Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Energy Meter Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The energy meter market has demonstrated a robust growth trajectory, with projections revealing a substantial leap from US$27.244 billion in 2022 to US$49.193 billion by 2029.
This growth, representing a CAGR of 8.81%, is largely attributable to increasing global energy demand spurred by population growth and economic advancements. Energy meters, known for their pivotal role in energy management, are gaining significant momentum as a result of heightened global awareness of the need for energy optimization. 
A notable trend within the sector is a shift towards smart grids—an advancement that not only represents strides in energy consumption efficiency but also underpins the movement for smarter urban development. Smart meters, in particular, stand out for their ability to provide near real-time consumption data.
These advancements herald an era of improved electricity grid performance, heightened affordability, and enhanced consumer empowerment. Policies and regulatory frameworks conducive to smart grid and smart meter adoption are increasingly becoming a focal point for governing bodies worldwide. Emerging economies are also embracing these innovations, with large-scale smart meter projects coming into play, thereby bolstering the market's dynamics.
Rapid Advancements and Regulatory Support Driving Smart Meter Adoption
The introduction of smart meters has been further supported by legislative initiatives, with tangible progress evident in the rising household penetration rates in numerous European countries, among others. The proactive support of government schemes and regulatory bodies has been instrumental in promoting the transition towards modern and efficient energy utilities. Consequently, the integration of smart meters is accelerating, with substantial plans for deployment spanning across the globe from the US to Asia Pacific.
North American Market Exhibits Strong Growth, Led by the United States
North America's energy meter market has seen substantial growth, particularly in the United States where advanced metering infrastructure is on the rise. The American market, characterized by escalating smart meter adaptations and augmented by government initiatives, represents one of the fastest-growing sectors in the region. This expansion is a testament to the industry's commitment to modernization, as seen in the ongoing smart meter installations across the nation.
Through purposeful investments and strategic partnerships, various organizations are striving to upgrade infrastructure to meet contemporary needs. Innovative projects, such as FortisBC's Advanced Gas Meters project in British Columbia and JCP&L's smart meter rollout in New Jersey, exemplify the sector's dedication to enhancing customer experience and service.
This press release delineates the profound changes underway within the energy meter market, highlighting the cross-sector cooperation and technological advancements that are steering the sector towards a bright and efficient future.
Market Segmentation and Key Developments
The market segments into various categories such as smart energy, electronic energy, and electro-mechanical induction type energy meters. These segments cater to a diverse range of applications, from household appliances and power substations to EV chargers. By end-users, the market is bifurcated into residential and industrial sectors. Geographically, the market spans regions including North America, Europe, the Middle East, Africa, Asia Pacific, and South America, each demonstrating unique growth prospects.
Several notable developments have captured the industry's attention, indicative of a collaborative effort toward a sustainable future. Key players are focusing on enhancing their offerings and expanding their reach, resulting in market growth and technological breakthroughs across various regions.
As we advance, the energy meter market stands at the cusp of a new era, characterized by innovation, efficacy, and an unwavering commitment to sustainable development.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $27.24 Billion |
| Forecasted Market Value (USD) by 2029 | $49.19 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Companies Featured
- Honeywell International
- Arcel Co. Ltd
- Accuenergy Inc.
- L&T Electrical Automation
- Schneider Electric
- ABB
- Electro Industries/GaugeTech Inc (Hubbell Incorporated)
- SATEC Ltd.
- Landis+Gyr (Toshiba Corporation)
- Delta Electronics Inc. (Delta Group)
For more information about this report visit https://www.researchandmarkets.com/r/tmebu7
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