Global Smart Electric Meter Market By Phase (Single Phase, Three Phase), Communication Technology Type (Power Line Communication, Radio Frequency, Cellular), End-User (Residential, Commercial, Industrial, Government), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026 Global Smart Electric Meter Market is expected to rise to an estimated value of USD 13.10 billion by 2026, registering a steady CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the increased focus on adoption of renewable energy as well as rapid increase in electric networks established in various regions.
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Some of the major competitors currently working in the global smart electric meter market are Landis+Gyr; Itron Inc.; Elster GmbH; Aclara Technologies LLC; Iskraemeco d.d.; Microchip Technology Inc.; wasion group; Schneider Electric; Siemens; LINYANG Energy; Genus; Networked Energy Services; Holley Technology UK Ltd.; OSAKI ELECTRIC CO., LTD.; Sensus; ABB; Trilliant Holdings Inc.; Kamstrup and E.ON UK plc. among others.
Smart electric meter are electronic devices that are used for monitoring and logging the consumption of electricity, providing these records to the energy supplier on a daily basis for better management of electricity billing and consumption. These meters also provide better visualization of the readings to the energy consumer for their understanding and billing process.
- Rapid demand for smart metering solutions amid growing prevalence of government policies for the development of smart cities and infrastructure; this factor is expected to drive the growth of the market
- Growing levels of investments undertaken for the development of smart cities and smart grids in various regions globally; this factor is expected to drive the growth of the market
- Growing focus on reducing the costs of energy consumption is also expected to boost the growth of the market
- Better focus on accurate and transparent billing systems improving the revenues generated by the energy providers; this factor is expected to drive the growth of the market
- High levels of investments required for the integration and manufacturing of these meters is expected to restrict the growth of the market
- Smart cities and smart grids are at a very niche stage, which is restricting the overall adoption of these meters
- Concerns regarding the negative health impact of these meters due to their wireless signals; this factor is expected to restrict the growth of the market
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- Single Phase
- Three Phase
By Communication Technology Type
- Power Line Communication
- Radio Frequency
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In January 2018, Itron Inc. announced that they had completed the acquisition of Silver Spring Networks, Inc. This acquisition will help Itron Inc. increase the levels at which it can deliver specialised solutions and offerings for smart cities along with Industrial IoT applications. This will improve the growth opportunities of Itron helping them provide specialised modern IoT solutions
- In January 2017, Itron Inc. announced that they had entered into a partnership with wasion group for the development of meters integrated with Itron’s “OpenWay Riva System”. This will help Itron have a greater penetration of their “OpenWay Riva System” metering solutions in the market, providing customers with greater range
Global smart electric meter market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart electric meter market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.