Smart Electricity Meters Market Size, Share, Growth Analysis, By Type(Smart electric meters and Smart prepayment meters.), By Application(Residential Application, Commercial Application, Industrial Application, Utility Application and Energy Management Applications.), By Region - Industry Forecast 2024-2031


Report ID: SQMIG55A2024 | Region: Global | Published Date: March, 2024
Pages: 182 |Tables: 62 |Figures: 75

Smart Electricity Meters Market Insights

Global Smart Electricity Meters Market size was valued at USD 10.50 Billion in 2022 and is poised to grow from USD 11.16 Billion in 2023 to USD 18.20 Billion by 2031, at a CAGR of 6.30% during the forecast period (2024-2031).

The global smart electricity meters market has been experiencing significant growth in recent years, driven by the increasing need for efficient energy management, growing adoption of smart grid technologies, and government initiatives promoting the deployment of smart meters. One of the key factors driving the growth of the global smart electricity meters market is the increasing focus on energy conservation and sustainability. With the rising awareness about climate change and the need to reduce greenhouse gas emissions, governments and utility companies worldwide are actively encouraging the use of smart meters to promote energy efficiency. Smart meters allow consumers to monitor their energy usage in real-time, enabling them to make informed decisions about their energy consumption and identify areas for improvement. This capability not only helps consumers reduce their energy bills but also contributes to overall energy conservation efforts.

Moreover, the rapid advancements in technology have significantly improved the functionality and capabilities of smart electricity meters. These meters are equipped with advanced features such as remote meter reading, automatic data transmission, and real-time monitoring. The integration of smart meters with smart grid infrastructure enables utilities to efficiently manage electricity distribution, optimize load balancing, and detect and respond to outages more effectively. This enhanced operational efficiency benefits both utility companies and consumers, leading to increased adoption of smart meters.

US Smart Electricity Meters Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 10.50 Billion

Largest Segment

Smart Electric Meters

Fastest Growth

Growth Rate

6.30% CAGR

Global Smart Electricity Meters Market Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Smart Electricity Meters Market Segmental Analysis

The global smart electricity meters market is segmented on the basis of type, application, and region. By type, the market is segmented into smart electric meters, and smart prepayment meters. By application, the market is segmented into residential application, commercial application, industrial application, utility application and energy management applications. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Smart Electricity Meters Market Analysis By Type

Analysis by type in the global smart electricity meters market reveals that the dominant type is smart electric meters, while the fastest-growing type is smart prepayment meters. Smart electric meters have established their dominance in the market due to their widespread adoption by utility companies and governments worldwide. These meters offer advanced functionalities such as real-time energy consumption monitoring, remote meter reading, and two-way communication between the meter and the utility provider.

On the other hand, smart prepayment meters are experiencing rapid growth within the global market. These meters allow consumers to prepay for their electricity usage, providing them with greater control over their energy consumption and budget management. Smart prepayment meters are particularly popular in regions where prepayment systems are prevalent or where there is a need to address issues related to energy theft and non-payment.

Smart Electricity Meters Market Analysis By Application

Among the various applications of smart electricity meters, the residential application emerges as the dominant segment in the global market. Residential applications involve the installation of smart electricity meters in households to monitor and manage electricity consumption. The dominance of this segment can be attributed to the increasing adoption of smart meters by residential consumers worldwide. The benefits of smart meters, such as real-time monitoring, accurate billing, and energy management capabilities, have led to their widespread implementation in residential settings.

Regarding the fastest growing type of application in the global smart electricity meters market, the energy management applications segment stands out. Energy management applications involve the integration of smart meters with energy management systems and software to optimize energy consumption, monitor energy efficiency, and enable demand response programs. The increasing focus on energy efficiency, sustainability, and cost savings is driving the demand for energy management applications. Industries, commercial establishments, and even residential consumers are embracing energy management solutions to reduce their carbon footprint and optimize energy consumption. As a result, the energy management applications segment is experiencing rapid growth in the global smart electricity meters market.

Global Smart Electricity Meters Market Market By Type

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Smart Electricity Meters Market Regional Insights

The most dominant region has been the Asia Pacific region .The region has been at the forefront of adopting smart grid technologies and has implemented widespread deployment of smart electricity meters. iCountries such as Japan, China and Australia have made significant investments in smart metering infrastructure, driven by government regulations and energy conservation targets. Additionally, supportive policies, favorable regulatory frameworks, and advanced metering infrastructure have contributed to the dominance of the European market.

On the other hand the fastest growing region has been North America. Rapid urbanization, industrialization, and increasing energy consumption in countries like the US, Canada and Mexico have fueled the demand for smart electricity meters. Government initiatives promoting smart grid infrastructure, energy management systems, and renewable energy integration have further accelerated the adoption of smart meters in the region. Additionally, the need for efficient energy distribution, reduction of transmission losses, and improved metering accuracy have contributed to the rapid growth of the market in Asia Pacific.

