Smart Electric Meter Market Size By Application (Residential {Single Family, Multi Family}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}, Utility), By Technology (AMI {RF, PLC, Cellular}, AMR), By Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Aug 2020  |  Report ID: GMI1503  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 550   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Smart Electric Meter Market size surpassed USD 9 billion in 2019 and is set to grow at over 5% CAGR from 2020 to 2026. Introduction of favorable regulatory policies to replace conventional meters with smart metering systems to effectively monitor and govern power consumption will favor the industry outlook. In addition, rising investments by public and private players toward smart grid deployment will positively stimulate the business scenario.

Smart Electric Meter Market
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Smart electric meters help in recording data like amount of electric energy consumption, current and power factor and voltage levels easily. With increasing household incomes, continuous industrialization and developments, smart electric meter market revenue will rise exceptionally. 

Ongoing industrialization coupled with economic development and increasing urbanization will drive the market growth. The significant improvement in living standards on account of growing per capita income has shifted consumer focus toward the adoption of advanced technologies. Furthermore, stringent government regulations toward expansion of existing grid infrastructure and reducing power theft will encourage the product demand.

Shifting trend toward digitalization of the electrical systems will fuel the residential smart electric meter market growth

The industry across residential establishments will witness growth of more than 5% through 2026. Evolution of smart metering systems is primarily attributed to flourishing real estate sector and rapid digital transformation of power utilities. Introduction of energy codes in order to develop energy efficient buildings to decrease utility bills and save electricity will further enhance the product adoption. Additionally, growing demand of high-tech equipment to monitor & control energy consumption will boost the market revenue.

COVID-19 has overdue a wide range of projects including smart homes and restructuring & renovation of existing infrastructure impacting the overall industry growth. However, increasing demand for new establishments including healthcare sector will fuel the market outlook. The leading market players are focusing towards over-compensating the impact of coronavirus by enhancing the operations as the prospect arises to drive gradual business growth by last quarter of 2020.

Rising demand for renewable energy integration and effective transmission facilities will drive the AMI technology share

The smart electric meter market share from AMI systems is anticipated to observe significant growth through 2026 on account of surging investments toward the expansion of renewable energy network and increasing integration of smart grid infrastructure. Flexible product configurations including immediate fault detection, effective monitoring and remote access will further escalate the market value. Wide adoption of these units across oil & gas industry, construction sector and data centers will boost the technology penetration.

The growing implementation of AMI technology across energy utilities for load management, reducing energy shortage, and customer service improvement will amplify the product demand. Increasing investments by utilities to deploy IoT enabled grid infrastructure providing real-time & accurate consumption information will foster the industry size. Moreover, these systems offer two-way communication that acts as a bridge between utilities and consumers.

Expansion of microgrid networks will augment the product portfolio

Single phase smart electric meter market is poised to exceed USD 1.5 billion by 2026. Increasing power consumption across residential establishments including apartments and multi storey buildings along with expanding commercial sector will drive the segment growth. Rapid expansion of distributed generation technology coupled with the advancement of microgrid networks will further spur the market growth trends.

Three phase meter segment accounted for more than 85% market share in 2019. Rising adoption of energy efficient systems across the commercial sector including hospitality, healthcare, education, and logistics will positively influence the industry growth. Furthermore, ongoing expansion of large scale industries along with favorable government schemes & incentives toward grid enhancement will complement the market growth dynamics.

Ongoing adoption of second generation systems in Europe

Europe Smart Electric Meter Market

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Europe and Asia Pacific collectively held above 80% of the smart electric meter market share in 2019. Shifting focus toward the adoption of energy efficient technologies coupled with increasing investments toward replacement of conventional systems with IoT based metering technology will augment the regional industry growth. Moreover, ongoing government incentives and subsidies toward the integration of smart systems across the grid infrastructure will fuel the product demand.

Europe market will witness an upsurge during the forecast period due to rising regulatory inclination toward the adoption of policies & standards to effectively address energy theft and power outages. Moreover, leading public and private players are investing extensively to integrate cloud-based applications & technologies into residential and commercial establishments, strengthening the technological adoption.

Asia Pacific industry is projected to register an annual installation of over 80 million units by 2026. Favorable regulatory policies including net metering & feed in tariff along with integration of reliable grid network will energize the regional market outlook. Development of ageing grid network along with rising consumer inclination toward advanced technologies will instigate the demand for smart meters.

R&D investments along with business expansion will act as a crucial point for market participants

Eminent players operating across the smart electric meter market include Itron, Kamstrup, Aclara Technologies, Siemens, Honeywell Elster, Osaki Electric, Sensus, Circutor SA, Iskraemeco Group, Apator, Landis+Gyr AG, Schneider Electric, General Electric and Larsen & Toubro Limited. Growing R&D investments coupled with technological collaborations by leading industry participants will influence the market potential.

This market research report on smart electric meter includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2015 to 2026, for the following segments:

Market, By Application

  • Residential
    • Single family
    • Multi family
  • Commercial
    • Education
    • Healthcare
    • Retail
    • Logistics & transportation
    • Offices
    • Hospitality
    • Others
  • Utility

Market, By Technology

  • AMI
    • RF
    • PLC
    • Cellular
  • AMR

Market, By Phase

  • Single
  • Three

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Sweden
    • Denmark
    • Austria
    • Spain
    • Portugal
  • Asia Pacific
    • Japan
    • China
    • South Korea
    • India
    • Australia
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Oman
    • Kuwait
    • Iran
    • Lebanon
    • Egypt
    • South Africa
    • Nigeria
  • Latin America
    • Mexico
    • Brazil
    • Uruguay
    • Argentina
    • Chile
    • Colombia


Frequently Asked Questions (FAQ) :

The market size of smart electric meter was USD 9 billion in 2019.
The industry share of smart electric meter is projected to witness more than 5% growth rate during 2020 to 2026.
These products will witness massive demand across Asia Pacific, given the supportive regulatory initiatives such as feed in tariff and net metering. APAC market may cross 80 million units by 2026, in terms of annual installations.
Europe and Asia Pacific may emerge as prominent revenue pockets for this industry, given rising investments toward replacing traditional systems with IoT-based ones & increasing adoption of energy efficient technologies. Together, APAC & Europe held 80% market share in 2019.
Single phase segment may cross USD 1.5 billion by 2026, owing to growing power consumption in residential spaces and expanding commercial sector along with advancement of microgrid networks.
Three phase meters held over 85% market share in 2019 and will depict increasing demand due to rising adoption of energy efficient systems in commercial spaces and favorable government schemes.
Expanding real estate industry and robust digital transformation of power utilities will increase adoption of smart electric meters in residential spaces.

Premium Report Details

  • Published Date: Aug 2020
  • Pages: 550
  • Tables: 1095
  • Charts / Figures: 30
  • Companies covered: 14
  • Countries covered: 32

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