Energy Meters Global Market Report 2024

Description

Energy meters, also known as electricity or electric meters, are devices designed to measure the amount of electrical energy consumed by residential, commercial, or industrial units. They record electricity usage in kilowatt-hours (kWh), enabling utility companies to bill customers based on their consumption. Energy meters ensure accurate billing, facilitate monitoring of energy efficiency, and aid in managing electrical loads across various environments.

The primary types of energy meters include electromechanical meters and electronic meters. Electromechanical meters, commonly referred to as analog meters, measure energy consumption through mechanical components such as gears and dials. These meters are used for household appliances, power substations, and electric vehicle chargers, serving a variety of end-users, including those in commercial, residential, and industrial sectors.

The energy meters market research report is one of a series of new reports from The Business Research Company that provides energy meters market statistics, including energy meters industry global market size, regional shares, competitors with a energy meters market share, detailed energy meters market segments, market trends and opportunities, and any further data you may need to thrive in the energy meters industry. This energy meters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The energy meters market size has grown strongly in recent years. It will grow from $18.11 billion in 2023 to $19.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%.The growth observed during the historic period can be attributed to the expansion of electric vehicles, the rise of renewable energy sources, the increasing need for monitoring energy consumption, the digitalization of the energy sector, and the growing demand for electricity.

The energy meters market size is expected to see strong growth in the next few years. It will grow to $27.82 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The anticipated growth during the forecast period can be attributed to increasing consumer awareness of energy conservation, rising industrialization, escalating energy costs, growing urbanization, and heightened environmental concerns. Key trends expected in this period include technological advancements, the implementation of smart grid technology, the adoption of smart meters, the integration of the Internet of Things (IoT), and the utilization of data analytics.

The increasing demand for renewable energy sources is projected to drive the growth of the energy meters market in the coming years. Renewable energy sources refer to energy resources that are naturally replenished and can be consistently renewed over time, including solar, wind, hydroelectric, geothermal, and biomass. The rising interest in renewable energy is largely due to concerns about climate change, the desire for energy independence, and the decreasing costs associated with renewable technologies. Energy meters play a crucial role in renewable energy by providing real-time information on energy production and consumption, enabling users to optimize their energy usage and better integrate renewable technologies. For example, in July 2024, GreenMatch, a UK-based online service that compares green energy quotes and solutions, reported that renewable energy sources accounted for about 13.1% of total primary energy consumption in the U.S. and approximately 21.5% of utility-scale electricity generation in 2022. Furthermore, by 2023, wind and solar energy are expected to contribute 16% to overall electricity generation, up from 14% in 2022. Consequently, the growing demand for renewable energy sources is spurring the growth of the energy meters market.

Key players in the energy meters sector are focusing on developing advanced grid-edge technologies, such as smart electricity meters, to improve energy management, enhance efficiency, and facilitate the integration of renewable energy sources. A smart electricity meter is a digital device that tracks energy consumption in real-time and transmits this information to both the utility provider and the consumer. For instance, in December 2023, Xylem Inc., a U.S.-based water technology company, introduced the Stratus IQ+ electricity meter, an advanced smart meter designed to improve utility management and meet the changing needs of the electric vehicle (EV) market. The Stratus IQ+ allows electric utilities to collect comprehensive system diagnostics and customer electricity usage data, which aids in the better management of distribution systems. It provides near-real-time monitoring of energy consumption, enabling immediate data recording and transmission.

In June 2024, Ancala, a UK-based investment management firm, acquired Solandeo for an undisclosed sum. This acquisition provides new capital and funding stability to the business, enabling it to address the rapidly increasing demand. This move is in response to a recent mandate from the German government for the nationwide rollout of smart meters for both commercial and residential customers starting in 2025. Solandeo is a German company that specializes in energy meters.

