Residential Smart Electric Meter Market Forecasts to 2030 - Global Analysis By Technology (Advanced Metering Infrastructure, Smart Grid and Automatic Meter Reading ), Functionality, Application and By Geography

According to Stratistics MRC, the Global Residential Smart Electric Meter Market is accounted for $8.10 billion in 2023 and is expected to reach $17.10 billion by 2030 growing at a CAGR of 11.3% during the forecast period. A residential smart electric meter is a modern device installed in homes to measure electricity consumption more accurately and efficiently than traditional meters. Unlike conventional meters, smart meters can communicate usage data remotely to utility companies, eliminating the need for manual readings. They offer real-time information on energy consumption, enabling homeowners to track usage patterns and make informed decisions to conserve energy and reduce costs.

According to the Institute for Electric Innovation in the United States, 115 million smart meters have been installed in the US by 2021.

Market Dynamics:

Driver:

Customer empowerment and engagement

Customer empowerment and engagement are pivotal drivers in the residential smart electric meter market. These meters provide consumers with real-time data on their energy consumption, empowering them to make informed decisions about their usage patterns. By offering insights into energy usage, peak times, and cost-saving opportunities, smart meters engage customers in actively managing their energy consumption. Additionally, engagement drives innovation in energy management technologies, fostering a more sustainable and environmentally conscious approach to energy consumption in residential settings.

Restraint:

Compatibility issues

Compatibility issues are the challenges arising from integrating new metering technologies with existing infrastructure and systems. These issues can stem from differences in communication protocols, data formats, or hardware specifications among various metering devices and utility networks. Such incompatibilities hinder seamless interoperability, leading to difficulties in data collection, monitoring, and management for both consumers and utility companies. Resolving these compatibility issues requires standardization efforts, investment in compatible technologies, and collaborative approaches between stakeholders to ensure smooth deployment and operation of smart metering systems in residential settings.

Opportunity:

Data analytics and insights

The data analytics and insights is a significant opportunity as these meters generate vast amounts of real-time data on energy consumption patterns within households. By leveraging advanced analytics techniques, such as machine learning and predictive modeling, utility companies can extract valuable insights from this data. These insights can help identify trends, anomalies, and opportunities for optimizing energy usage, reducing costs, and improving efficiency. Moreover, by analyzing consumer behavior and preferences, companies can tailor personalized energy-saving recommendations and services, enhancing customer satisfaction and loyalty.

Threat:

Cost and return on investment

In the residential smart electric meter market, one notable threat is the initial cost of installation. While these meters offer long-term benefits like energy savings and improved efficiency, the upfront expense can deter some consumers. Factors such as fluctuating energy prices and regulatory uncertainties can further complicate ROI calculations. However, as technology advances and adoption increases, economies of scale may drive down costs and improve ROI over time. Thus, while cost and ROI pose challenges in the short term, the long-term benefits of smart meters remain promising in enhancing energy management and sustainability.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the residential smart electric meter market as it led to economic uncertainties and disrupted supply chains. With lockdown measures and financial strains on consumers, the demand for smart meters saw a decline due to budget constraints and reduced installation activities. However, the pandemic also highlighted the importance of remote monitoring and energy management, prompting increased interest in smart metering solutions for residential energy efficiency. As economies recover and prioritize sustainability, the market is expected to rebound with a focus on smart grid infrastructure and digitalization efforts to enhance energy resilience and optimize consumption patterns in the post-pandemic era.

The advanced metering infrastructure (AMI) segment is expected to be the largest during the forecast period

The Advanced Metering Infrastructure (AMI) segment has seen significant growth due to the increasing adoption of smart grid technologies and initiatives aimed at modernizing utility infrastructure. Rising concerns about energy efficiency and the need for accurate billing have driven utilities to deploy advanced metering systems. Regulatory mandates promoting the deployment of smart meters in residential settings have further fueled market expansion. Furthermore, the integration of AMI with advanced analytics and communication technologies has enhanced functionalities, enabling utilities to optimize operations and provide value-added services to consumers.

The multi family segment is expected to have the highest CAGR during the forecast period

The multi family segment is experiencing robust growth due to the increasing trend towards urbanization leading to a surge in multi-family residential complexes, such as apartments and condominiums, where smart meters offer efficient energy management solutions. Regulatory mandates and incentives promoting energy efficiency and conservation drive the adoption of smart meters in multi-family buildings. Additionally, the ability of smart meters to accurately monitor individual unit consumption facilitates billing accuracy and tenant awareness, further driving their adoption in these settings.

Region with largest share:

In recent years, the North American region has witnessed significant growth. This growth can be attributed to several factors, including increasing awareness about energy conservation and the adoption of smart technologies. Government initiatives promoting energy efficiency, coupled with favorable regulatory policies, have also played a crucial role. Moreover, advancements in technology, such as the Internet of Things (IoT) and smart grid infrastructure, have facilitated the widespread deployment of smart electric meters in residential areas. Furthermore, rising concerns about environmental sustainability and the need for accurate energy monitoring have further fueled the demand for smart meters.

Region with highest CAGR:

The Asia-Pacific region has witnessed significant growth in the residential smart electric meter market due to rising urbanization and population density, prompting governments to invest in smart grid infrastructure. Moreover, increasing awareness about energy efficiency and sustainability has driven the adoption of smart meters among residential consumers. Technological advancements and the need for accurate billing and real-time monitoring of energy consumption has propelled the demand for smart electric meters in the region.

Key players in the market

Some of the key players in Residential Smart Electric Meter market include Aclara Technologies LLC, CyanConnode, Holley Performance Products, Inc., Iskraemeco Group, Itron Inc., Jabil Inc., Kamstrup, Kontron AG, Landis+Gyr, Larsen & Toubro Limited, Osaki Electric CO., LTD., Schneider Electric, Sensus, Siemens and Trinity Energy Sys.

Key Developments:

In March 2024, Kontron has launched a commercial 5G campus network at Kontron Europe GmbH's production and warehouse facilities in Augsburg, Germany. Kontron's 5G Standalone Core network is a turnkey next-generation solution, offering secure and efficient 5G connectivity. Tailored for industrial operations, this pre-integrated product ensures a swift time-to-service deployment, enabling advanced and intelligent operations in diverse environments while safeguarding sensitive data on-site.

In March 2024, NTT DATA and Schneider Electric have unveiled a first-of-a-kind co-innovation that empowers enterprises to harness the power of edge computing. The strategic partnership introduces a unique solution that seamlessly integrates Edge, Private 5G, IOT, and Modular Data Centers, providing unparalleled connectivity and supports the computational demands of Generative AI applications deployed at the edge.

Technologies Covered:

• Advanced Metering Infrastructure (AMI)
• Smart Grid
• Automatic Meter Reading (AMR)

Functionalities Covered:

• Basic Smart Meters
• Advanced Smart Meters

Applications Covered:

• Single family
• Multi family
• Gated Communities

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances