Smart Electricity Meters Market Driven by Smart Home Integration Trends

The global smart electricity meters market is projected to reach USD 21.81 billion by 2030, expanding at a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Market growth is being driven by a combination of factors, including the promotion of green energy, improved transmission efficiency, and the integrated nature of the smart meter value chain—particularly the ability to deliver real-time data on energy consumption and tariffs. These elements are expected to provide a strong competitive edge. Regions such as Europe and the Asia Pacific are poised to become major contributors to this growth.

In the Asia Pacific region, rapid technological advancements are prompting the need to upgrade legacy systems to boost operational efficiency. Companies are increasingly investing in advanced infrastructure powered by technologies such as the Internet of Things (IoT). IoT-enabled smart meters streamline meter readings and enhance billing accuracy based on actual usage. For example, in August 2022, Adani Electricity allocated INR 500 crore toward installing smart meters in Mumbai. As part of its initial phase, the company plans to install 700,000 meters, with an additional 2 million meters to be deployed by the end of fiscal year 2025. The rollout will continue in multiple phases in the years ahead.

Smart electricity meters are expected to help reduce peak electricity demand by allowing consumers to monitor and manage their power usage more effectively. This, in turn, reduces pressure on power generation facilities, leading to more efficient use of resources. Government policies requiring smart meters and grid upgrades are emerging as major market drivers. For instance, in August 2021, India's Ministry of Power urged all central government departments and ministries to transition to prepaid smart meters, issuing an advisory to promote the shift across all organizations under their jurisdiction.

Smart meters also offer utilities several benefits, such as faster response to outages and hardware failures, as well as improved customer service through remote monitoring capabilities. Increasing attention to environmental concerns and corresponding regulations is expected to further support market adoption by helping control radiation emissions from traditional systems.

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Smart Electricity Meters Market Report Highlights:

• Residential Segment: In 2022, the residential sector accounted for over 88% of global revenue, driven by the steady expansion of residential infrastructure and growing consumer awareness of smart meter advantages.
• Single-Phase Meters: The single-phase segment held over 90% of the market share in 2022. These meters are more cost-effective for household use and allow consumers to track real-time energy usage and reduce energy bills.
• Smart Grid Integration: Smart grids function as automated systems for monitoring and controlling electricity usage. They represent a modern upgrade to conventional networks, offering real-time pricing and consumption insights via smart meters.
• Commercial Applications: Emerging economies are seeing increased investments in smart city initiatives and smart grid infrastructure, which are expected to drive demand for smart meters in the commercial sector.
• Non-Regulatory Adoption: Greater awareness of the benefits of smart meters is anticipated to increase adoption in regions without regulatory mandates.
• Strategic Initiatives: Market participants are focusing on customer base expansion through mergers, acquisitions, partnerships, and collaborations to maintain a competitive advantage.

Key Companies in the Smart Electricity Meters Market Include:

• ABB Ltd.
• General Electric (GE) Company
• Holley Technology Ltd.
• Elster Group SE
• Iskraemeco D.D.
• Itron, Inc.
• Landis+Gyr
• Schneider Electric SE
• Siemens AG

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