2028 at a CAGR of 8.1% in the 2021-2028 period. Rapid urbanization, the development of multiple smart cities, and the increasing adoption of renewable energy resources are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled "Smart Electric Meter Market, 2021-2028." A smart electric meter is a device equipped with advanced technologies such as smart software and cloud computing to monitor electricity consumption.
The rising demand for electricity among commercial and residential buildings fuels the product's demand. Its rising adoption in smart cities is likely to increase sales. For example, India commenced its 'Smart City Mission' to transform the country's urban landscape in 2015. The investments in the initiative reached USD 28.31 billion in 2020, and approximately 5,331 projects worth USD 24.31 billion were successfully tendered. In 2020, nearly 2,122 projects valued at USD 4.83 billion were accomplished, and 4,540 orders valuing USD 19.33 billion were issued. These factors are likely to fuel the market growth during the forthcoming period.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 8.1% |
| 2028 Value Projection | USD 3600 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 19.40 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 180 |
| Segments covered | Type, Application, Region, |
| Growth Drivers | Cost Savings and Operational Advantages to Augment Smart Electric Meter Market Growth |
| Increased Awareness Regarding Energy Usage Brought In By Smart Electric Meter |
Impact of COVID-19:
Lockdown Restrictions and Raw Material Shortage to Impede Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the restrictions imposed during the lockdown. The sudden spike in COVID-19 patients has provoked governments to impose stringent restrictions. The lack of raw material due to transport restrictions and the closure of industries may negatively affect the market's progress. Restrictions on construction activities and manufacturing are negatively affecting the product's sales. However, the adoption of reduced capacities, advanced sanitization methods, part-time shifts, and the adoption of production machinery is likely to fuel demand. These factors are likely to influence the market's growth during the pandemic.
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Smart Electric Meter Market Segmentation;
- Smart Electric Meter Market by type: The market is segmented into auto meter reading and advanced metering infrastructure.
- Based on application, it is classified into industrial, commercial, residential, and others.
- Regionally, it is grouped into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints:
Cost Benefits and Operational Efficiency of Smart Meter to Fuel Market Growth
The smart electric meter enables users to gain sufficient electricity and save costs generated by electricity consumption. It saves electricity consumption and enables electric companies to eliminate monthly manual reading, lower electricity costs, provide real-time data to avoid power outages, and instantly monitor the system. Further, it provides significant advantages to consumers by providing easy user controls and tracking electricity consumption. The increasing awareness regarding the product's benefits among consumers is expected to boost its demand. Additionally, the rising awareness regarding renewable energy is expected to attract consumer demand. These factors are likely to drive the smart electric meter market growth.
However, high deployment costs regarding smart meters are likely to hinder the market's progress.
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Regional Insights:
Rising Adoption of Smart Meters to Boost Market Growth in Asia-Pacific
Asia-Pacific is expected to dominate the smart electric meter market share because of the rising adoption of smart electric meters for minimizing unaccounted electricity loss. The market in Asia pacific stood at USD 10.82 billion in 2020 and is projected to grow significantly during the upcoming years. Further, the introduction of tariff plans customized as per customer's usage is likely to fuel smart electric meter's demand. The adoption of direct communication between customers and companies and the remarkable meter deployment in China is expected to fuel market growth.
In North America, the adoption of smart electric meters over regular meters is likely to fuel its demand. In addition, the increasing product sales and adoption of better solutions among consumers are expected to fuel market growth.
In Europe, the rising adoption of renewable energy resources is likely to fuel smart meters' demand. The installation of grids and the advantages of smart meters over traditional meters may boost the market's growth.
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Competitive Landscape:
Prominent Companies Incorporate Innovative Features to Boost Brand Image
Prominent companies operating in the market incorporate innovative features to provide excellent products to consumers and boost their brand image. For example, Honeywell incorporated Verizon LTE Managed Connectivity to develop smart grid solutions in January 2020. It allows companies to provide customers with an excellent wireless platform and IoT communication capability. This strategy may enable the company to boost its brand image globally. Additionally, incorporating research and development allows companies to tackle shortcomings and incorporate essential features to attract consumers.
Industry Development:
- March 2021: Itron Inc. announced smart residential meters developed for utilities and German cities. It complements Germany's low carbon energy trade alongside an affordable and reliable power supply.
List of Key Players Profiled in the Smart Electric Meter Market Report
- Aclara (U.S.)
- GE (U.S.)
- Itron, Inc. (U.S.)
- Landis+Gyr (Switzerland)
- Kamstrup (Denmark)
- Honeywell (U.S.)
- Siemens (Germany)
- Sensus (U.S.)
- ABB (Switzerland)
- ZPA Smart Energy (Czech Republic)
- Secure Meter Limited (India)
- Holley Technology Ltd (China)
- Jabil (U.S.)
- Xemex (Belgium)
- EDMI Limited (Singapore)
- EMH Metering GmbH & Co KG (Germany)
- Schneider Electric (France)
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