Major companies operating in the energy meters market are ABB Ltd., Honeywell International Inc., Larsen & Toubro Limited, Danfoss A/S, Chint Group Corporation, Fluke Corporation, Xylem Inc., Yokogawa Electric Corporation, Schneider Electric SE, Rockwell Automation Inc., Rittal GmbH & Co. KG, Itron Inc., Jiangsu Linyang Electronics Co. Ltd., HPL Electric & Power Ltd., Circutor S.A., Kamstrup A/S, Accuenergy Inc., Iskraemeco d.d., Trinity Energy Systems Private Limited, Holley Metering Limited, Eastron Electronic Co. Ltd., Secure Meters Limited, Eppeltone Engineers Private Limited

Asia-Pacific was the largest region in the energy meters market in 2023. Middle East and Africa (MEA) is expected to be the fastest-growing region in the forecast period. The regions covered in the energy meters marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the energy meters marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The energy meters market consists of sales of single-phase energy meters, three-phase energy meters, prepaid meters, DIN rail meters and submetering devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Energy Meters Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on energy meters market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for energy meters ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The energy meters market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Type: Electromechanical Meters; Electronic Meters
2) By Application: Household Appliances; Power Substations; Electric Vehicle Chargers; Other Applications
3) By End-User: Commercial; Residential; Industrial
Companies Mentioned: ABB Ltd.; Honeywell International Inc.; Larsen & Toubro Limited; Danfoss A/S; Chint Group Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r20221

1. Executive Summary

2. Energy Meters Market Characteristics

3. Energy Meters Market Trends And Strategies

4. Energy Meters Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Energy Meters Market Size and Growth

5.1. Global Energy Meters Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Energy Meters Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Energy Meters Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Energy Meters Market Segmentation

6.1. Global Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Electromechanical Meters
Electronic Meters
6.2. Global Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Household Appliances
Power Substations
Electric Vehicle Chargers
Other Applications
6.3. Global Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Commercial
Residential
Industrial

7. Energy Meters Market Regional And Country Analysis

7.1. Global Energy Meters Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Energy Meters Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Energy Meters Market

8.1. Asia-Pacific Energy Meters Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Energy Meters Market

9.1. China Energy Meters Market Overview
9.2. China Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Energy Meters Market

10.1. India Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Energy Meters Market

11.1. Japan Energy Meters Market Overview
11.2. Japan Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Energy Meters Market

12.1. Australia Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Energy Meters Market

13.1. Indonesia Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Energy Meters Market

14.1. South Korea Energy Meters Market Overview
14.2. South Korea Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Energy Meters Market

15.1. Western Europe Energy Meters Market Overview
15.2. Western Europe Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Energy Meters Market

16.1. UK Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Energy Meters Market

17.1. Germany Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Energy Meters Market

18.1. France Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Energy Meters Market

19.1. Italy Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Energy Meters Market

20.1. Spain Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Energy Meters Market

21.1. Eastern Europe Energy Meters Market Overview
21.2. Eastern Europe Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Energy Meters Market

22.1. Russia Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Energy Meters Market

23.1. North America Energy Meters Market Overview
23.2. North America Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Energy Meters Market

24.1. USA Energy Meters Market Overview
24.2. USA Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Energy Meters Market

25.1. Canada Energy Meters Market Overview
25.2. Canada Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Energy Meters Market

26.1. South America Energy Meters Market Overview
26.2. South America Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Energy Meters Market

27.1. Brazil Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Energy Meters Market

28.1. Middle East Energy Meters Market Overview
28.2. Middle East Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Energy Meters Market

29.1. Africa Energy Meters Market Overview
29.2. Africa Energy Meters Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Energy Meters Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Energy Meters Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Energy Meters Market Competitive Landscape And Company Profiles

30.1. Energy Meters Market Competitive Landscape
30.2. Energy Meters Market Company Profiles
- 30.2.1. ABB Ltd.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Honeywell International Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Larsen & Toubro Limited
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Danfoss A/S
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Chint Group Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Energy Meters Market Other Major And Innovative Companies

31.1. Fluke Corporation
31.2. Xylem Inc.
31.3. Yokogawa Electric Corporation
31.4. Schneider Electric SE
31.5. Rockwell Automation Inc.
31.6. Rittal GmbH & Co. KG
31.7. Itron Inc.
31.8. Jiangsu Linyang Electronics Co. Ltd.
31.9. HPL Electric & Power Ltd.
31.10. Circutor S.A.
31.11. Kamstrup A/S
31.12. Accuenergy Inc.
31.13. Iskraemeco d.d.
31.14. Trinity Energy Systems Private Limited
31.15. Holley Metering Limited

32. Global Energy Meters Market Competitive Benchmarking

33. Global Energy Meters Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Energy Meters Market

35. Energy Meters Market Future Outlook and Potential Analysis

35.1 Energy Meters Market In 2028 - Countries Offering Most New Opportunities
35.2 Energy Meters Market In 2028 - Segments Offering Most New Opportunities
35.3 Energy Meters Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer