Asia Pacific Smart Electric Meter Market Size - By Application (Residential, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Utility), By Technology (AMI {RF, PLC, Cellular}, AMR), Phase & Forecast, 2024 - 2032

Asia Pacific Smart Electric Meter Market Size

Asia Pacific Smart Electric Meter Market was valued at USD 9.3 billion in 2023 and is anticipated to grow at a CAGR of over 12.1% from 2024 to 2032, propelled by increasing urbanization and industrialization across the region, pushing utilities to adopt smarter metering solutions for better management and efficiency. Government initiatives promoting smart grid infrastructure to enhance energy efficiency and sustainability further propel market growth. Rising environmental concerns and the need to reduce carbon emissions are prompting utilities to deploy smart meters for optimizing energy usage and promoting renewable energy integration.
 

With supportive regulatory frameworks and growing awareness about the benefits of smart metering, the Asia Pacific market for smart electric meter is poised for continued expansion in the foreseeable future. Various Government are focusing on replacing traditional meters by smart meters.

Asia Pacific Smart Electric Meter Market Trends

The Asia Pacific smart electric meter industry is witnessing several key trends. There's a growing adoption of advanced metering infrastructure (AMI) solutions, driven by the need for real-time data analytics and remote monitoring capabilities. Additionally, governments across the region are increasingly focusing on energy efficiency and grid modernization initiatives, fueling the demand for smart meters. Integration of smart meters with smart grid technologies like IoT and AI is also on the rise, enabling utilities to optimize energy distribution and improve reliability. Moreover, there's a shift towards smart prepaid meters, empowering consumers with better control over their energy usage and expenditures.
 

Asia Pacific Smart Electric Meter Market Analysis

Based on application type, the residential segment is poised to cross USD 13 billion by 2032, due to rising urbanization, increasing household energy consumption, and government initiatives promoting energy efficiency. As more households seek to monitor and manage their electricity usage, the demand for smart meters in residential settings will surge.
 

Based on technology, the AMI segment is anticipated to witness more than 12% CAGR through 2032, due to its advanced capabilities such as two-way communication, real-time data monitoring, and remote access features. These functionalities enable utilities to efficiently manage electricity distribution, optimize resources, and provide better customer service, driving the dominance of AMI technology in this market.
 

China smart electric meter market is likely to exceed USD 23.5 billion by 2032 since China's massive population drives demand, while its technological prowess and government initiatives for smart grid deployment shape regional trends. In India, rapid urbanization and a growing middle class create a significant need for efficient energy management, making India a key growth market for smart electric meters. Whereas, technological innovation, stringent energy efficiency regulations, and a commitment to sustainability drive Japan's prominence in adopting smart metering solutions.
 

Similarly, advanced infrastructure, government support, and a focus on energy security position South Korea as a leader in smart grid development and adoption. The high electricity prices, environmental concerns, and a push for renewable energy integration propel Australia's adoption of smart metering technologies significantly.
 

Asia Pacific Smart Electric Meter Market Share

General Electric, Schneider Electric, and other major players lead the smart meter market in the Asia Pacific due to their established reputation for reliability and innovation gives them a competitive edge. Their extensive global networks and local presence allow them to effectively penetrate diverse markets within the region. Additionally, their focus on providing comprehensive solutions tailored to the specific needs of Asian countries enhances customer trust and satisfaction.
 

Asia Pacific Smart Electric Meter Market Companies

Some major players operating in the Asia Pacific smart electric meter industry is mentioned below:

• ABB
• Aclara Technologies
• Apator
• Circutor SA
• General Electric
• Honeywell Elster
• KamstrupItron
• Larsen & Toubro Limited
• Osaki Electric
• Schneider Electric
   

Asia Pacific Smart Electric Meter Industry News

• In March of 2023, Landis+Gyr Technology Inc. and WEC Energy Group unveiled a collaborative initiative aimed at enhancing the Advanced Metering Infrastructure (AMI) for both electric meters. This partnership extends their existing managed services agreement until 2038 and entails the deployment of 204,000 advanced electric meters.
   
• In January 2020, Honeywell revealed its plans to incorporate Verizon LTE Managed Connectivity solution into smart meters and other edge devices, aiming to advance the smart grid technology. This collaboration empowers Honeywell to furnish its clientele with a wireless network platform integrated into its suite of smart energy software, hardware, and services, ensuring secure and dependable IoT communications tailored for utility applications.
   

This Asia Pacific smart electric meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units & USD Million” from 2021 to 2032, for the following segments:

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Market, By Application

• Residential
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
  • Others
• Utility

Market, By Technology

• AMI
  • RF
  • PLC
  • Cellular
• AMR

Market, By Phase

• Single Phase
• Three Phase

The above information has been provided for the following countries across the regions:

• China
• India
• Japan
• South Korea
• Australia