Smart Electric Meter Highlights 2020-2029
The smart electric meter market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The market is set to witness growth during the forecasted period due to the rising demand for efficient data regulatory systems coupled with favourable government policies for smart meter rollout and improved cost savings. The growth of the market can also be attributed to factors such as increasing emphasis on renewable energy sources globally.
The market is segmented based on the communication technology type into radio frequency, power line communication, and cellular, out of which, the radio frequency segment is anticipated to grab the most significant share by the end of 2029 on account of less costing and better efficiency of radio frequency. CLICK TO DOWNLOAD SAMPLE
Based on end-user, the residential segment in the global smart electric meter market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the fact that smart electric meters can assist the users in monitoring, regularizing, and reducing their consumption from the generators.
Smart Electric Meter Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the fastest CAGR over the forecast period due to the rise in capital investments in smart grid technologies and smart cities. The increase in the number of new data centers and a surge in commercial institutions are also estimated to drive the region's smart electric meter market. Along with this, China accounts for the largest share due to large-scale rollout plans. The country also accounts for the highest installed generation and distribution capacity in the Asia Pacific, resulting in an increased demand for smart electric meters.
The global smart electric meter market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global smart electric meter market includes the following segments:
By Communication Technology Type
- Radio Frequency
- Power Line Communication
- Cellular
By End-User
- Residential
- Commercial
- Industrial
By Phase
- Single Phase
- Three Phase
Growth Drivers
- Increasing demand for efficient data monitoring systems
- Favorable government policies for smart meter rollout
Challenges
- Expensive installation charges
- Lack of awareness about smart technology in lower economic regions
Top Featured Companies Dominating the Market
- Itron Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Jiangsu Linyang Energy Co., Ltd.
- Wasion Group
- Schneider Electric
- Siemens
- Honeywell International Inc.
- Iskraemeco Group
- GENERAL ELECTRIC
- ABB
