Digital Smart Meter Market Size, Share, Opportunities, And Trends By Type (Single Phase, Three Phase), By End-User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2024 To 2029

Digital Smart Meter Market is expected to grow at a CAGR of 6.94% from a market size of US$5.37 billion in 2022 to reach US$8.59 billion in 2029.

The digital smart meter is a high-tech electronic device designed to help monitor and measure energy usage in homes, businesses and factories where electricity is used. These meters can enable homeowners and businesses alike to take control of the factors that determine how they consume power thanks to the provision of real-time data about energy consumption. Increased energy costs and significant concerns about climate change are imposing the adoption of energy-efficient solutions on consumers and utilities. Through offering immediate feedback regarding energy usage, digital smart meters help in making informed decisions that may result in reduced energy consumption among consumers.

Smart meters are being rolled out with the help of various governments who offer tax reliefs for installation orders as well as subsidies; In addition, environmental policies directed at cutting down on the emission of carbon dioxide into the atmosphere serve as a catalyst for these efforts.

The imposition of regulatory support and government initiatives

One of the key elements propelling the market for smart electric meters is the robust support of governmental and regulatory organizations. Accordingly, a lot of nations are putting laws into place requiring the installation of smart meters in order to satisfy sustainability goals and update grid infrastructure. In addition, these laws frequently include financial incentives to encourage the quick adoption of smart meter technology like grants or tax breaks. In addition, governments are working more and more with utility companies to launch widespread rollouts of smart meters to replace antiquated meters with intelligent ones. Furthermore by standardizing specifications and guaranteeing that smart meters are systematically integrated into the national grid these policy initiatives foster a positive environment.

Rising technological advancements

Solar PV systems use semiconductor-based solar panels usually silicon to directly convert sunlight into electricity. Direct current (DC) electricity flows from the solar cells when sunlight strikes them exciting electrons. In homes businesses and the electrical grid, this DC electricity is transformed into alternating current (AC) via an inverter. For the next five years, solar photovoltaic (PV) is predicted to add significantly more yearly capacity to renewable energy sources than wind and hydropower combined. The IEA reports that in 2022 solar PV generation climbed by 270 TWh or 26 percent to reach nearly 1300 TWh. This surpassed wind power for the first time in 2022 and showed the greatest absolute generation growth of all renewable technologies.

Rising consumer demand for real-time data

The market is expanding due to growing customer demand for real-time data and billing transparency. That being said smart electric meters enable users to make educated decisions by giving them comprehensive information about their usage habits. To maximize their energy use lessen their carbon footprint and save money on electricity bills users are also increasingly utilizing data from smart electric meters. Additionally, the greater customer involvement with these gadgets is pushing utility companies to make more investments in smart electric meter technology while simultaneously increasing customer satisfaction. Because of this, the market is driven by the growing consumer demand for data-driven insights which benefits both utility providers and consumers.

Increasing demand for Advanced metering infrastructure

Due to its ability to collect data in real-time and provide instant insights into patterns of energy consumption advanced metering infrastructure or AMI is currently leading the industry. For both utility companies and customers this feature is extremely valuable. Additionally, billing errors and disputes are less common with AMI systems because of their high accuracy in meter readings. They also enable bidirectional communication between the central system and the meter which makes remote diagnostics firmware updates and monitoring possible. In addition, AMI can produce real-time data that can be utilized to optimize grid performance better manage supply and demand and cut down on energy waste. Additionally, it facilitates the prompt detection and isolation of outages enhancing the electric grid's overall efficiency and dependability.

High use in the residential sector

Since smart electric meters provide real-time data on electricity usage allowing customers to better understand consumption patterns and take action to reduce waste the residential segment is leading the market. In addition, the automated feature of smart meters removes the requirement for manual meter readings improving the accuracy and efficiency of the billing process. Moreover, the market is expanding as a result of homeowners implementing cutting-edge technologies like smart meters to track and manage their energy consumption due to increased awareness of sustainable living and energy conservation. In addition, favourable government laws and policies that promote the use of smart meters in residential settings as a component of energy efficiency and modernization initiatives are supporting the market's expansion.

Asia Pacific is witnessing exponential growth during the forecast period

Rapid urbanization in Asia Pacific is increasing the demand for more intelligent effective utility management systems such as smart electric meters. Furthermore, regional government's implementation of laws and policies that encourage smart grids and utility modernization is having a favourable impact on the expansion of the market. In addition, a high population density in the area is fueling the market growth by offering a sizable consumer base and lowering the cost of utility companies' investments in sophisticated metering infrastructure. Furthermore, the increased consciousness regarding energy conservation among the local populace is spurring the need for smart meters to track and manage power consumption. In addition, Asia Pacific is home to a number of tech hubs that support the creation and uptake of cutting-edge technologies like smart electric meters.

