 of 7.8% during 2023-2028.){kind=link}
According to the latest report by IMARC Group, “Global Smart Electric Meter Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028“, the global smart electric meter market size reached US$ 23.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
A smart electric meter sends the readings to the electricity supplier wirelessly and automatically through a secure smart data network. It measures the flow of electricity from the input to the output terminal and consists of a liquid crystal display (LCD) to show the readings of the parameters.
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Market Trends:
One of the primary factors driving the market is the extensive growth in the communication network infrastructure, as it allows the companies to communicate efficiently. Additionally, numerous benefits provided by smart electric meters, including preventing disconnections, reducing meter reading costs, and removing inefficiencies in billing and reconnection costs is catalyzing the market growth.
Besides this, the augmenting demand for electricity in the commercial and residential sectors has increased the need for smart electric meters. Furthermore, the escalating digitalized electrical systems and the widespread installations of smart meters by utility companies are propelling the market growth. Some of the other growth-inducing factors include various initiatives undertaken by the governments of different nations to develop smart cities, growing demand for remote monitoring, controlling power grids and the rising development in cloud computing and analytics.
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List of Key Companies Covered in this Market Report:
ABB Ltd., Iskraemeco Group, Itron Inc., Jiangsu Linyang Energy Co. Ltd., Landis+Gyr, Microchip, Aclara Technologies LLC (Hubbell Incorporated), Genus Power Infrastructures Ltd., Holley Technology Ltd., Honeywell International Inc., Technology Inc., Schneider Electric SE and Wasion Group.
Key Market Segmentation:
The report has segmented the market on the basis of type, phase, end user and region.
Breakup by Type:
- Advanced Metering Infrastructure (AMI)
- Automatic Meter Reading (AMR)
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
- Industrial
- Commercial
- Residential
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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