Smart Electric Meter Market Snapshot
“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.”
What is a Smart Meter?
To measure the amount of electricity used within every household utilities use long-lasting meters. They record the amount of electricity consumed by each household so that the utility can issue bills to its customers. To get the most precise consumption figures the utility needs to provide meter readers to your home to verify the amount of energy you use each month.
It is a Smart meter is like the conventional meters in that it monitors and tracks energy consumption data. However it differs in that it's a computer which can be connected remotely to your utility. It'll transmit your consumption data to your utility each 15 minutes up to 1 hour and will eliminate the requirement for an reading device for meters.
Along with reporting your energy consumption The smart meter will also alert the utility as soon as there's a power failure within your local area (like Texas smart meters for instance). It can swiftly dispatch teams to address the issue and bring power back up and running as quickly as it can. When everything is back normal this smartmeter is able to inform you of your power's resolution.
How can you cut down on energy consumption by using the help of a smart meter?
One of the most significant advantages of the smart meters for customers is the capability to monitor energy consumption. The majority of smart meters are equipped with a face-to-face digital that shows the most recent information on the energy consumed. Although it will not reveal what's making the most use of electricity within your home knowing the amount of energy you consume can help you take steps to improve.
Some state governments and utilities also offer online programs that let users to monitor their energy consumption. In Texas, for instance. Texas state government for instance has a program called Smart Meter Texas that gives both business and residential customers to monitor consumption of energy in intervals of 15 minutes, in addition to daily and monthly usage statistics.
If you choose to alter your energy usage it is important to determine how the modifications impact your energy usageeach day, and throughout the period of one month.
Definition
Smart electricity meters give live statistics on the usage of electricity in consumers' energy consumption at least every hour to electricity companies, thereby eliminating the requirement for electric companies to obtain data manually. Smart Electricity meters provide consumers the capability to obtain precise, real-time information regarding their energy consumption and provide greater control over the consumption of electricity.
Smart electricity meters give customers the opportunity to select the best tariff plan that is suited to their energy usage. Global Smart Electric Meters come with advantages such as the ability to control energy consumption, efficient energy management, and delivering an excellent protection against theft of electricity. Numerous Government mandates and incentives for investment are being enacted in a variety of nations around the globe to encourage the utilization of Smart Electric Meters.
The Smart Electric Meters have been widely utilized in many countries. They can be used to monitor the power supply to consumers and to record the energy used by the customer and transmit this information to the electricity provider where the consumption is calculated based on cost, and a invoice is sent to the consumer based on the amount of energy consumed.
Smart Electric Meters have helped electricity companies by reducing their costs for labor to obtain measurements from each individual meter across all bug cities. They are designed to be installed on all kinds of property such as homes offices, factories as well as other types of buildings. In the process, more and more nations are moving towards Smart electric Meters and eliminating traditional electric meters to stop the frequent crime of theft of electricity and eliminate the possibility of error since these meters offer daily readings.
Demand Outlook
The increasing demand for better and more efficient monitoring of data, when paired with the beneficial incentives offered by governments across all regions of the globe is the main driver driving the growth of the Global Smart Electric Meter Market.
Another reason for the market's increase is the cost savings that result from the usage the Smart Electric Meter because they reduce the chance of errors. The increasing significance of using renewable energy makes it necessary for intelligent meters that accurately determine the amount of energy generated from a distant location and further boost the development in the Global Smart Electric Meter Market.
One of the main reasons that hinder the expansion in the Global Smart Electric Meter Market is the initial price necessary to install smart electric meters, as electricity companies serve hundreds of customers and changing each of their customers' Electric Meters is a highly expensive task that will require a significant amount of investment.
In addition, in many regions of the world, where people are hesitant to accept technological advancements, several nations are experiencing poor network connectivity could result in improper working in the operation of Smart Electric Meters.
The COVID-19 virus has also impacted the growth of the market. Due to the outbreak, there's been a stoppage in the manufacturing of Smart Meters and due to locks, all shipment of Smart Meters is also in the process of stalling installing smart meters. The need for intelligent and efficient grids is increasing in emerging nations due to rapid urbanization.
More and more establishments and people are opening. The pandemic was not without some restraint, but also an awareness of self-care and social distancing, which has been seen as a potential opportunity in to enter the Smart Electric Meter Market. Smart electric meters don't need manual access to take the readings, resulting in a huge chance in this Smart Electric Meter Market.
The primary drivers that drive the development of Global Smart Electric Meter Market are the need for efficient monitoring systems as well as the support by the government to support the expansion in this industry. This Global Smart Electric Meter Market report gives a complete analysis of this market. The report provides an in-depth review of the key segments as well as trends, drivers as well as restraints and the competitive landscape, as well as aspects that play an important role within the marketplace.
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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.
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.
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.
In April 2021, Itron launched a new residential smart electricity meter designed for German utilities. The eHZ B smart meter offers advanced functionality to support the energy transition in German cities and utilities. This move aligns with German regulations and strengthens Itron's presence in the European market.
In June 2021, Itron Inc. achieved SAP certification for its interface software ISAIM 2.0, which is used with Itron Enterprise Edition's (IEE) Meter Data Management System (MDMS). This integration enables utilities to reduce the total cost of ownership and lower project implementation costs.
Aclara Technologies LLC announced in April 2021 that Austin Utilities had implemented its Aclara RF network service for end-to-end advanced metering infrastructure solutions. Austin Utilities chose the Aclara network due to its ability to support electric, gas, and water distribution meters, offering the lowest total cost of ownership.
In February 2021, Karlshamn Energi AB selected Kamstrup to supply smart meters for heat and water in Karlshamn. These smart meters will facilitate automatic readings and help identify leaks in the distribution network.
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.
Segments Covered in the Smart Electric Meter Market
Smart Electric Meter Market By Phase
Smart Electric Meter Market By Communication Technology Type
- Power Line Communication
- Radio Frequency
- Cellular
Smart Electric Meter Market By End-User
- Residential
- Commercial
- Industrial
Smart Electric Meter Market By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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.
- 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
