Smart Electric Meter Market to Reach $36.00 Billion by 2028; Rapid Urbanization and Development of Multiple Smart Cities to Boost Market Growth

The global smart electric meter market size is expected to grow substantially by reaching USD 36.00 billion by 2028. Fortune Business Insights™, in its report titled "Smart Electric Meter Market Size, Share, & Covid-19 Impact Analysis, By Type (Advanced Metering Infrastructure and Auto Meter Reading), By Application (Residential, Industrial, Commercial, and Others), and Regional Forecast, 2021-2028." observes that the market size stood at USD 19.40 billion in 2020 and is projected to exhibit a CAGR of 8.1% during 2021 and 2028. Rapid urbanization, the development of multiple smart cities, and the increasing adoption of renewable energy resources are likely to fuel the market's growth. 

Landis + Gyr and State Grid Sign Historic Grid Modernization Contract to Boost Revenues

Landis + Gyr and State Grid signed a remarkable grid modernization contract in July 2021. The contract includes the deployment of the company's Landis + GyrRevelo meter and shall deploy nearly 1.7 million smart electric meters in the New York service area. This installation shall boost electricity access and effectively utilize network analysis and information. It is a best-in-class grid modernization project that shall enable the company to commence next wave smart metering capabilities aimed at utilities. This development may allow the company to boost sales and increase revenues. 

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https://www.fortunebusinessinsights.com/industry-reports/smart-electric-meter-market-100749

Operational Efficiency Cost Benefits of Smart Meter to Fuel Market Progress

The smart type of electric meter enables users to gain sufficient electricity and save costs generated by electricity consumption. It saves electricity consumption and enables electric companies to eliminate monthly manual reading, lower electricity costs, provide real-time data to avoid power outages, and instantly monitor the system. Further, it offers significant advantages to consumers by providing easy user controls and the ability to track electricity consumption. The increasing awareness regarding the product's benefits among consumers is expected to boost its demand. Additionally, the rising awareness regarding renewable energy is expected to attract consumer demand. These factors are likely to drive the smart electric meter market growth. 

Prominent Companies Incorporate Innovative Features to Boost Brand Image

Prominent companies operating in the market incorporate innovative features to provide excellent products to consumers and boost their brand image. For example, Honeywell incorporated Verizon LTE Managed Connectivity to develop smart grid solutions in January 2020. It allows companies to provide customers with an excellent wireless platform and IoT communication capability. This strategy may enable the company to boost its brand image globally. Additionally, incorporating research and development allows companies to tackle shortcomings and incorporate essential features to attract consumers.

Industry Development

• March 2021: Itron Inc. announced smart residential meters developed for utilities and German cities. It complements Germany's low carbon energy trade alongside an affordable and reliable power supply. 

LIST OF KEY MARKET PLAYERS PROFILED IN THIS MARKET:

• Aclara (U.S.)


• GE (U.S.)


• Itron, Inc. (U.S.)


• Landis+Gyr (Switzerland)


• Kamstrup (Denmark)


• Honeywell (U.S.)


• Siemens (Germany)


• Sensus (U.S.)


• ABB (Switzerland)


• ZPA Smart Energy (Czech Republic)


• Secure Meter Limited (India)


• Holley Technology Ltd (China)


• Jabil (U.S.)


• Xemex (Belgium)


• EDMI Limited (Singapore)


• EMH Metering GmbH & Co KG (Germany)


• Schneider Electric (France)

Further Report Findings-

• The market in Asia-Pacific stood at USD 10.82 billion in 2020 and is projected to gain a large portion of the global smart electric meter market share. The rising adoption of these meters for minimizing unaccounted electricity loss is likely to fuel the product's adoption. 


• Moreover, the introduction of tariff plans customized as per customer's usage is likely to fuel smart electric meter's demand. In addition, the adoption of direct communication between customers and companies and the remarkable deployment of the meter in China is likely to fuel market growth.


• According to the application, the residential segment is expected to dominate the market. The rising demand for smart meters, transparency, cost-saving, and easy operability is likely to fuel its adoption from the residential sector. These factors are likely to fuel the growth of the industry.

Table of Segmentation