Smart Electric Meter Market Research Analysis Report By Phase (Single Phase, Three Phase), By Communication Technology Type (Power Line Communication, Radio Frequency), By End-User (Residential, Commercial, Industrial), By Region, Industry Insights, Demand, Growth Drivers, Factors, Trends And Forecast Till 2023-2030
Aug-2024 Formats | PDF | Category: Energy and Power | Delivery: 24 to 72 Hours
“The Global Smart Electric Meter Market is expected to grow rapidly at a 3.8% CAGR consequently, it will grow from its existing size of from $10.08 Billion in 2023 to $9.49 Billion by 2030.”
Smart Electric Meter Market Overview
For Insights Consultancy presents an extensive market analysis report titled “Smart Electric Meter Market Report 2024″providing businesses with an edge in competition by providing a thorough analysis of market structures with estimates for various segmentations and segments.
Smart electric meters are advanced electricity meters that replace traditional analog meters. Unlike conventional meters, which require manual readings, smart meters transmit energy consumption data directly to the utility company. This eliminates the need for meter readers to visit your home.
- Monitor Usage: Use your smart meter’s data to identify patterns in your energy consumption and find opportunities to reduce waste.
- Set Goals: Establish energy-saving goals and track your progress to stay motivated.
- Optimize Usage: Shift energy-intensive activities to off-peak hours or use more efficient appliances.
- Real-Time Data: Smart meters provide accurate and up-to-date information about your energy consumption.
- Remote Communication: Data is transmitted directly to the utility company, eliminating the need for manual readings.
- Enhanced Security: Smart meters are designed to be tamper-proof and help prevent electricity theft.
- Tariff Optimization: Smart meters can help you choose the most suitable tariff plan based on your usage patterns.
Smart meters are being widely adopted worldwide, offering numerous benefits to both consumers and utilities. They help reduce operational costs for utilities, improve energy efficiency, and enhance grid reliability.
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Smart Electric Meter Market Segment Analysis
It is estimated that the Global Smart Electric Meter Market is segmented according to Phase Type of Communication Technology, Region, End-User, and.
Based on the phase Market is segmented into three phases: Single Phase and Three Phase. Three-Phase is the dominant segment of this market, having the biggest market share. It is predicted to increase in size due to the growing urbanization and more hospitals, buildings showrooms, malls and so on. are being constructed that all require a three-phase meter to the supply of electricity to a vast area effectively.
According to Communication Technology Type, the market is divided by type of communication technology into Power Line Communication, Radio Frequency and Cellular. The Cellular segment is the dominant market with the largest market share. Cellular usage is very high due to its ability to be used in areas where communication using PLC or RF isn’t feasible. All this can be made possible by the extensive telecommunication infrastructure throughout North America, Europe, and regions of Asia This segment is expected to expand further and dominate the market over the forecast period.
Based on the end-user Markets are segmented into Commercial, Residential and Industrial. The residential segment dominates the market with the most market share. This resulted from the rising number of people living in the area, and an rising disposable incomes for consumers and, in some areas, it is mandated from the federal government that residents install smart meters into the residential apartments, thereby driving market’s expansion.
Smart Electric Meter Market Dynamics
Growth Factors
One of the primary drivers of growth for the Smart Electric Meter Market is Government Initiatives. The market for smart meters is predicted to grow at a the speed of light due to the numerous initiatives of government in the major economies. In addition, the funds of the American Recovery and Reinvestment Act (ARRA) have been a major factor in the market’s expansion.
The demand is increased due to the replacement of traditional meters as well as upgrades to the latest technology. The rapid adoption of smart meters favorable government programs, and the strict regulations requiring smart meters in a number of states like Texas as well as California are among the reasons driving the demand of consumers in the most populated nations.
Another reason for the expansion in this market is the Development of Communication Network Infrastructure. The continuous and ongoing development of the information network assists in the development of smart meters that are advanced. Smart meters’ implementation is assisted by the accessibility of network networks like 5G 4G, 5G radio frequency, 4G and many more. Manufacturers are constantly working on the development of high-end smart meters to accommodate the growing network infrastructure, which is helping to boost the development of the smart meters market.
Growth Drivers
Energy Efficiency Initiatives
The increasing focus on sustainability and energy conservation can be a significant reason for widespread adoption of smart meters for electricity. These advanced meters provide the monitoring of electricity consumption in real time giving consumers valuable information to make educated decisions about their energy use. Through empowering users to optimize their energy usage smart meters aid in the reduction of energy waste and increase overall efficiency of energy.
Trends
Recent years of increasing population of the world has caused a substantial increase in energy consumption. The increase in demand for energy has led to the use of alternative sources of power generation which include renewable sources as well as the introduction of new technologies, such as the combined power plant (CHP) or district heating. This has led to the need for the development of new grids, as well as upgrading existing grids in order to adapt to the changes.
