Smart Electricity Meters Market size was valued at USD 12.36 billion in 2023 and is set to cross USD 31.65 billion by the end of 2036, expanding at more than 7.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart electricity meters is estimated at USD 13.1 billion.
The market is set to witness growth during the forecasted period due to the rising demand for efficient data regulatory systems coupled with favourable government policies for smart meter rollout and improved cost savings. The growth of the market can also be attributed to factors such as increasing emphasis on renewable energy sources globally.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
7.5% |
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Base Year Market Size (2023) |
USD 12.36 billion |
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Forecast Year Market Size (2036) |
USD 31.65 billion |
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Regional Scope |
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The smart electricity meters market is segmented based on the communication technology type into radio frequency, power line communication, and cellular, out of which, the radio frequency segment is anticipated to grab the most significant share by the end of 2029 on account of less costing and better efficiency of radio frequency.
Based on end-user, the residential segment in the market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the fact that smart electricity meters can assist the users in monitoring, regularizing, and reducing their consumption from the generators.
Our in-depth analysis of the global market includes the following segments:
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Communication Technology Type |
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End-User |
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Phase |
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Geographically, the smart electricity meters market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific industry is poised to account for largest revenue share by 2036, due to rise in capital investments in smart grid technologies and smart cities.The increase in the number of new data centers and a surge in commercial institutions are also estimated to drive the region's smart electricity meters market. Along with this, China accounts for the largest share due to large-scale rollout plans. The country also accounts for the highest installed generation and distribution capacity in the Asia Pacific, resulting in an increased demand for smart electricity meters.
Author Credits: Abhishek Verma
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