APAC Smart Electric Meter Market Outlook to 2028

APAC Smart Electric Meter Market Overview

In 2023, the APAC Smart Electric Meter Market was valued at USD 9.2 Bn, driven by the growing demand for energy efficiency solutions, increasing urbanization, and government initiatives to modernize power grids. Smart electric meters are crucial in providing real-time data on electricity consumption, enhancing grid management, and reducing energy losses.

Key players in the APAC smart electric meter market include Landis+Gyr, Itron Inc., Honeywell International, Holley Technology Ltd., and Siemens AG. These companies have established strong positions through innovation, extensive distribution networks, and collaborations with governments for smart grid projects.

Cities like Beijing, Tokyo, and Mumbai dominate the APAC smart electric meter market. Beijings dominance is driven by China's aggressive smart grid upgrades, while Tokyo benefits from Japans advanced technological infrastructure. Mumbais growing urbanization and power distribution challenges make it a key city in the Indian market.

In 2023, Landis+Gyr announced a partnership with the State Grid Corporation of China to deliver 5 million advanced smart electric meters as part of Chinas national smart grid initiative. This contract is part of a larger effort by the company to solidify its position in the APAC market, leveraging its expertise in energy management and smart metering. The deployment is expected to be completed by mid-2024 and will include both urban and rural areas.

APAC Smart Electric Meter Market Segmentation

The APAC Smart Electric Meter Market can be segmented by product type, communication technology, and region:

By Product Type: The APAC smart electric meter market is segmented into residential meters, commercial meters, and industrial meters. In 2023, residential meters dominated the market, driven by urban expansion and smart city projects in China and India. These meters are critical for monitoring energy consumption in households and curbing electricity theft.

By Communication Technology: The APAC smart electric meter market is also segmented by communication technology into radio frequency, power line communication (PLC), and cellular communication. In 2023, PLC technology dominated the market due to its ability to utilize existing power infrastructure, reducing costs and enhancing scalability. This technology is widely used in Japan and South Korea due to their dense urban environments.

By Region: The APAC smart electric meter market is segmented into China, India, Japan, South Korea, and Australia. China held the largest market share in 2023, driven by its massive investment in smart grid infrastructure as part of its carbon reduction goals. India is also a rapidly growing market, with its government-led initiatives to install millions of smart meters.

APAC Smart Electric Meter Market Competitive Landscape

Company

Establishment Year

Headquarters

Landis+Gyr

1896

Switzerland

Itron Inc.

1977

United States

Honeywell International

1906

United States

Holley Technology Ltd.

1970

China

Siemens AG

1847

Germany

Itron Inc.: In 2023, Itron launched a new sales channel partner program called Itron Engage for the APAC region. This program provides trusted partners with the tools, training and support to offer Itron's smart metering solutions to their customers and improve energy management.

Siemens AG: In 2023, Siemens AG partnered with Tata Power Delhi Distribution Limited (TPDDL) to deploy smart metering technology, which includes the installation of 200,000 smart meters in North Delhi. This initiative is part of a broader effort to enhance grid efficiency and improve customer service through advanced metering infrastructure (AMI). The project supports India's goals for modernizing its energy infrastructure and increasing the adoption of smart grid technologies across the Asia Pacific region.

APAC Smart Electric Meter Industry Analysis

APAC Smart Electric Meter Market Growth Drivers

Increasing Energy Demand Due to Urbanization: Rapid urbanization across APAC, particularly in China and India, is leading to higher electricity demand, prompting governments to adopt smart meters for better energy management. In 2023, China saw a rise in electricity consumption to 9.22 trillion k Wh, highlighting the need for efficient energy distribution, which smart meters enable.

Government Initiatives for Smart Grids: APAC governments are heavily investing in smart grid infrastructure to reduce carbon emissions and improve energy efficiency. Chinas 2023 'State Grid Corporation Smart Grid Development Plan' aims to install 100 million smart meters by 2025, while Indias National Smart Grid Mission targets 250 million smart meters by the same year.

Integration of Renewable Energy Sources: Countries like Japan and Australia are integrating renewable energy sources like solar and wind into their power grids. These decentralized energy systems require real-time monitoring, which smart meters facilitate. Japans Green Growth Strategy, introduced in 2022, underscores the role of smart meters in achieving its 2030 renewable energy targets.

APAC Smart Electric Meter Market Challenges

Cybersecurity and Data Privacy Concerns: With the increasing adoption of smart meters, cybersecurity and data privacy concerns have risen significantly. The APAC region has seen a surge in cyberattacks targeting critical infrastructure, including power grids. For instance, Japan experienced a series of cyberattacks on its energy infrastructure in 2023, compromising consumer data from 1.5 million smart meters.

Inadequate Infrastructure in Rural Areas: Rural regions in APAC often lack the necessary grid infrastructure to support smart meters, limiting market expansion. Indias rural electrification program is ongoing, but only 5 million smart meters were installed in rural areas by 2023, indicating significant infrastructural challenges.

APAC Smart Electric Meter Market Government Initiatives

Chinas State Grid Corporation Smart Grid Development Plan (2023): Launched in 2023, this plan targets the installation of over 100 million smart meters by 2025, focusing on reducing energy losses and improving grid reliability. The initiative supports Chinas broader goal of carbon neutrality by 2060.

Indias National Smart Grid Mission (2023-2025): This mission aims to install 250 million smart meters by 2025, addressing power theft and improving billing accuracy. With a budget of INR 3,000 crore ($400 million), the mission has already achieved 10 million installations by 2023.

APAC Smart Electric Meter Market Future Outlook

The APAC smart electric meter market is expected to grow significantly from 2023 to 2028, driven by continued urbanization, increased energy consumption, and government initiatives for smart grid deployment.

Future Market Trends

Increased Focus on Renewable Energy Integration: Over the next five years, the integration of renewable energy into APAC power grids will drive the demand for smart meters. These meters will play a critical role in managing decentralized energy systems, enabling real-time data monitoring, and optimizing energy usage.

Growth in Smart City Projects: The expansion of smart cities in countries like China, Japan, and India will accelerate the deployment of smart electric meters. These meters are integral to managing energy consumption efficiently in urban areas, helping reduce power outages and ensuring better energy distribution.
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