Report Ocean recently released a research report on the Smart Electric Meter Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global smart electric meter market size was US$ 18 billion in 2021. The global smart electric meter market is forecast to grow to US$ 29.2 billion by 2030, registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market Growth
Smart electric meters are cost-efficient. In addition, users install these electric meters to monitor the electricity consumption and modify the consumption according to the electricity tariff prices. Furthermore, the growing urbanization is forecast to benefit the global smart electric meters market during the study period.
Smart electric meters record the electrical consumption of the building. In addition, it also records the voltage and power quality monitoring. In addition, it helps consumers to watch the energy consumption statistics at any time, which will help them modify their consumption and reduce the bill price. In addition, the significant advantages of smart electric meters significant advantages over traditional meters are forecast to benefit the global smart electric meters during the study period.
Favorable government policies mandating the use of smart electric meters for accurate results are forecast to boost the market growth. In addition, the growing implementation of the smart grid to monitor electricity demand is forecast to benefit the global market.
Increasing population and rising focus of governments towards infrastructure development will further boost the market growth during the forecast period.
The growing number of data centers and IT hubs will accelerate the growth of the global smart electric meter market during the forecast period.
High investment costs may hamper the growth of the global smart electric meter market during the study period.
Regional Analysis
The Asia-Pacific smart electric meter market is forecast to emerge as the largest market. The region is home to various populous countries, which is expected to increase the demand for electricity. In addition, increasing investments for the development of efficient smart grid technologies and smart cities will benefit the regional market. Furthermore, the growing number of data centers, IT hubs, and commercial organizations will significantly escalate the market growth during the study period from 2022 to 2030.
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COVID-19 Impact Analysis
The COVID-19 pandemic hampered the manufacturing of smart electric meters. During the pandemic, industries had to shut operations as per the rules by governments. In addition, China, which holds a significant share in the market, witnessed severe disruptions. The cases in the country rose abruptly, which forced the government to shift its focus on healthcare. As a result, the global smart electric meter market growth declined during the pandemic.
Competitors in the Market
- Itron
- Landis+Gyr (Toshiba Corporation)
- Jiangsu Linyang
- Wasion
- Aclara Technologies
- Schneider
- Siemens
- Honeywell
- Iskraemeco
- Other Prominent Players
Market Segmentation
The global smart electric meter market segmentation focuses on phase, Communication technology centers, End-Users, and Region.
By Phase
- Single
- Three
By Communication Technology Type
- Power Line Communication (PLC)
- Radio Frequency (RF)
- Cellular
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By End-Users
- Industrial
- Commercial
- Residential
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
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- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Smart Electric Meter Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Electric Meter market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Electric Meter Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Electric Meter market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Smart Electric Meter market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Smart Electric Meter market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Smart Electric Meter market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Smart Electric Meter business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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