Energy Meter Market Size, Share, Opportunities, And Trends By Type (Smart Energy, Electronic Energy, Electro-Mechanical Induction Type Energy), By Application (Household Appliances, Power Substations, EV Chargers, Others), By End-user (Residential, Industrial), And By Geography - Forecasts From 2023 To 2028

  • Published : Feb 2023
  • Report Code : KSI061614461
  • Pages : 145

An electric or energy meter measures the entire amount of electricity utilized over time. Electric companies bill and monitor their client’s homes and businesses using electric meters. They are usually calibrated in billing units, with the kilowatt hour being the most used one (kWh). Energy meters in residential settings or small-scale industrial applications make it easier to monitor energy usage. This assists in reducing wasteful power use and protects gadgets from power interruptions and fluctuations. Energy meters application also includes Household Appliances, Power Substations, EV Chargers, and Others.

According to the bp Statistical Review of World Energy, 2022 report, the total renewable energy generation in the world has increased from 3146.6 TWH in 2020 to 3657.2 TWH in 2021, around a 16.5% of growth rate. This shows that increasing energy generation will drive this market growth.

The increase in smart grids globally has given a boost to the market growth.

The growing use of smart grids, which require these transformers for the distribution process as well as the addition and replacement of renewable electricity, is a factor driving the market development for Energy meters as the expansion of electricity will take place the requirement to install the energy meter will also rise by the energy providers.

Additionally, the Statistical Review of World Energy, 2022 report by BP states that the amount of renewable energy generated globally in 2021 was 3657.2 TWT, a 14.9% increase over the prior year. This ensures that as more homes are built due to the expanded grid lines and the increased power generation, the energy meter market will also expand in rural areas.

According to the Ministry of Power of India on Feb 2023 due to the expanded grid lines and the increased power generation, the market for Energy meters will also expand in rural areas lines to its grid, the entire nation is now connected and can move 112 GW of power from one region to another. The market for electric meters has a tremendous opportunity due to the development and widespread use of smart grids in countries, which fully meet the requirements of a smart grid system.

In September 2017, Tata Power Delhi Distribution Limited (India) declared that it will put out 18 lakhs single-phase smart meters by 2025, also South Korea on another side, to increase the effectiveness of power distribution, reduce greenhouse gas emissions, and save $26 billion in energy imports, plans to spend 27.5 trillion won ($24 billion) on smart networks over the next 20 years (source: This will tend to increase the installation of Energy Meters in all commercial households and will grow this market at a rapid pace.

The rise in demand for electricity will boost the market for energy meters.

 Industrialization and increased home energy demand as a result of the expansion of household access to electricity in rural regions are some of the factors propelling the growth of the energy meter market globally. Globally, the power demand is continually increasing, which has led to more energy resources being used. More power plants and substantial transmission networks are presently present everywhere. The development of contemporary electric cars and incentives to utilize them have increased industry power consumption.

According to the Statistical Review of World Energy, 2022 report by BP renewable energy consumption globally has increased by 12.6 % from 2011 to 2022 and from 2020 34.80 TWH has raised to 31 TWH of consumption. Thus, we can predict that due to the increase in the electricity demand spread across the country in households worldwide is increasing year-on-year the demand for Energy meters will also grow and thus the Energy Meter market.

During the forecast period, Asia-Pacific tends to grow in the energy meter market.

The electric meter market is anticipated to be the largest in the Asia Pacific during the projected period. Due to its high population density, Asia Pacific has a significant demand for power. The most recent United Nations projections place Asia's population at 4,743,946,002 as of Monday, February 6, 2023. The population of Asia is equal to 59.76% of the population of the entire planet this showcases that the demand for consumption of electricity is increasing which will tend to increase the installation of energy meters in the households of the Asia Pacific region. The market for energy meters is driven by investments in smart grid and smart city technologies, growth in data centres, and a rise in industrialization and households.

According to the bp Statistical Review of World Energy 2022 report, it is said that the energy generation capacity of Asia pacific has increased from 12949.3 TWH in 2020 to 13994.4 TWH in 2021 which shows an increase of 8.4% which is the highest compared to other regions.

According to the Ministry of Power of India under the national smart grid mission, the smart energy meter deployed as latest by Feb 2023 by the country has been 54,72,926 and the smart energy meters left to be deployed are 9,84,69,412 this showcases that the market for the energy meter in the Asia-pacific region is increasing at a rapid pace as the government is investing in this market.

Market Key Developments.

  • In February 2023, at DistribuTECH 2023, Gridspertise and STMicroelectronics announced that they had entered a new phase of their ongoing partnership on smart-meter technologies. The two companies have been working together on smart-meter technologies for 20 years.
  • In April 2021, Energy Efficiency Services Ltd (EESL), the world's biggest public ESCO and the world's premier low-carbon power producer completed installing 100,000 smart electricity meters in India. EESL is an energy services firm run by the Government of India's Ministry of Power (Energy Services Company).
  • In July 2020 Iskra introduced the WM3M4C energy meters for use in three-phase and single-phase electrical charging stations. These meters are MID-certified.

Energy Meter Market Scope:


Report Metric Details
 Growth Rate  CAGR during the forecast period
 Base Year  2021
 Forecast Period  2023 – 2028
 Forecast Unit (Value)  USD Billion
 Segments Covered  Type, Application, End-User, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Honeywell International, Arcel Co. Ltd, Accuenergy Inc., L&T Electrical Automation, Schneider Electric, ABB, Electro Industries/GaugeTech Inc, SATEC Ltd., Landis+Gyr, Delta Electronics Inc.
 Customization Scope  Free report customization with purchase



  • By Type
    • Smart Energy
    • Electronic Energy
    • Electro-Mechanical Induction Type Energy
  • By Application
    • Household Appliances
    • Power Substations
    • EV Chargers
    • Others
  • By End-user
    • Residential
    • Industrial
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      •  Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • UK
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Suadi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Others


1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline


2.1. Research Data

2.2. Assumptions


3.1. Research Highlights


4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis


5.1. Introduction

5.2. Smart Energy

5.3. Electronic Energy

5.4. Electro-Mechanical Induction Type Energy


6.1. Introduction

6.2. Household Appliances

6.3. Power Substations

6.4. EV Chargers

6.5. Others


7.1. Introduction

7.2. Residential 

7.3. Industrial


8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Suadi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others


9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix


10.1. Honeywell International

10.2. Arcel Co. Ltd

10.3. Accuenergy Inc.

10.4. L&T Electrical Automation

10.5. Schneider Electric

10.6. ABB

10.7. Electro Industries/GaugeTech Inc

10.8. SATEC Ltd.

10.9. Landis+Gyr

10.10. Delta Electronics Inc.

Honeywell International

Arcel Co. Ltd

Accuenergy Inc.

L&T Electrical Automation

Schneider Electric


Electro Industries/GaugeTech Inc




Delta Electronics Inc.