Smart Electric Meter: An Emerging Market with Promising Growth Potential

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.

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).

Smart Meters Market Technology Advancement and Industry Growth by 2022

The smart meters market is projected to reach USD 19.98 billion by 2022, at a CAGR of 9.34% from 2017 to 2022. Smart meters are used in the industrial, commercial, and residential sector, measuring energy consumption of the consumers. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the fastest end-users of smart meters, followed by commercial and industrial customers. The North American market is estimated to be the largest market for smart meters, followed by Asia-Pacific in 2017. This trend is expected to continue till 2022. The growth of the smart meters market is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.

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The Advanced Metering Infrastructure (AMI) technology segment is expected to grow at the fastest CAGR from 2017 to 2022
With regards to the technology segment, Advanced Metering Infrastructure (AMI) are expected to constitute the fastest growing market from 2017 to 2022 because of its advanced technology. Moreover, AMI reduces labor cost and several power, water, and gas utilities worldwide are replacing AMR with AMI infrastructure, further creating growth opportunities for the AMI market. 

Asia-Pacific is estimated to be the fastest growing market for smart meters from 2017 to 2022. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the global smart meters market. China is expected to grow at the fastest pace during the forecast period. Furthermore, the growing power sector in India is expected to spur the growth of the market and represents a promising opportunity for major smart meters providers. Japan is also expected to witness a significant growth during the same period. On the other hand, Europe and the Middle East are trying to boost their energy efficiency programs, T&D spending, and construction & infrastructural activities.

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The smart meters market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the smart meters market include Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.) and Toshiba Corporation (Japan).

Smart Meters Market – Industry Analysis & Global Forecasts to 2022

The smart meters market is expected to grow from an estimated USD 12.79 Billion in 2017 to USD 19.98 Billion by 2022, registering a CAGR of 9.34% from 2017 to 2022. The global market is witnessing a significant growth, which is driven by government policies, energy conservation, increasing smart grid deployment, and utilities urge to enhance distribution efficiency.

Browse 62 market data tables and 66 figures spread through 137 pages and in-depth TOC on "Smart Meters Market by Type (Electric, Water, and Gas) - Global Forecasts to 2022"
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Residential – the largest smart meters market by application

The smart meters market in this report has been classified based on application, into three segments, namely, residential, commercial, and industrial. The residential segment accounted for the largest market size, in terms of value, in 2016. The meters measure the electricity, water, and gas consumption and communicate this to the central utility system. The installations of these devices in the residential sector helps in reducing CO2 emissions globally as the consumer’s inclination towards peak time savings of energy would increase. The increasing residential construction activities and government mandates such as the European Union 20-20-20 policy, which aims to convert 80% of the installed meter base to smart one, have ensured the growth in the demand for smart meters.

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North America: The leading market for smart meters

The North American market dominates the smart meters market during the forecast period. In North America, the growth of the smart meters market can be attributed to focus on electricity, water, & gas, monitoring & prevention of leakage, and the repair & upgrade of aging infrastructure. Lot of smart meters rollouts are taking place in countries such as the U.S., Canada, and Mexico which would impart growth in the North American region.

Market Ecosystem:

The smart meters ecosystem comprises of power and automation technology companies such as Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan), among others.

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