Global Smart Electricity Meters Market By Geography
  • Largest
  • Fastest

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Smart Electricity Meters Market Dynamics

Smart Electricity Meters Market Drivers

Energy Efficiency Initiatives

  • The growing emphasis on energy conservation and sustainable practices serves as a significant driver for the widespread adoption of smart electricity meters. These advanced meters enable real-time monitoring of electricity consumption, providing consumers with valuable insights to make informed decisions regarding their energy usage. By empowering consumers to optimize their energy consumption patterns, smart meters contribute to reducing energy waste and promoting overall energy efficiency.

Smart Electricity Meters Market Restraints

Consumer Acceptance and Education

  • The acceptance and education of consumers play a pivotal role in driving the adoption of smart electricity meters. However, it is important to acknowledge that certain individuals may harbor concerns or reservations about the technology. These concerns may revolve around potential health effects, data privacy, or a perceived loss of control over their energy consumption data. To foster widespread adoption, it becomes essential to educate consumers about the numerous benefits of smart meters, address their concerns with transparency, and ensure that their privacy and data security are rigorously protected.

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Smart Electricity Meters Market Competitive Landscape

The global smart electricity meter market is highly competitive, characterized by the presence of several major players as well as numerous regional and local players. These companies strive to gain a competitive edge by focusing on innovation, technological advancements, strategic partnerships, and expanding their product portfolios. The market is driven by factors such as increasing energy demand, government initiatives promoting smart grid infrastructure, and the need for efficient energy management. The competitive dynamics of the market are further influenced by factors such as pricing strategies, product differentiation, and customer service. Companies often differentiate themselves by offering additional services and solutions, such as energy management platforms, demand response programs, and customer engagement tools. Providing comprehensive solutions that go beyond metering alone is becoming a key strategy for companies to gain a competitive advantage.

Smart Electricity Meters Market Top Player’s Company Profile

  • Schneider Electric SE (France)
  • Honeywell International Inc. (US)
  • General Electric (US)
  • Kamstrup A/S (Denmark)
  • Iskraemeco (Slovenia)
  • Elster Group GmbH (Germany)
  • Sensus (US)
  • Mitsubishi Electric Corporation (Japan)
  • Wasion Group Holdings Limited (China)
  • Jiangsu Linyang Energy Co., Ltd. (China)
  • Holley Technology Ltd. (China)
  • EDMI Limited (Singapore)
  • ICSA (India)
  • Landys+Gyr India (India)
  • ZIV (Spain)
  • Secure Meters Ltd. (India)
  • Aclara Technologies LLC (US)

Smart Electricity Meters Market Recent Developments

  • In August 2022, Adani Electricity Mumbai Limited (AEML) announced its plan to invest approximately INR 500 crore to install smart meters in Mumbai, India. The company aims to install around seven lakh smart meters in the region by the end of 2023. These smart meters will provide customers with real-time updates on power consumption.
  • In April 2021, Itron launched a new residential smart electricity meter designed for German utilities. The eHZ B smart meter offers advanced functionality to support the energy transition in German cities and utilities. This move aligns with German regulations and strengthens Itron's presence in the European market.
  • In June 2021, Itron Inc. achieved SAP certification for its interface software ISAIM 2.0, which is used with Itron Enterprise Edition's (IEE) Meter Data Management System (MDMS). This integration enables utilities to reduce the total cost of ownership and lower project implementation costs.
  • Aclara Technologies LLC announced in April 2021 that Austin Utilities had implemented its Aclara RF network service for end-to-end advanced metering infrastructure solutions. Austin Utilities chose the Aclara network due to its ability to support electric, gas, and water distribution meters, offering the lowest total cost of ownership.
  • In February 2021, Karlshamn Energi AB selected Kamstrup to supply smart meters for heat and water in Karlshamn. These smart meters will facilitate automatic readings and help identify leaks in the distribution network.

Smart Electricity Meters Key Market Trends

  • In recent years, the global population growth has resulted in a significant increase in energy demand. This surge in demand has prompted the adoption of alternative power generation sources, including renewables, as well as the implementation of new technologies like combined heat and power plants (CHP) and district heating. Consequently, there is a need for the development of new grids and the modernization of existing ones to accommodate these changes. The expanding customer base has compelled utilities to implement systems that ensure efficient management of energy usage data. This emerging trend is expected to have a positive impact on the smart meter market, as these meters fulfill many essential requirements for both utilities and customers. They facilitate data storage for individual customers, enable automatic monthly billing, aid in leak detection, offer economic benefits, and help prevent unnecessary losses. This trend is projected to drive significant growth in the smart meter market in the coming years.

