Smart Electric Meter Market size worth $ 12.80 Billion, Globally, by 2028 at 4% CAGR: Verified Market Research®

The "Global Smart Electric Meter Market Size By Phase, By Communication Technology Type, By End-User, By Geographic Scope And Forecast" report has been published by Verified Market Research^®. The report provides an in-depth analysis of the global Smart Electric Meter Market, including its growth prospects, market trends, and market challenges.

JERSEY CITY, N.J., July 25, 2023 /PRNewswire/ -- The Global Smart Electric Meter Market is projected to grow at a CAGR of 4% from 2021 to 2028, according to a new report published by Verified Market Research^®. The report reveals that the market was valued at USD 9.38 Billion in 2020 and is expected to reach USD 12.80 Billion by the end of the forecast period.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=35432

Browse in-depth TOC on "Smart Electric Meter Market"

202 - Pages
126 – Tables
37 – Figures

Empowering Energy Efficiency: An In-Depth Analysis of Driving Factors and Constraints in the Global Smart Electric Meter Market

Smart electricity meters have revolutionized the way electricity consumption is monitored, providing real-time usage statistics to electricity suppliers and empowering consumers with precise data on their energy utilization. These meters eliminate the need for manual readings by electric companies and allow customers to select suitable tariff plans based on their energy consumption. This report explores the factors driving the growth of the Global Smart Electric Meter Market and identifies potential constraints and opportunities within the industry.

Market Drivers:

• Growing Demand for Effective Data Monitoring Systems: The Global Smart Electric Meter Market is witnessing substantial growth due to the increasing demand for efficient data monitoring solutions. Smart meters provide real-time electricity consumption data every 1 hour or less, addressing the need for accurate and up-to-date information. Government incentives in various regions further stimulate the adoption of smart meters, fostering market growth.
• Cost Savings and Error Elimination: The utilization of smart electric meters leads to significant cost savings for electricity supply companies. By removing the manual reading process, smart meters eliminate potential errors and reduce operational expenses. This cost-effectiveness is a major driver propelling the adoption of smart meters in the market.
• Rising Importance of Renewable Energy: The global emphasis on renewable energy sources has necessitated the precise measurement of energy production from remote sites. Smart meters play a crucial role in accurately calculating energy generation from renewable sources, driving their demand in the market.

Market Constraints:

• High Initial Setup Costs: One of the primary challenges hindering the growth of the Global Smart Electric Meter Market is the high initial cost required for implementing smart meters. The substantial number of customers served by electricity supply companies necessitates significant investments, making the adoption of smart meters financially challenging for some providers.
• Resistance to New Technology: In regions where people are resistant to accepting new technology, the adoption of smart electric meters may face challenges. This reluctance can be attributed to concerns about unfamiliar technology and potential disruptions during the transition.
• Poor Network Connectivity: In areas with inadequate network connectivity, smart electric meters may face improper functioning, impacting data transmission and accuracy. This limitation restricts the widespread adoption of smart meters in certain regions.

Market Opportunities:

Growing Demand in Emerging Countries: Rapid urbanization in emerging countries has driven the demand for smart and cost-efficient grids. With increasing installations in institutes and residences, the Global Smart Electric Meter Market is expected to witness significant growth in emerging regions.

Key Players:

The "Global Smart Electric Meter Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Landis+Gyr (Toshiba Corporation), Wasion Group Holdings, Schneider Electric, Honeywell International Inc., Itron Inc., Jiangsu Linyang Energy Co., Ltd, Siemens, Microchip Technology, Aclara, and Iskraemeco.

The Global Smart Electric Meter Market is driven by the need for better data monitoring systems, cost savings, and the growing importance of renewable energy. Despite constraints like high setup costs, resistance to new technology, and poor network connectivity, the market is poised for growth, particularly in Asia-Pacific due to countries like China and India. The COVID-19 pandemic introduced challenges but also presented opportunities for smart electric meters, which are expected to shape the market's future.

To get market data, market insights, financial statements and a comprehensive analysis of the Global Smart Electric Meter Market, please Contact Verified Market Research^®.

Based on the research, Verified Market Research^® has segmented the global Smart Electric Meter Market into Phase, Communication Technology Type, End-User, And Geography.

• Smart Electric Meter Market, by Phase
• Single Phase
• Three Phase
• Smart Electric Meter Market, by Communication Technology Type
• Power Line Communication
• Radio Frequency
• Cellular
• Smart Electric Meter Market, by End-User
• Residential
• Commercial
• Industrial
• Smart Electric Meter Market, by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

Browse Related Reports:

Prepaid Electricity Metering Market By Type (Single-Phase Meters, Three-Phase Meters), By Technology (Traditional Meters, Smart Meters), By End-User (Residential, Commercial/Industrial), By Geography, And Forecast

Industrial Energy Management System (IEMS) Market By Type (Components of IEMS, Remote Meters, Sensors), By Application (Power Industry, Petrochemical, Utility), By Geography, And Forecast

Digital Power Meter Market By Product Type (Digital Meter Type, Electrical Meter Type), By Application (Residential, Commercial), By Geography, And Forecast

Smart Grid Security Market By Service Type (Managed Services, Professional Services), By Security Type (Endpoint Security, Application Security), By Application (Smart Meters, Smart Application), By Deployment Type (Cloud, On-Premises), By Solution (Encryption, Antivirus/Antimalware), By Geography, And Forecast

Electric Sub-meter Market By Product (Current Transformer, Rogowski Coil, Other), By Application (Residential, Commercial, Industrial) , By Geography, And Forecast

Visualize Smart Electric Meter Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

About Us

Verified Market Research^® is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research^® provides advanced analytical research solutions while offering information-enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.

Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.

We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.

Contact Us

Mr. Edwyne Fernandes
Verified Market Research^®
US: +1 (650)-781-4080
US Toll Free: +1 (800)-782-1768
Email: [email protected] 
Web: https://www.verifiedmarketresearch.com/ 
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/2015407/VMR_Logo.jpg

SOURCE Verified Market Research