Smart Electricity Meter Market

Smart Electricity Meter Market is anticipated to grow at a CAGR of 4.7% during forecast period and estimated to reach USD 13,625 million by 2027, because of the enforcement of strategic government norms to encourage the adoption of smart meters in place of traditional meters to monitor the energy consumption.

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Key Drivers

The significant factors driving the growth of the global smart electricity meter market include the growing need for efficient data monitoring systems and the favorable government policies to promote the adoption of smart meter across the globe. With the increasing incidences of unstable power generation, the consumers are looking for smart electricity meters to control the total energy consumption by numerous devices. Countries such as the U.S. and United Kingdom are launching various smart meter rollout schemes to support the installation of these devices around the nation. In addition to this, the increasing cases of energy theft are promoting the end-users to install smart meters, which acts as an appropriate solution for these fraudulent acts. The smart electric meter provides accurate reading and does not require the manual procedure of taking readings and then producing electricity bills. In addition, rising energy demand across the globe has augmented the need for effective monitoring of the power consumption in order to minimize the electricity bills, which will augment the adoption of smart metering systems, driving the market growth. Also, various advantages including efficient energy management, controlled energy consumption and higher security against electricity theft will bolster the market growth. The need for smart meters across every household owing to the growing awareness about their benefits will bolster the market expansion.

The strong demand for electricity driven by the rising population rate and the rapid increase in the electricity prices per unit are propelling the demand of the market in the coming years. Moreover, the stringent government policies to reduce carbon footprint along with growing consumer awareness regarding the remarkable benefits offered by the smart electricity meter will have a positive impact on market growth. On the other hand, the rising concern regarding cybersecurity and data privacy will hamper the growth of the global smart electricity meter market.
The strong demand for electricity driven by the rising population rate and the rapid increase in the electricity prices per unit are propelling the demand of the market in the coming years. Moreover, the stringent government policies to reduce carbon footprint along with growing consumer awareness regarding the remarkable benefits offered by the smart electricity meter will have a positive impact on market growth. On the other hand, the rising concern regarding cybersecurity and data privacy will hamper the growth of the global smart electricity meter market.

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Phase – Segment Analysis

Based on the Phase, the market is segmented into single phase and three phase. Among these, the three-phase segment is projected to grow at a higher CAGR during the forecast period. The increasing application of three-phase smart meters in several industries and commercial sectors is driving the growth of the three-phase meter in the market. The three-phase meters are cost-effective as compared to the single-phase meters and provide higher power density. Accelerating number of industries and commercial buildings has bolstered the installation of three-phase electric meters, owing to their flexibility, fueling the segment’s growth. Moreover, the cost-efficiency of single-phase electric meters has augmented their demand in residential buildings, as electricity load is lower than commercial buildings, which will pave the way for market.

End-User – Segment Analysis

Based on the End-User, the market is segmented into residential, commercial, and industrial. The residential segment is anticipated to lead the market during the forecast period owing to the rising emphasis of government and consumers towards the installation of smart electric meters at the global level. Smart electricity meters are increasingly installed in residential places to monitor, regularize, and decrease energy consumption and electricity bill. The growing importance of power management solutions is further promoting the usage of sophisticated electrical and data equipment, thereby increasing the demand of the market. On the other hand, the commercial end-use industry is anticipated to exhibit a robust growth over the forecast period, owing to the strong regulatory, and administrative framework, and rising awareness on reducing energy consumption.

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Regional – Segment Analysis:

Asia-Pacific is expected to expand at a higher CAGR during the forecast period due to the strong demand for electric across the Asian countries. Various government initiatives to support the usage of smart electric meters and the rising investment in the smart grid technologies and smart cities will further pay the way for the growth of the smart electricity meter market in the region. China is one of the biggest countries, which has the highest number of large-scale rollout plans, thereby strengthening the demand of the market in the coming years. As per the Fitch Solutions, a U.S. based credit rating agency, China is projected to lead the smart grid technologies owing to government support and increasing investments into research and development of smart grid technologies.

Top Market Players

Various notable players operating in the market include The Benchmarking Company, Landis+Gyr (Toshiba Corporation), Itron Inc., Honeywell International Inc., Aclara Technologies LLC, Iskraemeco, d.d., Wasion Group, Microchip Technology Inc., Jiangsu Linyang Energy Co. Ltd., and Schneider Electric among others.

Key Developments:

• • In 2020, Itron Inc., announced its collaboration with Bidgely, an artificial intelligence-powered SaaS company. With this collaboration target in energy-efficiency programs, to increase consumer satisfaction, and enhance customer engagement and experience.
  • In 2020, Honeywell International Inc., collaborated with Verizon’s Managed Connectivity LTE solution. This collaboration will allow Honeywell to provide its target customers with a wireless networking platform as a part of its smart energy software, hardware and services, delivering secure and reliable IoT communications for utility applications.

Segments covered in the Report:

The global Smart Electricity Meter market has been segmented on the basis of phase, communication technology type, end-user and region. Based on phase, the market is segmented into single phase and three phase. Based on communication technology type, the market is segmented into power line communication, radio frequency and cellular. Based on end-user, the market is segmented into residential, commercial, and industrial.

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Key questions answered in this research report:

• • At what pace is global Smart Electricity Meter market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Electricity Meter market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Electricity Meter market?
  • Which phase generated maximum revenues in 2019 and identify the most promising phase during the forecast period?
  • What are the various end-user of global Smart Electricity Meter market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Smart Electricity Meter Market by Phase

• • Single Phase
  • Three Phase

Global Smart Electricity Meter Market by Communication Technology Type

• • Power Line Communication
  • Radio Frequency
  • Cellular

Global Smart Electricity Meter Market by End-User

• • Residential
  • Commercial
  • Industrial

Global Smart Electricity Meter Market by Region

• • North America Smart Electricity Meter Market (Option 1: As a part of the free 25% customization)

    • By Phase
    • By Communication Technology Type
    • By End-User
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Smart Electricity Meter Market (Option 2: As a part of the free 25% customization)

    • By Phase
    • By Communication Technology Type
    • By End-User
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Smart Electricity Meter Market (Option 3: As a part of the free 25% customization)

    • By Phase
    • By Communication Technology Type
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Smart Electricity Meter Market (Option 4: As a part of the free 25% customization)

    • By Phase
    • By Communication Technology Type
    • By End-User
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Electricity Meter Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • The Benchmarking Company
  • Landis+Gyr (Toshiba Corporation)
  • Itron Inc.
  • Honeywell International Inc.
  • Aclara Technologies LLC
  • Iskraemeco, d.d.
  • Wasion Group
  • Microchip Technology Inc.
  • Jiangsu Linyang Energy Co. Ltd.
  • Schneider Electric