The global smart electric meter market size was estimated to USD 9,917 million in 2018 and expected to grow at a CAGR of 10.4% from 2018-2023. The growth of the market is attributed to favorable government initiatives and funding such as smart cities projects by European and Asia- Pacific’s (APAC) government. In India, the government planned to build 90 smart cities by 2022. Additionally, the British government had planned to install smart meter in every home by 2020. According to national renewable energy laboratory, in the US 60 million smart electric meters will be installed by 2019. The cohesive government policies and initiatives are driving the growth of the smart electric meter market. Concepts of smart home and smart cities and energy conservation by use of smart electric meters are also factors that are stimulating the market growth. However, lack of skilled workforce and reluctance by key end users to adopt new technology may hamper the growth of smart electric meter market. Moreover, interoperability issues and radio frequency emissions are also expected to restrain market growth to some extent. With favorable government mandates and legislations North America and Europe are expected to witness significant growth in smart electric markets.
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These regions are driven by energy efficiency targets which will boost smart metering. Furthermore, upcoming smart grid projects are fuelling the growth of smart electric meter market in this region. However, APAC is expected to be the fastest growing market as countries like China, Japan and South Korea have increased smart meter rollouts due to government initiatives and policies.
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Global Smart Electric Meter Market segmentation
By communication technology
Power line communication
Cellular
Radio frequency
By phase
Single phase
Three phase
By end user
Residential
Commercial
Industrial
Competitive landscape
Key strategies
Key company analysis
Regional analysis
North america
United states
Canada
Europe
Uk
Germany
France
Italy
Spain
Rest of europe
Apac
India
China
Japan
Rest of apac
Rest of the world
Company profiles
Aclara
Echelon
Elster group
Ge digital energy
Holley metering
Iskraemeco
Itron
Kamstrup
Landis+gyr
Nuri telecom
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