IMARC Group, a leading market research company, has recently releases report titled “Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global smart electric meter market size reached US$ 23.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
Industry Overview of Smart Electric Meter
Smart electric meters, also known as digital or advanced meters, are electrical devices that measure and record the consumption of electricity in a more sophisticated and efficient manner compared to traditional analog meters. They are a vital component of modern utility infrastructure and offer several benefits that enhance the efficiency of electricity distribution and usage. They provide highly accurate readings of electricity consumption. They can withstand wear and tear, ensuring precise billing for people unlike traditional meters. They can transmit consumption data remotely to utility companies that eliminate the need for manual readings and reduce human error, leading to more accurate bills. They offer real-time information on electricity usage, as people can monitor their usage patterns and make informed decisions to reduce energy consumption during peak hours or make lifestyle changes to save on their energy bills. They can detect power outages promptly and notify utility companies to ensure quicker response times for restoring power, reducing downtime for consumers. They provide pricing plans that incentivize people to shift their electricity usage to off-peak hours by providing real-time data on pricing variations throughout the day. They can contribute to reducing overall energy demand by encouraging individuals to be more conscious of their electricity consumption. They assist in lowering greenhouse gas emissions and mitigating the impact of climate change. They enable utilities to provide better consumer services, as they can respond more quickly to their inquiries, address billing issues, and offer personalized energy-saving tips.
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What are the growth prospects and trends in the smart electric meter industry?
At present, the growing emphasis on energy efficiency due to rising environmental issues and the need to reduce greenhouse gas emissions represents one of the key factors offering a favorable market outlook. Smart electric meters provide people with real-time data on their energy consumption, empowering them to make informed decisions about energy usage, leading to more efficient energy management.
Besides this, governing agencies of several countries are introducing regulations that mandate the deployment of smart meters. These regulations assist in improving energy conservation, reducing carbon footprints, and enhancing the overall efficiency of energy distribution, which is strengthening the growth of the market. In addition, aging electrical infrastructures around the world necessitate grid modernization efforts. Smart electric meters play a pivotal role in this process by providing utilities with real-time data on grid performance, helping them identify and address issues more swiftly, ensuring a more reliable and resilient electrical grid.
Moreover, rising energy costs are encouraging individuals and businesses to seek ways to optimize energy consumption. Smart meters offer a solution by providing detailed insights into energy usage patterns and enabling the implementation of energy-saving measures, ultimately reducing energy bills. Apart from this, advancements in technology are making smart meters more affordable and accessible. These improvements include enhanced communication protocols, data analytics capabilities, and increased durability, which is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Advanced Metering Infrastructure (AMI)
- Automatic Meter Reading (AMR)
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 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.
- Microchip Technology Inc.
- Schneider Electric SE
- Wasion Group
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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