Smart Electric Meter Market Analysis

Smart Electric Meter Market Analysis

Smart electric meter market from residential application is expected to cross around USD 18 billion by 2030. The real estate industry has witnessed a noteworthy growth in the last few years on account of growing population, which in turn has propelled the energy consumption across the residential sector. These units allow the homeowners to effectively monitor the power consumption remotely, thereby allowing them to control the power usage and reduce the overall electricity bill exponentially. Additionally, the policy makers are introducing various energy codes in order to develop energy efficient buildings and save electricity, which will enhance the deployment of smart meters across these buildings.
 

Introduction of various schemes and regulations in order to refurbish the existing grid infrastructure will drive the market expansion. The residential sector has observed an increase in electricity theft across many developing countries, which has fueled a need for more reliable monitoring systems. Furthermore, improving living standards owing to the increase in per capita incomes have further shifted the end users’ focus toward integrating advanced technologies across their homes.
 

AMI systems segment is projected to see a noteworthy growth through 2030 on account of the rising investments across the expansion of renewable energy networks along with ongoing efforts toward the modernization of grid infrastructure. The AMI technology offers several key features including effective monitoring and control remotely and immediate fault detection, which will complement the technology penetration. Moreover, high applicability of these units across data centers, construction and oil & gas industries will further augment its deployment globally.
 

Customer service improvement, efficient load management and reduction in energy shortages are few of the key features offered by AMI technology to the energy utilities. Growing investments by the power generation industries to adopt IoT enabled grid infrastructure to obtain accurate and real time power consumption information will support the industry statistics. However, these units act as a bridge and offer a two-way communication between the consumers and utilities.
 

Three phase smart meters market is poised to grow at about 9% CAGR through 2030 due to its high applicability across various residential, industrial, utility and commercial buildings. These units are highly adopted across several commercial establishments including healthcare, hospitality, education and logistics. Ongoing investments toward the development of energy intensive industries and favorable governmental incentives & schemes for the grid infrastructure enhancement will sway the industry growth positively. In addition, these units offer high security features including tamper detection along with better connectivity.
 

Asia Pacific smart electric meter market size is estimated to register above 10% gains till 2030 as the region has observed a substantial growth in the deployment of smart technologies including analytics and cloud computing. Various governments in the region have implemented several smart city initiatives, which generates a significant growth opportunity for these units. Moreover, increasing demand for remote monitoring and control of power grids will further enhance the technology penetration in APAC.