Smart Electric Meter Market by Communication Technology Type (Radio Frequency, Power Line Communication, and Cellular), End-User (Residential, Commercial, and Industrial), Phase (Single Phase, and Three Phase), and Region - Global Forecast to 2023
“The smart electric meter market is projected to grow at a CAGR of 4.11%, from 2018 to 2023.”
The smart electric meter market is projected to grow from an estimated USD 9.27 billion in 2018 to USD 11.33 billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. Factors such as the increasing amount of renewable energy in the generation mix, a rising trend of distributed generation on Medium Voltage (MV) networks, a greater focus on real estate development by the investment community, and the increasing rate of urbanization are driving the smart electric meter market. High initial investment acting as a restraint for growth in developing economies, and the delay in smart meter rollout projects restrain the growth of the market during the forecast year.
“The commercial market is expected to be the fastest-growing smart electric meter market, by end-user, during the forecast period.”
The commercial segment is expected to be the fastest-growing segment of the smart electric meter market, by end-user, during the forecast period. The segment is expected to grow during the forecast period because of the growth of commercial facilities, which provides a boost to the power quality equipment. These equipment are used for the conditioning and monitoring of voltage fluctuations, frequency, flickering, and transients and help in preventing critical equipment damage, thus increasing the growth of the commercial smart electric meters market.
“Europe: The fastest-growing market for smart electric meter.”
Europe is the third-largest market for smart electric meters, and is growing at the fastest rate during the forecast period. The European Union (EU) has proposed a 20:20:20 plan, which aims at reducing greenhouse gas emissions. The aging infrastructure and equipment, load increase, and low emission of CO2 are some of the major drivers for the deployment of smart grid implementation. Moreover, the focus of the governments on EV infrastructure and mobility programs have further supported the growth of the market.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 60%, Tier 23%, Tier 17%
By Designation: D-Level - 35%, D-Level - 25%, Others* - 40%
By Region: Asia Pacific - 29%, Europe - 22%, North America - 18%, Middle East - 14%, Latin America - 12%, and Africa - 5%
Note: Others* includes sales managers, marketing managers, product managers, and engineers.
Note: Tier 1 Company: Revenue >5 billion, Tier 2 Company: Revenue between 1 billion and 5 billion, and Tier 3 Company: Revenue <1 billion
Key players in the smart electric meter market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).
The report provides a complete view of the smart electric meter market across the smart metering industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as communication technology, end-user, phase, and region. Further, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
The market has been segmented on the basis of communication technology type, end-user, phase, and region, with a focus on industry analysis (industry trends). The market ranking analysis of the top players, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the smart electric meter market.
The report provides insights on the following pointers:
Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the smart electric meter market
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for smart electric meter across regions
Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global smart electric meter market
Why Buy this Report?
1. The report identifies and addresses key markets for the implementation of a smart electric meter in various end-users, which would help manufacturers review the growth in demand.
2. The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.