Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) -- The "Smart Electric Meter Market Report by Type (Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)), Phase (Single Phase, Three Phase), End User (Industrial, Commercial, Residential), and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global smart electric meter market size reached US$ 25.6 Billion in 2023. Looking forward, the market is set to reach US$ 47.1 Billion by 2032, exhibiting a growth rate (CAGR) of 7.0% during 2023-2032. The increasing demand among consumers for real-time data and the rapid modernization of aging electrical infrastructures are bolstering the market.
Leading companies are incorporating real-time tracking and advanced analytics to enhance the features, reliability, and efficiency of smart electric meters. Furthermore, they are expanding geographically by adapting products to meet local regulations and consumer preferences. In addition, several key players are entering into strategic alliances with utility companies, tech firms, and local governments to accelerate the adoption of smart meters. Besides this, smart electric meter market companies are investing in secure data encryptions to protect user data from unauthorized access.
Additionally, they are adhering to international and local regulations, such as energy efficiency standards and data protection laws, to ensure that their products meet or exceed these standards. Moreover, major players are developing user-friendly interfaces and mobile apps that allow consumers to monitor their energy consumption in real-time, thereby promoting responsible energy usage.
Smart Electric Meter Market Analysis:
Major Market Drivers: The rising emphasis of individuals on efficient energy consumption and sustainability is driving the overall market. Additionally, the inflating popularity of smart meters as a modern solution for grid management is also acting as another significant growth-inducing factor.
Key Market Trends: Continuous advancements in wireless communication technologies are among the emerging trends in the market. Besides this, the increasing inclination among consumers towards more interconnected and smart energy management is further bolstering the global market.
Geographical Trends: Asia Pacific exhibits a clear dominance in the market. This can be attributed to the rising awareness among individuals towards energy conservation, which is escalating the demand for smart meters across the region to monitor and control electricity usage.
Challenges and Opportunities: The elevating concerns related to data privacy and cybersecurity are hampering the global market. As smart meters collect and transmit detailed energy usage data in real-time, they pose potential privacy risks. However, the implementation of stringent data protection laws by government bodies is expected to fuel the market over the forecasted period.
Key Questions Answered in This Report
- What was the size of the global smart electric meter market in 2023?
- What is the expected growth rate of the global smart electric meter market during 2024-2032?
- What are the key factors driving the global smart electric meter market?
- What has been the impact of COVID-19 on the global smart electric meter market?
- What is the breakup of the global smart electric meter market based on the type?
- What is the breakup of the global smart electric meter market based on the end user?
- What are the key regions in the global smart electric meter market?
- Who are the key players/companies in the global smart electric meter market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 147 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $25.6 Billion |
| Forecasted Market Value (USD) by 2032 | $47.1 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
Competitive Landscape:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/28m4vl
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