The growing number of customers has forced utilities to develop systems that allow for efficient management of data on energy consumption. This trend is anticipated to have an effect on the market for smart meters because these meters satisfy the requirements of many vital elements for customers and utilities. They allow data storage for individuals, allow for automated monthly billing and assist to detect leaks, bring the benefits of economics, and to avoid costly losses. This trend is expected to see substantial growth in the market for smart meters over the next few years.
Restraints
Consumer Acceptance and Education
The acceptance and understanding of the consumer play a crucial factor in the success of smart meters for electricity. But it is crucial to realize that certain people may have concerns or doubts regarding the technology. They may be concerned about possible health consequences as well as data privacy concerns or the perception of a lack in control of their consumption of energy information. To encourage widespread adoption it is essential to inform consumers of the numerous advantages of smart meters to address their concerns with openness, and ensure their privacy and security is secured.
Competitive Landscape of the Smart Electric Meter Market
- Landis+Gyr (Toshiba Corporation)
- Wasion Group Holdings
- Schneider Electric
- Honeywell International Inc.
- Itron Inc.
- Jiangsu Linyang Energy Co. Ltd
- Siemens
- Microchip Technology
- Aclara
- Iskraemeco
Recent Developments in Smart Electric Meter Market
Oct 24, 2023: Millions of smart meters in the UK are on the brink of becoming obsolete due to the upcoming discontinuation of some 2G and 3G phone networks. Smart meters, like mobile phones, rely on SIM cards to connect to wireless networks for functionality. Consequently, the impending shutdown of these networks will render these smart meters inoperable, necessitating their replacement.
Sep 18, 2023: According to BEST officials, the initial study on these smart meters has already been conducted, and Adani Electricity has been appointed as the contractor, after following the due process, they will also maintain it for 10 years
In August 2022, Adani Electricity Mumbai Limited (AEML) announced its plan to invest approximately INR 500 crore to install smart meters in Mumbai, India. The company aims to install around seven lakh smart meters in the region by the end of 2023. These smart meters will provide customers with real-time updates on power consumption.
Landis+Gyr revealed their Revelo electric meters in January 2020, these meters work on advanced grid sensing technology.
Itron released its 4G LTE smart metering solution in January 2020, this technology provides vast territory coverage, low latency, and network longevity using 4G LTE technology.
Wasion Group got a contract with Guizhou Power Grid Corporation In March 2019, the contract was to deliver items like communications and terminal products, smart meters, and smart power solutions.
Smart Electric Meter Market Regional Insights
Based on Region, the Global Smart Electric Meter Market is divided in four categories: North America, Europe, Asia Pacific, and the rest of the world.
Asia-Pacific is the most dominant region of the Global Smart Electric Meter Market mainly because of China as well as other emerging nations such as India This region is the most dominant in the market due to the large population of these countries and growing concerns over renewable energy in these nations, Asia-Pacific region is expected to increase significantly during the forecast time. The North-American region is also expected to expand significantly due to the fact that countries such as Canada as well as the US are attempting to move to electronic billing systems and also offer tax refunds on electricity bills.
On the other hand, the most rapidly growing region is North America. Rapid industrialization, urbanization and a rising energy demand in nations like that of US, Canada and Mexico have driven the demand for smart meters. Government initiatives to promote smart grid infrastructure and energy management systems as well as green energy integration have also accelerated the use of smart meters throughout the region.
Furthermore, the requirement for a more efficient distribution of energy and transmission losses reduction and a better metering accuracy are a major factor in the rapid growth of the market Asia Pacific.
Segment covered in this report are
By Phase
- Single Phase
- Three Phase
By Communication Technology Type
- Power Line Communication
- Radio Frequency
- Cellular
By End-User
- Residential
- Commercial
- Industrial
Frequently Asked Questions:
What is the projected market size & growth rate of the Smart Electric Meter Market?
Global Smart Electric Meter Market is expected to grow rapidly at a 3.8% CAGR consequently, it will grow from its existing size of from $10.08 Billion in 2023 to $9.49 Billion by 2030.
What are the key driving factors for the growth of the Smart Electric Meter Market?
The major drivers inclining the growth of the Global Smart Electric Meter Market are, need for effective monitoring systems and support of government for the growth of this market.
What are the top players operating in the Smart Electric Meter Market?
The major players are Landis+Gyr (Toshiba Corporation), Wasion Group Holdings, Schneider Electric, and Honeywell International Inc.
What segments are covered in the Smart Electric Meter Market Report?
The Global Smart Electric Meter Market is Segmented on the basis of Phase, Communication Technology Type, End-User, And Region.
