The smart electric meter market is projected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, during the forecast period.
Northbrook, IL -- (SBWIRE) -- 11/23/2021 -- The global Smart Electric Meter Market is projected to grow from an estimated USD 9.27 Billion in 2018 to USD 11.33 Billion by 2023, at a CAGR of 4.11%, from 2018 to 2023. The market in Asia Pacific is estimated to be the largest market for smart electric meters, followed by the North American and the European market in 2018. This trend is expected to continue until 2023. The growth can be attributed to the rising investments in smart grid projects and increasing upgradation of transmission & distribution infrastructure, triggered by the rising demand for energy.
The implementation of a smart grid is in its initial stages in many developing countries. This implementation of the smart grid is being done to gauge the demand for electricity, a post which they are expected to develop the requisite advanced infrastructure which would also comprise of smart electric meters.
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Smart electric meters are a part of a virtual power plant, and therefore, they can be used to measure the electricity delivered by distributed generation to the grid. The tariff management options make it easy for grid operators to integrate renewable and non-renewable sources to manage the demand for electricity with a perfect mix of energy sources. All these features present a huge opportunity for the smart electric meters market, as the adoption of smart electric meters is essential to meet the energy demand and increase the reliability of operations.
The three-phase segment is expected to grow at the fastest pace in the smart electric meter market.
The three-phase segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period. Three-phase meters are mostly used in industrial applications and in large commercial applications. The premium price for the three-phase meters over the single-phase meters and the growth in the number of industries and commercial facilities drive the installations of the three-phase smart electric meters.
Europe is expected to be the fastest-growing market for smart electric meter
The smart electric meter market has been segmented, on the basis of region, into Europe, North America, Asia Pacific, the Middle East, Latin America, and Africa. Europe is estimated to be the fastest-growing market for smart electric meters, followed by the Asia Pacific and Latin America. The aging of infrastructure and equipment, and government initiatives for low emission of CO2 are some of the major drivers for the deployment of smart grid implementation in the European region. The high-growth rate in the European region can be attributed to the increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past.
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The smart electric meter market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. Key players in the Smart Electric Meter Market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).
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