The global smart electricity meters market size is expected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for energy and increasing advancements in the energy utility sector.
Smart electricity meter reduces response time to the resolution to hardware defect and energy failure. The support of organization to install these devices is projected to play a vital role in the industry growth.
The recent COVID -19 pandemic and existing lockdown covering the world has effected the deployment of smart meters globally. The supply chain disruption across the globe negatively impacted the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing implementation of policies for smart meters market is estimated to drive the growth of the market.
- Growing adoption of smart meters in emerging countries such as India and China is expected to fuel the growth of the market.
- Rising prominence on smart network enterprise is anticipated to proliferate the market growth in the projected timeline.
- Growing adoption of Artificial Intelligence (AI) and advancement technologies is anticipated to proliferate the market growth in the coming years.
Scope of the Report
The report on the global smart electricity meters market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Smart Electricity Meters Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Phases (Single-phase and Three-phase) and End-users (Residential, Commercial, Industrial) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
| Key Players Covered in the Report | ABB; GENERAL ELECTRIC; Holley Technology LTD.; Elster Group GmbH; Iskraemeco d.d.; Itron Inc.; Landis+Gyr; Schneider Electric, Inc.; and Siemens. |
Smart Electricity Meters Market Segment Insights
Phase segment is expected to grow at a rapid pace
Based on phase, the market is bifurcated into single-phase and three-phase. The single-phase segment is expected to grow at a rapid pace during the forecast period. Rising performance in industrial and commercial applications is expected to proliferate the market segment. However, the third-phase segment is anticipated to hold a key share of the market in the coming years growing installation of three-phase electric meters due to rising energy demand across the globe.
Residential segment is projected to expand at a considerable CAGR
On the basis of end-users, the market is segregated into residential, commercial, and industrial. The residential segment is projected to expand at a considerable CAGR during the forecast period. Rising number of residential projects adopting smart meters is expected to drive the segment growth. On the other hand, the industrial segment is anticipated to account for a major market share during the forecast period. Rapid industrialization in emerging economies such as India and China is expected to spur the market segment growth.
North America is anticipated to constitute a key market share
In terms of regions, the global smart electricity meters market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period Smart meters are projected to promoted the better network management and principal focus on the areas for smart network projects. Moreover, increasing smart reticulation adoption proposals in selected areas along with organization and management adjustment and plan regularity in constituencies are some of the major factors of the regional market growth.
The market in Asia Pacific is anticipated to exhibit a robust pace during the forecast period. Increasing energy demand and rapid industrialization in emerging countries is expected to fuel the regional market growth. Moreover, the implementation of advanced hardware to reduce the recurring costs is spurring the market in Asia Pacific.
Segments
Segments Covered in the Report
The global smart electricity meters market has been segmented on the basis of
Phases
End-users
- Residential
- Commercial
- Industrial
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- ABB
- GENERAL ELECTRIC
- Holley Technology LTD.
- Elster Group GmbH.
- Iskraemeco d.d.
- Itron Inc.
- Landis+Gyr.
- Schneider Electric, Inc.
- Siemens
Competitive Landscape
Key players competing in the global smart electricity meters market are ABB; GENERAL ELECTRIC; Holley Technology LTD.; Elster Group GmbH; Iskraemeco d.d.; Itron Inc.; Landis+Gyr; Schneider Electric, Inc.; and Siemens.
In October 2018, Portland general electric co. set up smart network to deliver high level of process allotment technologies to growing method of quality and the rising the assumption of smart electric meters.
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