In a report about the size of the smart electric meter market, Market Research Engine, a global market research and consulting organization, predicted that the global smart electric meter market will grow at a compound annual growth rate (CAGR) of 4.47% by 2025. By 2027, the report estimates the market will reach approximately $12.7 billion, at a CAGR of 4.1%.
The report breaks down the market segments by communication technology type (radio frequency, cellular, power line communication); end-user (commercial, industrial, residential); and phase (three-phase and single-phase). It then offers a comprehensive analysis of regions (North America, Europe, Asia-Pacific and rest of the world) and major countries in each region.
The report includes a detailed study of the principal influences on industry trends. Findings include increased demand from commercial and residential segments, including developing economies that are projected to adopt smart electric meters.
Much of the appeal lies in the meters’ ability to provide billing accuracy, wireless communication and flexible energy tariffs. Regulatory policies supporting growth of grid infrastructure contribute to the rising interest in smart metering.
Other key drivers for this technology include government regulations aimed at curbing carbon emissions and public favor. Consumers seek ways to monitor energy consumption and demand accurate billing.
Similarly, businesses value accurate billing, which enables them to collect revenue more efficiently. As a result, the industry is experiencing further investment in the digitalization of electrical systems.
A recent trend highlighted by the report is the demand for smart meters in distribution and automation applications, as well as renewable energy integration. Electric vehicle chargers are expected to add to the demand for smart meters.
Also included in the report are comparisons of market size for 2017 versus 2024; tracking of market size from 2015–2024; the impact of COVID-19 on the smart meter industry; value chain analysis from raw materials suppliers to buyers; predictions of market opportunities and challenges; consumer and manufacturer trends; and an analysis of regional and country-level market dynamics, along with profiles of significant companies in the industry and an examination of the competition.
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Lori Lovely is an award-winning writer and editor in central Indiana. She writes on technical topics, heavy equipment, automotive, motorsports, energy, water and wastewater, animals, real estate, home improvement, gardening and more. Reach her at: [email protected]