The global smart electric meter market is anticipated to grow at a considerable CAGR of 7.6% during the forecast period. The growth of the market is attributed to favorable government initiatives and funding such as smart city projects by the European and Asia- Pacific government. In India, the government planned to build 90 smart cities by 2022. Additionally, the British government had planned to install a smart meter in every home by 2020. According to the national renewable energy laboratory, in the US 60 million smart electric meters will be installed by 2019. The cohesive government policies and initiatives are driving the growth of the smart electric meter market. Concepts of smart homes and smart cities and energy conservation by use of smart electric meters are also factors that are stimulating the market growth. However, a lack of a skilled workforce and reluctance by key end-users to adopt new technology may hamper the growth of the smart electric meter market. Moreover, interoperability issues and radiofrequency emissions are also expected to restrain market growth to some extent. With favorable government mandates and legislations, North America and Europe are expected to witness significant growth in the smart electric meter market.
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The COVID-19 pandemic had a negative impact on the global smart electric meter market. During COVID-19, as of May 2020, 212 countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns which disrupted the supply chain operation of several industries. As a result, there was a considerable decline in transportation and related activities which in turn impacted or delayed the raw material used for the smart meter. Hence, the COVID-19 pandemic affected the growth of the global smart electric meter market. However, as the COVID-19 situation normalizes, the globalsmart electric meter market started recovering as industrial operations normalized after the recovery.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Smart Electric Meter Market - Segment
By Communication Technology
- Power Line Communication
- Cellular
- Radio Frequency
By Phase
- Single Phase
- Three Phase
By End-User
- Residential
- Commercial
- Industrial
Global Smart Electric Meter Market - Regional
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart electric meter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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