Smart Electric Meter Market Size, Trends and Insights By Technology (AMI, RF, PLC, Cellular, AMR), By Phase (Single Phase, Three Phase), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Landis+Gyr (Toshiba Corporation)
- Schneider Electric
- Wasion Group Holdings
- Honeywell International Inc.
- Itron Inc.
- Siemens
- Others
Reports Description
Efficient cost-savings delivered by the Smart Electric Meters boost the market’s growth.
According to Custom Market Insights (CMI), The Global Smart Electric Meter Market size was estimated at USD 25 Billion in 2021 and is expected to reach USD 28.35 billion in 2022 and is expected to hit around USD 55.2 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 10.75% from 2022 to 2030.
The report examines the Smart Electric Meter market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Smart Electric Meter market.
Smart Electric Meter Market: Overview
Electric firms no longer need to manually collect readings since smart electricity meters transmit real-time power usage information of a consumer’s energy consumption every hour or less to electricity suppliers. As a result, customers who use smart electricity meters have greater control over their electricity consumption and the capacity to obtain accurate real-time data on their energy usage. Additionally, intelligent electricity meters allow customers to select the ideal tariff plan based on their energy usage. Global Smart Electric Meters offer benefits, including managed energy use, strong security against electricity theft, and controlled energy use. For implementing intelligent electric meters, numerous government mandates and investment incentives have been passed in various nations worldwide.
Smart Electric Meter Market: COVID–19 Impact Analysis
The COVID-19 outbreak has disrupted financial and commodity markets all over the world. With over one-third of the world’s population staying indoors during the lockdown, the energy sector was also severely impacted, and demand fell precipitously. Planning for a clean and resilient recovery is necessary while the world simultaneously manages the complexity of climate change and the ongoing pandemic. Energy and utility (E&U) firms and customers have access to exciting new options due to smart metering, which is also expected to contribute significantly to the expansion of the low-carbon energy industry.
The manufacturing of smart meters has been put on hold owing to the pandemic, and because of lockdowns, all shipments are blocked, delaying the installation of smart energy meters. Due to the increased urbanization of these developing nations, there is a significant increase in the demand for intelligent and economic grids. The epidemic brought self-control, a sense of self-care, and social withdrawal, which created an opportunity for the market for smart electric meters. Because smart electric meters don’t need manual access to read the reading, there is a vast market opportunity for them.
Smart Electric Meter Market: Growth Drivers
Efficient cost-saving
End users can adjust their usage following the electricity tariff rates by using intelligent electric meters to help them monitor their data on electricity consumption. Smart electric meters are clever devices that monitor electrical consumption and remotely connect and disconnect meters, detecting faults, reporting, and analyzing the daily electricity consumption in units. Monitoring voltage and power quality, as well as gathering and storing real-time data in the central system, are other functions that smart meters can help with. As a result, clients may check their energy usage statistics whenever they want and take the necessary actions to reduce their energy expenditures. These enable a decrease in power use during peak hours as consumers may monitor, compute, and analyze their usage to lower energy use during peak hours and effectively manage energy expenditures. Governments and end users have been drawn to the many advantages that intelligent electric meters offer over conventional meters, which has accelerated the deployment of these meters over time.
Rising demand for smart grids
In many underdeveloped nations, a smart grid is just beginning to be implemented. The purpose of this smart grid deployment is to measure the electricity demand. It is anticipated that the necessary sophisticated infrastructure, including innovative electric meters, will be developed.
Smart Electric Meter Market: Segmentation Analysis
The Smart Electric Meter market is segmented into technology and phase in our research scope. Due to its wide range of applications across different residential, industrial, utility, and commercial structures, three-phase intelligent meters are expected to increase at a high CAGR through 2030. These devices are widely used in various business settings, such as healthcare, hospitality, education, and logistics. Industrial growth would be favorably influenced by ongoing investments in the expansion of energy-intensive industries and attractive government incentives & schemes for grid infrastructure enhancement. These devices also provide excellent connectivity and high-security features like tamper detection.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 25 Billion |
| Projected Market Size in 2030 | USD 55.2 Billion |
| Market Size in 2022 | USD 28.35 Billion |
| CAGR Growth Rate | 10.75% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Landis+Gyr (Toshiba Corporation), Schneider Electric, Wasion Group Holdings, Honeywell International Inc., Itron Inc., Siemens, Iskraemeco., Jiangsu Linyang Energy Co. Ltd, Microchip Technology, Aclara, and Others |
| Key Segment | By Technology, Phase, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Smart Electric Meter market is estimated to grow annually at a CAGR of around 10.75% over the forecast period (2022-2030).
