Smart Electric Meter Market: Technological Revolution Fueling Market Growth

Posted by Siddhant on September 5th, 2022

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 increased need for efficient data monitoring systems, coupled with favourable government policies for a smart meter rollout is driving the market for smart electric meters. Other factors include improved cost savings, increased investment in smart grid projects in Europe and North America, and increased emphasis on renewable energy sources.

The Commercial segment, by end user, is expected to be the fastest growing during the forecast period

The report segments the smart electric meter market, based on end-user, into residential, commercial, and industrial. The residential segment led the smart electric meter market by end-user from 2018 to 2023, owing to the widespread use of sophisticated electrical, electronic, and data equipment. The commercial segment is expected to be the fastest-growing segment of the smart electric meter market, by end-user, during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=244481146 

The Three-phase segment, by phase type, is expected to be the fastest growing during the forecast period

The report further segments the smart electric meter market, by phase, into single-phase and three-phase configurations. The three-phase segment is the fastest-growing market during the forecast period and is also projected to dominate the market during the same period. Three-phase meters are mostly used in industrial applications and in large commercial applications. Single-phase smart electric meters are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, automotive.

The Asia Pacific region is expected to be the largest market during the forecast period

In this report, the smart electric meter market has been analyzed with respect to six regions, namely, Asia Pacific, North America, Europe, the Middle East, Latin America, and Africa. Asia Pacific is expected to dominate the smart electric meter market during the forecast period because of the rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions. Europe is expected to grow at the fastest rate during the forecast period because of government initiatives such as the European Union’s (EU) 20:20:20 plan, which aims at reducing greenhouse gas emissions.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=244481146

Some of the leading 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).

Like it? Share it!


Siddhant

About the Author

Siddhant
Joined: July 26th, 2022
Articles Posted: 91

More by this author