Market key launches

• In February 2023, Itron Inc. collaborated with SEW, a top supplier of cloud-based software for the water and energy sectors. The goal of the partnership is to create new products that make use of Itron's OpenWay Riva IoT solution, which consists of smart grid technologies and smart electricity meters. Additionally, it would help consumers better understand and control their energy consumption and give utilities better insights into the energy usage of their customers.
• In January 2023, the provider of intelligent water monitoring solutions, Syrinix Ltd., was acquired strategically by Badger Meter Inc. The company hopes to expand its offering of smart water solutions by incorporating Syrinix's hardware-enabled software capabilities. Analytical Technology, Inc. (Ati) and Scan GmbH, pioneers in intelligent measurement and smart water quality monitoring, have also been acquired by the company.

Digital Smart Meter Market Scope:

 

Report Metric	Details
Market Size Value in 2022	US$5.37 billion
Market Size Value in 2029	US$8.59 billion
Growth Rate	CAGR of 6.94%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2023
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segments Covered	Type End-User Geography
Companies Covered	Honeywell International Inc. Iskraemeco Group Itron Inc. Networked Energy Services Schneider Electric
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Type
  • Single Phase
  • Three Phase
• By End-User
  • Residential
  • Commercial
  • Industrial
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. DIGITAL SMART METER MARKET, BY  TYPE

5.1. Introduction

5.2. Single Phase

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Three Phase

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

6. DIGITAL SMART METER MARKET, BY END-USER

6.1. Introduction

6.2. Residential

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Commercial

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

6.4. Industrial

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

6.4.3. Geographic Lucrativeness

7. DIGITAL SMART METER MARKET, BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Type

7.2.2. By End-User

7.2.3. By Country

7.2.3.1. USA

7.2.3.1.1. Market Trends and Opportunities

7.2.3.1.2. Growth Prospects

7.2.3.2. Canada

7.2.3.2.1. Market Trends and Opportunities

7.2.3.2.2. Growth Prospects

7.2.3.3. Mexico

7.2.3.3.1. Market Trends and Opportunities

7.2.3.3.2. Growth Prospects

7.3. South America

7.3.1. By Type

7.3.2. By End-User

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.1.1. Market Trends and Opportunities

7.3.3.1.2. Growth Prospects

7.3.3.2. Argentina

7.3.3.2.1. Market Trends and Opportunities

7.3.3.2.2. Growth Prospects

7.3.3.3. Others

7.3.3.3.1. Market Trends and Opportunities

7.3.3.3.2. Growth Prospects

7.4. Europe

7.4.1. By Type

7.4.2. By End-User

7.4.3. By Country

7.4.3.1. Germany

7.4.3.1.1. Market Trends and Opportunities

7.4.3.1.2. Growth Prospects

7.4.3.2. UK

7.4.3.2.1. Market Trends and Opportunities

7.4.3.2.2. Growth Prospects

7.4.3.3. France

7.4.3.3.1. Market Trends and Opportunities

7.4.3.3.2. Growth Prospects

7.4.3.4. Spain

7.4.3.4.1. Market Trends and Opportunities

7.4.3.4.2. Growth Prospects

7.4.3.5. Others

7.4.3.5.1. Market Trends and Opportunities

7.4.3.5.2. Growth Prospects

7.5. Middle East and Africa

7.5.1. By Type

7.5.2. By End-User

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.1.1. Market Trends and Opportunities

7.5.3.1.2. Growth Prospects

7.5.3.2. UAE

7.5.3.2.1. Market Trends and Opportunities

7.5.3.2.2. Growth Prospects

7.5.3.3. Others

7.5.3.3.1. Market Trends and Opportunities

7.5.3.3.2. Growth Prospects

7.6. Asia Pacific

7.6.1. By Type

7.6.2. By End-User

7.6.3. By Country

7.6.3.1. China

7.6.3.1.1. Market Trends and Opportunities

7.6.3.1.2. Growth Prospects

7.6.3.2. Japan

7.6.3.2.1. Market Trends and Opportunities

7.6.3.2.2. Growth Prospects

7.6.3.3. India

7.6.3.3.1. Market Trends and Opportunities

7.6.3.3.2. Growth Prospects

7.6.3.4. South Korea

7.6.3.4.1. Market Trends and Opportunities

7.6.3.4.2. Growth Prospects

7.6.3.5. Australia

7.6.3.5.1. Market Trends and Opportunities

7.6.3.5.2. Growth Prospects

7.6.3.6. Others

7.6.3.6.1. Market Trends and Opportunities

7.6.3.6.2. Growth Prospects

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. ABB Ltd.

9.2. Aclara Technologies LLC (Hubbell Incorporated)

9.3. Holley Technology Ltd. (Zhejiang Huamei Holding)

9.4. Honeywell International Inc.

9.5. Iskraemeco Group

9.6. Itron Inc.

9.7. Networked Energy Services

9.8. Schneider Electric

ABB Ltd.

Aclara Technologies LLC (Hubbell Incorporated)

Holley Technology Ltd. (Zhejiang Huamei Holding)

Honeywell International Inc.

Iskraemeco Group

Itron Inc.

Networked Energy Services

Schneider Electric