- In terms of revenue, the Smart Electric Meter market size was valued at around USD 25 billion in 2021 and is projected to reach USD 55.2 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The Smart Electric Meter market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
- The study includes data on the significant market drivers, challenges, and opportunities and their effects.
- The study elaborates on the SWOT analysis and Porter’s Five Forces model.
- The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.
Recent Development
- 2020: Revelo electric meters were introduced by Landis+Gyr. Advanced grid sensing technology is used by these meters.
- 2020: The 4G LTE intelligent metering solution from Itron was released. 4G LTE technology offers extensive geographic coverage, low latency, and long-lasting networks.
Regional Landscape
Due primarily to China and other emerging nations like India, the Asia-Pacific region currently holds a dominant position in the global smart electric meter market. As a result of these nations’ high population densities and growing interest in renewable energy sources, the Asia-Pacific region is expected to expand significantly throughout the forecast period. In addition, due to efforts by nations like Canada and the US to transition to electronic billing systems and offer some tax relief on electricity bills, the North American region is also expected to experience significant growth.
Competitive Landscape
Itron is one of the top manufacturers of standard meters, digital meters, smart meters, data-gathering systems, and utility software. Its intelligent metering systems utilize automated meter reading (AMR) technologies and advanced metering infrastructure (AMI) technologies to monitor electricity, water, and gas usage. The company offers its solutions through its three business segments—electricity, gas, and water. Contracts & agreements and introducing new products are the company’s two main strategies.
Prominent Players:
- Landis+Gyr (Toshiba Corporation)
- Schneider Electric
- Wasion Group Holdings
- Honeywell International Inc.
- Itron Inc.
- Siemens
- Iskraemeco
- Jiangsu Linyang Energy Co. Ltd
- Microchip Technology
- Aclara
The global Smart Electric Meter market is segmented as follows:
By Technology
- AMI
- RF
- PLC
- Cellular
- AMR
By Phase
- Single Phase
- Three Phase
By End-Users
- Industrial
- Commercial
- Residential
On the basis of Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research methodology
- Chapter 2. Executive Summary
- 2.1 Global Smart Electric Meter Market, (2022 – 2030) (USD Billion)
- 2.2 Global Smart Electric Meter Market : snapshot
- Chapter 3. Global Smart Electric Meter Market – Industry Analysis
- 3.1 Smart Electric Meter Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Efficient cost-saving
- 3.2.2 Rising demand for smart grids
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Technology
- 3.7.2 Market attractiveness analysis By Phase
- Chapter 4. Global Smart Electric Meter Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Smart Electric Meter Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Smart Electric Meter Market – Technology Analysis
- 5.1 Global Smart Electric Meter Market overview: By Technology
- 5.1.1 Global Smart Electric Meter Market share, By Technology, 2021 and 2030
- 5.2 AMI
- 5.2.1 Global Smart Electric Meter Market by AMI, 2022 – 2030 (USD Billion)
- 5.3 RF
- 5.3.1 Global Smart Electric Meter Market by RF, 2022 – 2030 (USD Billion)
- 5.4 PLC
- 5.4.1 Global Smart Electric Meter Market by PLC, 2022 – 2030 (USD Billion)
- 5.5 Cellular
- 5.5.1 Global Smart Electric Meter Market by Cellular, 2022 – 2030 (USD Billion)
- 5.6 AMR
- 5.6.1 Global Smart Electric Meter Market by AMR, 2022 – 2030 (USD Billion)
- 5.1 Global Smart Electric Meter Market overview: By Technology
- Chapter 6. Global Smart Electric Meter Market – Phase Analysis
- 6.1 Global Smart Electric Meter Market overview: By Phase
- 6.1.1 Global Smart Electric Meter Market share, By Phase, 2021 and 2030
- 6.2 Single Phase
- 6.2.1 Global Smart Electric Meter Market by Single Phase, 2022 – 2030 (USD Billion)
- 6.3 Three Phase
- 6.3.1 Global Smart Electric Meter Market by Three Phase, 2022 – 2030 (USD Billion)
- 6.1 Global Smart Electric Meter Market overview: By Phase
- Chapter 7. Smart Electric Meter Market – Regional Analysis
- 7.1 Global Smart Electric Meter Market Regional Overview
- 7.2 Global Smart Electric Meter Market Share, by Region, 2021 & 2030 (USD Billion)
- 7.3. North America
