According to Custom Market Insights (CMI), The Global Smart Electric Meter Market size was estimated at USD 25 Billion in 2021 and is expected to hit around USD 55.2 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 10.75% from 2022 to 2030.
The report examines the Smart Electric Meter market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Smart Electric Meter market.
Smart Electric Meter Market: Overview
Smart electric meters are widely used in many nations. They regulate the electricity supplied to a consumer, account for the energy they use, and send that information to the electricity provider, where the consumption is calculated based on price, and the consumer’s bill is created. Electricity suppliers have benefited from smart electric meters by paying less staff to read each meter across multiple cities. These meters can be installed on any property, including homes, businesses, and industries. Since these meters report readings every hour, they eliminate the margin for error. They are gradually replacing traditional electric meters in many more nations to reduce common crimes like electricity theft.
Browse the full “Smart Electric Meter Market Size, Trends and Insights By Technology (AMI, RF, PLC, Cellular, AMR), By Phase (Single Phase, Three Phase), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/smart-electric-meter-market/
The global market for smart electric meters is rising due to the expanding need for better and more efficient data monitoring systems and good government incentives in various regions of the world. In addition, cost reductions brought on by adopting intelligent electric meters, which close the error gap, are another factor influencing the market growth. Furthermore, smart meters must precisely compute the quantity of energy produced from a remote site due to the increasing importance of using renewable energy, fueling the growth of the global smart electric meter market.
Since energy supply companies have thousands of customers, replacing each one of their customers’ electric meters is a costly job and thus necessitates a significant investment, this is one of the main factors restricting the growth of the global smart electric meter market. Additionally, because of inadequate network connectivity, many nations, especially those where people are reluctant to adopt new technology, might cause Smart Electric Meters to malfunction.
The global Smart Electric Meter market is categorized into technology and phase. The expansion of renewable energy networks and continuous attempts to modernize grid infrastructure is expected to result in increased investments in the AMI systems segment through 2030, leading to a notable increase in that sector’s market size. Technology penetration will complement AMI technology’s core advantages, including efficient remote monitoring and control and quick failure identification. Additionally, the widespread use of these units in the oil and gas, construction, and data center industries will further accelerate their global adoption.
Among the primary benefits, AMI technology provides to energy utilities are improvements in customer service, effective load control, and a decrease in energy shortages. In addition, the industry statistics will be supported by growing investments made by the power generation sectors in IoT-enabled grid infrastructure to acquire precise and real-time data on power usage. However, these devices serve as a conduit and provide two-way communication between utilities and consumers.
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Due to its high population density, Asia Pacific experiences significant electricity demand. The region’s market for smart electric meters is driven by increased investments in smart grids and innovative city technologies, data centers, IT hubs, and commercial organizations. Due to its extensive deployment plans and having the most enormous installed generating and distribution capacity in the Asia Pacific area, China makes up the majority of the market for smart electric meters.
Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Smart Electric Meter market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
- Landis+Gyr (Toshiba Corporation)
- Schneider Electric
- Wasion Group Holdings
- Honeywell International Inc.
- Itron Inc.
- Jiangsu Linyang Energy Co., Ltd
- Microchip Technology
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