The smart electric meter market is projected to grow at a CAGR of 3.55% during the forecast period of 2018 to 2024. Smart electric meters are replacing traditional meters in every field of the electrical system. Wastage of energy can be decreased by the effective utilization of smart electric meter in the transmission and distribution system. In addition to this, additional benefits such as energy portfolio management, smart grid, real-time forecasting, grid integration of renewable sources are further propelling the demand for smart energy meters. However, the huge initial investment is the challenge for developing countries to implement these meters into the transmission and distribution system, hindering the growth of the smart electric meter market.
Geographically, smart electric meter market is segmented into North America, South America, Middle East and Africa, Europe and the Asia Pacific. Asia Pacific region will see multiple growth opportunities because developing countries, such as India, China, and Japan, among others, have taken multiple initiatives for smart grid installation, renewable energy production, greenhouse emission reduction, data theft protection, and smart cities, which are assisting the growing demand for smart electric meters in numerous ways. The market for smart electric meter in North America will also see steady growth due to changing policy in the power sector. The US is trying to introduce a smoother electrical billing system to reduce graduation and provide tax redemption in the power system. The European region is also increasing the adoption of smart electric meters with regions like the United Kingdom taking initiatives to replace old meters by smart energy meter in the household sector by 2020.
Favorable government policies
Rising investments in the renewable energy sector
Huge initial investment
In January 2018, Itron completed the acquisition of Silver Spring Networks to become the leading provider of smart meters, grid networks, and software and services.
In January 2019, Kamstrup and Siemens partnered to deliver a smart metering solution including 250,000 electricity meters, a remote reading system, and a data management system to the Irish energy company ESB Networks.
The major players profiled in the smart Electric meter market include ABB Ltd, Schneider Electric, Siemens AG, Toshiba Electronic Devices & Storage Corporation, GE Company, Honeywell International, Aclara Technologies LLC(Hubbel), Jiangsu Linyang Energy, Iskraemeco, Itron, Wasion Group, and Holley Technology.
The smart electric meter market has been analyzed through the following segments:
By End User
Middle East and Africa