Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global smart electric meter market reached a value of US$ 21.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 35.86 Billion by 2027, exhibiting a CAGR of 8.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
A smart electric meter sends the readings to the electricity supplier automatically and wirelessly using a secure smart data network. It measures the flow of electric power from the input to the output terminal and comprises a liquid-crystal display (LCD) display for showing readings of the parameters. It accurately monitors the quantity of electricity consumed by homes, companies, or other electrically powered devices. In addition, it assists consumers in tracking real-time updates for electricity while checking their credit and debt balances. As a result, the smart electric meter finds extensive applications in residential, commercial, and industrial sectors.
Smart Electric Meter Market Trends:
The growing development of communication network infrastructure across the globe as it enables companies to communicate faster and better, reduce production costs and improve productivity represents one of the key factors driving the market. Moreover, several benefits offered by smart electric meters, such as minimizing meter reading costs, preventing disconnections, and removing inefficiencies in billing and re-connection costs to corporations and consumers, are propelling the growth of the market. In addition, there is a rise in the digitalization of electrical systems around the world. This, coupled with the growing demand for electricity from commercial and residential sectors, is positively influencing the market. Besides this, large scale installations of smart meters by utility companies are offering lucrative growth opportunities to industry investors. Apart from this, governments of several countries are undertaking initiatives to develop smart cities worldwide. This, along with the increasing development in cloud computing and analytics, is catalyzing the demand for smart electric meters. Additionally, the rising demand for remote monitoring and controlling of power grids is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart electric meter market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, phase and end user.
Breakup by Type:
Advanced Metering Infrastructure (AMI)
Automatic Meter Reading (AMR)
Breakup by Phase:
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Wasion Group.
Key Questions Answered in This Report:
How has the global smart electric meter market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global smart electric meter market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the phase?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global smart electric meter market and who are the key players?
What is the degree of competition in the industry?
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