Smart Electricity Meters Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to the global smart electricity meters market analysis, the growing need for efficient energy management and the increasing deployment of smart grid infrastructure are primary drivers of the smart electricity meters market. With the rising global demand for electricity and the need for accurate billing and consumption monitoring, smart meters offer advanced functionalities and real-time data insights. This enables consumers to optimize their energy usage, utilities to enhance grid reliability, and governments to meet their energy efficiency goals. The transition from traditional mechanical meters to smart electricity meters offers various benefits such as accurate billing, automated meter readings, and remote monitoring. The elimination of manual meter reading reduces operational costs for utility providers and enhances overall efficiency. Moreover, smart meters enable time-of-use billing, which encourages consumers to shift their energy usage to off-peak hours, further balancing the load on the grid.

Report Metric Details
Market size value in 2022 USD 10.50 Billion
Market size value in 2031 USD 18.20 Billion
Growth Rate 6.30%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Smart electric meters and Smart prepayment meters.
  • Application
    • Residential Application, Commercial Application, Industrial Application, Utility Application and Energy Management Applications.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Schneider Electric SE (France)
  • Honeywell International Inc. (US)
  • General Electric (US)
  • Kamstrup A/S (Denmark)
  • Iskraemeco (Slovenia)
  • Elster Group GmbH (Germany)
  • Sensus (US)
  • Mitsubishi Electric Corporation (Japan)
  • Wasion Group Holdings Limited (China)
  • Jiangsu Linyang Energy Co., Ltd. (China)
  • Holley Technology Ltd. (China)
  • EDMI Limited (Singapore)
  • ICSA (India)
  • Landys+Gyr India (India)
  • ZIV (Spain)
  • Secure Meters Ltd. (India)
  • Aclara Technologies LLC (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Smart Electricity Meters Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Smart Electricity Meters Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Smart Electricity Meters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Electricity Meters Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Electricity Meters Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Smart Electricity Meters Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Smart Electricity Meters Market size was valued at USD 10.50 Billion in 2022 and is poised to grow from USD 11.16 Billion in 2023 to USD 18.20 Billion by 2031, at a CAGR of 6.30% during the forecast period (2024-2031).

The smart electricity meter market is highly competitive, characterized by the presence of several major players as well as numerous regional and local players. These companies strive to gain a competitive edge by focusing on innovation, technological advancements, strategic partnerships, and expanding their product portfolios. The market is driven by factors such as increasing energy demand, government initiatives promoting smart grid infrastructure, and the need for efficient energy management. The competitive dynamics of the market are further influenced by factors such as pricing strategies, product differentiation, and customer service. Companies often differentiate themselves by offering additional services and solutions, such as energy management platforms, demand response programs, and customer engagement tools. Providing comprehensive solutions that go beyond metering alone is becoming a key strategy for companies to gain a competitive advantage. 'Itron (US)', 'Landis+Gyr (Switzerland)', 'Siemens AG (Germany)', 'Schneider Electric SE (France)', 'Honeywell International Inc. (US)', 'General Electric (US)', 'Kamstrup A/S (Denmark)', 'Iskraemeco (Slovenia)', 'Elster Group GmbH (Germany)', 'Sensus (US)', 'Mitsubishi Electric Corporation (Japan)', 'Wasion Group Holdings Limited (China)', 'Jiangsu Linyang Energy Co., Ltd. (China)', 'Holley Technology Ltd. (China)', 'EDMI Limited (Singapore)', 'ICSA (India)', 'Landys+Gyr India (India)', 'ZIV (Spain)', 'Secure Meters Ltd. (India)', 'Aclara Technologies LLC (US)'

The growing emphasis on energy conservation and sustainable practices serves as a significant driver for the widespread adoption of smart electricity meters. These advanced meters enable real-time monitoring of electricity consumption, providing consumers with valuable insights to make informed decisions regarding their energy usage. By empowering consumers to optimize their energy consumption patterns, smart meters contribute to reducing energy waste and promoting overall energy efficiency.

In recent years, the population growth has resulted in a significant increase in energy demand. This surge in demand has prompted the adoption of alternative power generation sources, including renewables, as well as the implementation of new technologies like combined heat and power plants (CHP) and district heating. Consequently, there is a need for the development of new grids and the modernization of existing ones to accommodate these changes. The expanding customer base has compelled utilities to implement systems that ensure efficient management of energy usage data. This emerging trend is expected to have a positive impact on the smart meter market, as these meters fulfill many essential requirements for both utilities and customers. They facilitate data storage for individual customers, enable automatic monthly billing, aid in leak detection, offer economic benefits, and help prevent unnecessary losses. This trend is projected to drive significant growth in the smart meter market in the coming years.

The most dominant region has been the Asia Pacific region .The region has been at the forefront of adopting smart grid technologies and has implemented widespread deployment of smart electricity meters. iCountries such as Japan, China and Australia have made significant investments in smart metering infrastructure, driven by government regulations and energy conservation targets. Additionally, supportive policies, favorable regulatory frameworks, and advanced metering infrastructure have contributed to the dominance of the European market.

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