Key Benefits to Stakeholders:
- This study offers a quantitative examination of Smart Electric Meter Market trends, estimations, and dynamics from 2023-2030 to identify potential opportunities in this space.
- Porter’s five forces study emphasizes the value of buyers and suppliers in helping stakeholders to make profitable business decisions while expanding their network.
- Undergoing in-depth analyses on market size and segmentation is vital in identifying current Smart Electric Meter Market opportunities.
- Each region’s largest countries are mapped according to their revenue contribution for an accurate picture of this global industry.
- The Smart Electric Meter Market research report offers a thorough examination of its major players. As such, purchasing this report provides many advantages to any organization looking to enter this competitive industry.
Reasons to Purchase Smart Electric Meter Market Report:
- Current and Future Prospects of Smart Electric Meter Market in both developed and emerging markets.
- Porter’s Five Force Analysis to help analyze various perspectives within this market. Major regions should experience rapid increases during this time.
- Uncover the most up-to-date industry developments, Smart Electric Meter Market shares, and top market players’ strategies.
Research Methodology:
To estimate and validate the size of the Smart Electric Meter Market as well as several of its dependent submarkets in its entirety, both top-down and bottom-up methodologies were used. Secondary research identified key players within the market while primary sources and verified primary sources provided an accurate picture of all percentage share breakdowns and splits within this global industry.
Table of Contents
- SUMMARY
1.1. Smart Electric Meter Market Overview
1.2. Key Insights
1.3. Report Scope
1.4. Research Methodology
1.5. Frequently Asked Questions
1.6. Chapter Outlines
- DECISION-MAKING SUMMARY
- INTRODUCTION
3.1. Overview of Smart Electric Meter
3.2. Key Historical Events
3.3. Structure
3.4. Biochemical Interaction
3.5. Target Indications
3.6. Advantages of Smart Electric Meter
3.7 Challenges associated with Smart Electric Meter
3.8. Future Perspectives.
- MARKET LANDSCAPE
4.1. Methodology
4.2 Smart Electric Meter: Developer Landscape
4.2.1. Analysis by Year of Establishment
4.2.2. Analysis by Company Size
4.2.3. Analysis by Location of Headquarters (Region-wise)
4.2.4. Analysis by Location of Headquarters (Country-wise)
4.2.5. Analysis by Year of Establishment, Company Size and Location of Headquarters (Region-wise)
4.2.6. Most Active Players
- COMPANY
5.1. Company Overview
5.1.2 Management Team
5.1.3. Product Portfolio
5.1.4. Recent Developments and Future Outlook
- PARTNERSHIPS AND COLLABORATIONS
6.1. Partnership Models
6.2. Smart Electric Meter: Partnerships and Collaborations
6.2.1. Analysis by Year of Partnership
6.2.2. Analysis by Type of Partnership
6.2.3. Analysis by Year and Type of Partnership
6.2.4. Analysis by Type of Partner
6.2.5. Analysis by Year of Partnership and Type of Partner
6.2.6. Analysis by Type of Partnership and Type of Partner
6.2.7. Analysis by Type of Partner and Parent Company Size
- ACADEMIC GRANTS ANALYSIS
7.1. Methodology and Key Parameters
7.2. Smart Electric Meter: Academic Grants Analysis
7.2.1. Analysis by Year of Grant Award
7.2.2. Analysis by Amount Awarded
7.2.3. Analysis by Funding Institute Center
7.2.4. Analysis by Support Period
7.2.5. Analysis by Funding Institute Center and Support Period
7.2.6. Analysis by Type of Grant Application
7.2.7. Analysis by Purpose of Grant
- PUBLICATION ANALYSIS
8.1. Analysis Methodology and Key Parameters
8.2. Smart Electric Meter: Publication Analysis
8.2.1. Analysis by Year of Publication
8.2.2. Analysis by Type of Publication
8.2.3. Analysis by Type of Conjugate
8.2.4. Analysis by Target Indication
8.2.5. Analysis by Copyright Holder
8.2.6. Word Cloud: Emerging Focus Area
8.2.7. Most Active Publishers: Analysis by Number of Publications
- SUCCESS PROTOCOL ANALYSIS
9.1. Methodology and Key Parameters
9.2. Key Assumptions and Scoring Criteria
9.3. Success Protocol Analysis
9.4. Assessment of Approved Smart Electric Meter
- Appendix 1: Tabulated Data
- Appendix 2: List of Companies
- Landis+Gyr (Toshiba Corporation)
- Wasion Group Holdings
- Schneider Electric
- Honeywell International Inc.
- Itron Inc.
- Jiangsu Linyang Energy Co. Ltd
- Siemens
- Microchip Technology
- Aclara
- Iskraemeco
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