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 (U.S., Canada, Germany, UK, France, Russia, Italy, Sweden, Denmark, Austria, Spain, China, India, Japan, Australia, South Korea, Saudi Arabia, UAE, Oman, Kuwait, Iran, Lebanon, Egypt, South Africa, Nigeria, Brazil, Mexico, Uruguay, Argentina, Chile), Application Potential, Price Trend, Competitive Market Share & Forecast, 2018–2024

Industry Trends

Smart Electric Meter Market size valued at over USD 7 billion in 2017 and is set to surpass annual installations of 190 million units by 2024.
 

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Growing electricity demand from commercial and residential sector along with rapid industrialization across developing economies will foster the smart electric meter market growth. Ability to offer high billing accuracy, flexible energy tariffs, and wireless communication are some of the key features that will positively influence the product demand. In addition, introduction of favorable regulatory policies toward expansion of existing grid infrastructure will further favor the industry growth.
 

Stringent government regulations to minimize carbon emissions along with growing public awareness toward consumption monitoring will drive the smart meters market revenue. Furthermore, shifting trends toward adoption of energy efficient technologies coupled with increasing investments in digitalization of the electrical systems will positively influence the business outlook.
 

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 By Application

Residential smart electric meter market will witness growth of over 3% by 2024. Growing construction activities along with rising population across the emerging economies will propel the product demand. Furthermore, accelerating deployment of cost-efficient devices to control and monitor the energy consumption in line with the green building energy standards will complement the industry outlook. In addition, energy codes promote the development of high-performance buildings with higher efficiencies that reduce utility bills and conserve electricity.
 

Commercial applications will witness significant growth on account of ongoing expansion of existing grid network in line with rapid development of sustainable energy technologies. In addition, increasing adoption of energy efficient and low maintenance equipment for better accuracy in billing across service sector including data centers, private offices and government buildings will favor the industry landscape.
 

 By Technology

Rising infrastructure spending along with extensive adoption of digital meter will stimulate the adoption for AMR technology. Collection, analysis & transferring of data, real-time information, and low installation cost are some of the key features that has augmented the smart electric meter market demand. In addition, high profitability and low operating expenses for transferring the data to central database for analysis and billing purposes will propel the business growth.
 

Automatic electricity measurement, two-way communication system, tampering detection, identify & isolate outages, and monitor voltage are some of the key features that will boost the deployment of AMI technology. Surging investment toward modernization & digitalization of healthcare services coupled with growing installation of efficient monitoring systems, smart devices and IoT enabled solutions will further enhance the business landscape.
 

By Phase

Ongoing expansion of micro, small and medium enterprises coupled with supportive government incentive & schemes will boost the single phase smart meters market growth. Rapid development of residential and commercial establishments on account of rising urbanization, improvement in standard of living and increasing per capita income across the emerging economies will positively influence the product penetration.
 

Three phase system is set to witness growth on account of accelerating adoption of sustainable energy systems across the commercial establishments including healthcare, hospitality, logistics and education. In addition, integration of sustainable energy networks coupled with expansion of IoT enabled grid infrastructure will boost the smart electric meter market deployment.
 

By Region

North America smart electric meter market will grow over 1% by 2024. Soaring electricity prices coupled with shifting consumer focus toward the accuracy of bills will stimulate the business growth. Favorable government policies along with the increasing funding toward deployment of sustainable energy technologies will boost the industry growth. As per the Congressional Research Service, the U.S. federal government provided around USD 17.8 billion tax support for the adoption of renewable energy technologies in 2017.
 

Rapid infrastructural development coupled with rising investments to meet primary energy consumption will stimulate the Asia-Pacific smart electric meter market growth. Furthermore, proactive implementation of advanced digital technologies to modernize the operations across service sector will augment the industry landscape. Development of utility-aided transmission networks driven by growing urbanization will further increase the product penetration.
 

Europe region will witness strong growth on account of shifting trends toward the digital transformation of energy sector. In addition, adoption of modern and IoT enabled technologies including smart homes, grids and storage will positively influence the product demand. Government initiatives and mandates to replace the conventional electric meters will enhance the industry landscape. In 2019, European Commission has proposed an ambitious target to replace around 80% of traditional electricity meters with smart meters by 2020.
 

Competitive Market Share

Eminent players across the smart electric meter market comprises Landis+Gyr, Itron, Honeywell International, Siemens, Schneider, Osaki, Badger Meter, Sensus, Kamstrup, Circutor, Neptune Technologies, Iskraemeco, Apato, amongst others.  Product development and geographical expansion are some of the key strategies adopted by the companies to attain competitive advantage in the industry.
 

 Industry Background

Smart electric meters are electrical devices which records the electricity consumption and communicates the data to electricity supplier for monitoring and billing. These units can provide quick and accurate measurements of electricity consumption while eliminating the meter readings and need for estimated monthly bills. Furthermore, it enables consumers to adjust their electricity consumption patterns in order to lower their electricity bills and helps to optimize income with limited available resources.