Pune, India, Jan. 09, 2023 (GLOBE NEWSWIRE) -- The global smart electric meter market size is projected to reach USD 36.00 billion by 2028, exhibiting a CAGR of 8.1% during the forecast 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."
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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KEY INDUSTRY DEVELOPMENTS:
January 2020- Honeywell announced that it would integrate the Verizon LTE Managed Connectivity solution into smart meters and other edge devices to develop the next evolution of the smart grid. This cooperation enables Honeywell to provide its customers with a wireless network platform as part of its smart energy software, hardware, and services. It provides safe and reliable IoT communications for utility applications.
November 2020 –Sojitz Corporation signed a contract with the Ministry of Economy, Trade, and Industry of Japan (METI). The agreement includes expanding energy infrastructure abroad and introducing a distributed smart infrastructure in the ASEAN region.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 4.4 % |
| 2029 Value Projection | USD 42.13 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD billion |
| Historical Data for | 2018-2020 |
| No of Pages | 220 |
| Segments covered | By Type, Tank Type, Product, and Region |
| Growth Drivers | Rising Demand for Various Crude Oil derived products is supporting the growth of Terminals |
Drivers & 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.
COVID-19 Impact:
Lockdown Restrictions and Raw Material Shortage to Impede Market Growth
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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REGIONAL ANALYSIS:
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.
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A list of prominent Smart Electric Meter manufacturers operating in the global market:
- Aclara
- GE
- Itron, Inc.
- Landis+Gyr
- Kamstrup
- Honeywell
- Siemens
- Sensus
- ABB
- ZPA Smart Energy
- Secure Meter Limited
- Holley Technology Ltd
- Jabil
- Xemex
- EDMI Limited
- EMH Metering GmbH & Co KG
- Schneider Electric
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SMART ELECTRIC METER: Detailed TOC
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Smart Electric Meter Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Smart Electric Meter Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Advanced Metering Infrastructure
- Auto Meter Readings
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Smart Electric Meter Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Advanced Metering Infrastructure
- Auto Meter Readings
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis and Forecast – By Type
- Advanced Metering Infrastructure
- Auto Meter Readings
- Canada Market Analysis and Forecast – By Type
- Advanced Metering Infrastructure
- Auto Meter Readings
- U.S. Market Analysis and Forecast – By Type
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