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Three Phase Smart Electric Meter Market Size - By Application (Residential, Commercial, Utility), By Technology (AMI, AMR), Regional Outlook & Global Forecast, 2024 – 2032

  • Report ID: GMI8440
  • Published Date: Mar 2024
  • Report Format: PDF

Three Phase Smart Electric Meter Market Size

Three Phase Smart Electric Meter Market was valued at USD 13.6 billion in 2023 and is estimated to grow at over 10% CAGR between 2024 and 2032. Demand for accurate billing, real-time monitoring, and enhanced grid stability fuels the deployment of three-phase meters.
 

Three Phase Smart Electric Meter Market

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Additionally, regulatory mandates promoting energy efficiency and grid modernization initiatives further propel market growth. The integration of smart grid technologies and the need for more robust power distribution networks also contribute to the rising demand for three-phase smart electric meters.
 

COVID–19 Impact

The COVID-19 pandemic initially slowed the growth of the three-phase smart electric meter market due to disruptions in supply chains, project delays, and reduced investments in infrastructure. However, as economies recover and emphasize digitalization and energy efficiency, the market is expected to rebound, driven by increased demand for smart grid solutions and sustainable energy management practices.
 

Three Phase Smart Electric Meter Market Trends

The three-phase smart electric meter industry is growing at a substantial rate owing to numerous factors including heightened adoption driven by smart grid initiatives and energy efficiency mandates. Technological advancements, such as IoT integration and data analytics, enhance metering capabilities for real-time monitoring and demand-side management. Increasing focus on renewable energy integration and grid stability further drives market growth. Furthermore, the emergence of smart city projects and the need for advanced metering infrastructure propel the demand for three-phase smart electric meters.
 

Three Phase Smart Electric Meter Market Analysis

Three Phase Smart Electric Meter Market Size, By Application, 2022 - 2032 (USD Billion)
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Based on application, residential sector held a major market share of over 50% in 2023 and is poised to grow significantly. This growth is attributed to factors including rising urbanization, population growth, and the adoption of smart home technologies. Consumers seek more accurate billing, real-time monitoring, and energy management solutions, driving the deployment of three-phase residential smart electric meters.
 

In addition, government initiatives promoting energy efficiency and sustainability contribute to the growing acceptance of advanced metering infrastructure in residential areas. Rising awareness among consumers regarding energy conservation and the benefits of smart metering solutions is also driving growth in the residential sector for three-phase smart electric meters.
 

Three Phase Smart Electric Meter Market Share, By Technology, 2023
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The advanced metering infrastructure (AMI) segment is anticipated to grow at over 10% CAGR through 2032. AMI enables real-time monitoring, remote meter reading, and bidirectional communication, empowering users with insights into energy usage for effective management. Regulatory requirements, environmental considerations, and utility companies' efforts to modernize grids are further stimulating market growth, with continued momentum estimated in the foreseeable future.
 

Asia Pacific Three Phase Smart Electric Meter Market Size, 2022 - 2032 (USD Billion)
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Asia Pacific three phase smart electric meter market is projected to exceed USD 25 billion by 2032. This growth is driven by increased demand for energy-efficient solutions due to rising electricity consumption, growing awareness of environmental sustainability, and the necessity for accurate billing and real-time data monitoring. Supportive governmental initiatives, such as Japan's 2022 funding initiative totaling USD 155 billion for smart power grid development, further enhance market penetration. Moreover, technological advancements like IoT integration and data analytics contribute to market expansion by improving operational efficiency and enabling proactive maintenance.
 

Three Phase Smart Electric Meter Market Share

Company Market Share Analysis, 2023, (%)

Landis+Gyr, one of the biggest players in the three-phase smart electric meter market, sustains its market share through robust research and development, pioneering technological advancements, a renowned brand image, expansive distribution channels, strategic alliances, and consistent investment in customer service. Its adaptability to market shifts and regulatory changes further solidifies its position as an industry leader.
 

Three Phase Smart Electric Meter Market Companies

Some of the prominent key players operating across the three phase smart electric meter industry are:

  • Apator SA
  • Circutor
  • CyanConnode
  • General Electric
  • Holley Performance Products, Inc.
  • Honeywell International Inc.
  • Iskraemeco Group
  • Itron Inc.
  • Kamstrup
  • LARSEN & TOUBRO LIMITED
  • Landis+Gyr
  • Mitsubishi Electric Corporation
  • OSAKI ELECTRIC CO., LTD.
  • SAMI Advanced Electronics
  • Schneider Electric
  • Sensus
  • Siemens
  • Trinity Energy Systems Pvt. Ltd.
  • ZIV
     

Three Phase Smart Electric Meter Industry News

  • In July 2023, Landis+Gyr secured a contract with the Israel Electric Corporation (IEC) to deploy smart electricity meters, software, and related services to meet forthcoming regulations. Initially, 565,600 smart meters will be provided, with potential for IEC to expand to 4.2 million units, some of which may be sourced from a third-party supplier. Landis+Gyr will also furnish the head-end system and services, essential for Israel's smart grid establishment.
     
  • In June 2023, Holley and their representative finalized a contract for the procurement of Prepayment Type Smart Meters designated for the PEC Yemen Market. This agreement marks a significant milestone as Holley's agent assumes exclusive representation for the company's metering operations in Yemen. Through this collaboration, Holley commits to delivering top-quality products and services to PEC. The acquired Prepayment Type Smart Meters feature remote communication options, including RF, Cellular, and PLC, supporting PEC's future smart grid development.
     

This three phase smart electric meter market research report includes an in–depth coverage of the industry with estimates & forecast in terms of units and revenue in ‘000 Units and USD Million from 2019 to 2032, for the following segments:

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Market, By Application

  • Residential
  • Commercial
  • Utility

Market, By Technology

  • AMI
  • AMR

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

  • North America
    • U.S.
    • Canada 
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Sweden
  • Asia Pacific
    • Japan
    • China
    • South Korea
    • India
    • Australia
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Kuwait
    • South Africa
  • Latin America
    • Mexico
    • Brazil
    • Chile

 

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market valuation of the three phase smart electric meter was reached USD 13.6 billion in 2023 and is likely to grow at 10% CAGR from 2024 to 2032, due to the rising demand for accurate billing, real-time monitoring, and enhanced grid stability.
The residential application segment recorded over 50% share of the three phase smart electric meter market in 2023, owing to rising urbanization, population growth, and the higher adoption of smart home technologies.
Asia Pacific three-phase smart electric meter market is expected to exceed USD 25 billion by 2032, led by increased demand for energy-efficient solutions due to rising electricity consumption across the region.
Some of the leading three phase smart electric meter firms are Apator SA, Circutor, CyanConnode, General Electric, Holley Performance Products, Inc., Honeywell International Inc., and Iskraemeco Group.

Three Phase Smart Electric Meter Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 19
  • Tables & Figures: 442
  • Countries covered: 20
  • Pages: 350
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