- 7.3.1 North America Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.3.1.1 North America Smart Electric Meter Market, by Country, 2022 – 2030 (USD Billion)
- 7.3.1 North America Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.4 North America Smart Electric Meter Market, by Technology, 2022 – 2030
- 7.4.1 North America Smart Electric Meter Market, by Technology, 2022 – 2030 (USD Billion)
- 7.5 North America Smart Electric Meter Market, by Phase, 2022 – 2030
- 7.5.1 North America Smart Electric Meter Market, by Phase, 2022 – 2030 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.6.1.1 Europe Smart Electric Meter Market, by Country, 2022 – 2030 (USD Billion)
- 7.6.1 Europe Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.7 Europe Smart Electric Meter Market, by Technology, 2022 – 2030
- 7.7.1 Europe Smart Electric Meter Market, by Technology, 2022 – 2030 (USD Billion)
- 7.8 Europe Smart Electric Meter Market, by Phase, 2022 – 2030
- 7.8.1 Europe Smart Electric Meter Market, by Phase, 2022 – 2030 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.9.1.1 Asia Pacific Smart Electric Meter Market, by Country, 2022 – 2030 (USD Billion)
- 7.9.1 Asia Pacific Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.10 Asia Pacific Smart Electric Meter Market, by Technology, 2022 – 2030
- 7.10.1 Asia Pacific Smart Electric Meter Market, by Technology, 2022 – 2030 (USD Billion)
- 7.11 Asia Pacific Smart Electric Meter Market, by Phase, 2022 – 2030
- 7.11.1 Asia Pacific Smart Electric Meter Market, by Phase, 2022 – 2030 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.12.1.1 Latin America Smart Electric Meter Market, by Country, 2022 – 2030 (USD Billion)
- 7.12.1 Latin America Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.13 Latin America Smart Electric Meter Market, by Technology, 2022 – 2030
- 7.13.1 Latin America Smart Electric Meter Market, by Technology, 2022 – 2030 (USD Billion)
- 7.14 Latin America Smart Electric Meter Market, by Phase, 2022 – 2030
- 7.14.1 Latin America Smart Electric Meter Market, by Phase, 2022 – 2030 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Smart Electric Meter Market, by Country, 2022 – 2030 (USD Billion)
- 7.15.1 The Middle-East and Africa Smart Electric Meter Market, 2022 – 2030 (USD Billion)
- 7.16 The Middle-East and Africa Smart Electric Meter Market, by Technology, 2022 – 2030
- 7.16.1 The Middle-East and Africa Smart Electric Meter Market, by Technology, 2022 – 2030 (USD Billion)
- 7.17 The Middle-East and Africa Smart Electric Meter Market, by Phase, 2022 – 2030
- 7.17.1 The Middle-East and Africa Smart Electric Meter Market, by Phase, 2022 – 2030 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 Landis+Gyr (Toshiba Corporation)
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Schneider Electric
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Wasion Group Holdings
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Honeywell International Inc.
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Itron Inc.
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Siemens
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Iskraemeco
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Jiangsu Linyang Energy Co. Ltd
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Microchip Technology
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Aclara
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.1 Landis+Gyr (Toshiba Corporation)
List Of Figures
Figures No 1 to 21
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2030
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Key Players
- Landis+Gyr (Toshiba Corporation)
- Schneider Electric
- Wasion Group Holdings
- Honeywell International Inc.
- Itron Inc.
- Siemens
- Iskraemeco
- Jiangsu Linyang Energy Co. Ltd
- Microchip Technology
- Aclara
- Others
FAQs
“Asia Pacific” region will lead the global Smart Electric Meter market during the forecast period 2022 to 2030.
The key factors driving the market are Efficient cost-saving, Rising demand for smart grids.
The key players operating in the Smart Electric Meter market are Landis+Gyr (Toshiba Corporation), Schneider Electric, Wasion Group Holdings, Honeywell International Inc., Itron Inc., Siemens, Iskraemeco., Jiangsu Linyang Energy Co. Ltd, Microchip Technology, Aclara.
The global Smart Electric Meter market is expanding growth with a CAGR of approximately 5% during the forecast period (2022 to 2030).
The global Smart Electric Meter market size was valued at USD 10 Billion in 2021 and it is projected to reach around USD 14 Billion by 2030.