Smart Energy Meters Market By Type, Communication (Radio Frequency, Power Line Communication ), End User, Component, Technology (Advanced Metering Infrastructure, Auto Meter Reading ), & Region For 2024-2031

Smart Energy Meters Market Valuation - 2024 - 2031

The Smart Energy Meters Market is rapidly unfolding, marking an impressive trajectory driven by strategic initiatives and mammoth investment plans. Central to this growth story is the Energy Efficiency Services Limited (EESL) a conglomerate of public sector undertakings functioning under the aegis of the Ministry of Power. The growing environmental concerns is demanding application of smart energy meters, thereby enabling the market reach a valuation of USD 36.3 Billion by 2031, surpassingUSD 23.1 Billion, which was verified in 2023.

The focus on lowering power cutting through real-time monitoring is likely to further create lucrative opportunities for the market. the efficient energy management and grid modernization initiatives characteristics are expected to significantly reduce commercial losses and give the energy sector across the globe a much-needed boost to its revenue streams, helping the smart energy meter grow at aCAGR of 9.4%.

Smart Energy Meters Market: Definition/Overview

Smart Energy Meters are electronic devices that tracks and monitors the power, gas, and water consumption data. These smart energy meters may provide the details about the data consumed via power line communication, radiofrequency electromagnetic radiation (RF), and cellular connection, allowing the utility to better regulate energy consumption. Smart Energy Meters provide organizations and consumers with many advantages, including lower meter reading costs, the prevention of disconnection, the elimination of billing inefficiencies, and lower reconnection expenses.

It is essential to provide a stable and secure stream of electronic communications as the power network assets have become more computerized. The need for secure wireless supply is bolstering the growth of this market.

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Which are Technological Breakthroughs Contributing to the Growth of Smart Energy Meters Market?

The need to modernize the aging infrastructure is surging demand for inclusion of smart meters or grid technology to improve efficiency, reliability, and resilience. This demand for controlling energy consumption, reducing strain on grids, remote monitoring and managing the grid by addressing the real-time power distribution data is necessitating the use of smart energy meters.

Also, growing inclination toward renewable energy sources, like solar and wind power, is creating immense opportunities for the adoption of smart grid infrastructure for accommodating variable power generation and ensuring grid stability.

Growing urbanization is surging higher demand for electricity, especially in the heavily populated economies such as China, India, and others, driving investments in the smart grid infrastructure. Thereby, creating huge opportunities for the market in these countries focusing on improving grid efficiency, reducing energy losses, and catering growing energy demands.

In addition to this, growing environmental concerns and energy efficiency is bolstering demand for sustainable solutions to monitor the consumption patterns and implement efficiency measures, thereby empowering both the consumers and utilities to adopt smart energy meters.

Governments mandating use of smart energy meters is likely to help achieve goals such as lowering greenhouse gas emission, energy consumption, grid resilience, and consumer awareness and engagement in energy management.

Integration of technologies, including cellular networks, radio frequency (RF), and power line communication (PLC), help enhance reliability of data transfer, cost-effectiveness, and performance of smart meters. Likewise, data analytics platforms and artificial intelligence (AI) are enabling obtain deeper insights from collected energy consumption data, leading to more efficient grid management and targeted interventions for energy savings.

Will Interoperability Issues have an Effect on Adoption of Smart Energy Meters?

The lack of global standards for communication protocols and data formats is expected to create compatibility issues between different smart meter models and utility systems. Thereby, leading issues in interoperability between the meters, inhibiting its wide range applications.

The maintenance and installation charges of smart energy meter are non-budget friendly for the financially constrained consumers and utilities. Likewise, the inability to spend on solutions dealing with data privacy management and energy consumption are demanding robust data security measures.

Also, the lack of knowledge regarding the benefits and safety of smart energy meters such as data security, energy savings, and minimal health risks with low-level electromagnetic radiation emissions is impacting its broader adoption.

The high vulnerability of smart meters to cyberattacks will potentially disrupt grid operations, manipulate data, or compromise consumer privacy, surging need for implementation of robust cybersecurity measures and constantly updating security protocols are crucial to mitigate these risks.

Category-wise Acumens

Will Higher Energy Consumption in the Residential Sector Account for Its Dominance in the Market?

According to our analyst, residential sector holds dominant position in the Smart Energy Meters Market, accounting for a significant portion of global deployments. This dominance is attributable to the larger consumer base using electricity in the residential sector in comparison to the commercial and industrial sectors.

Growing awareness regarding the impact of overconsumption of energy on the environment is encouraging the governments to focus on implementing sustainable measures such as smart energy meters for improving energy efficiency and advancing grid modernization. This smart technology also helps improve the bill accuracy, thereby helping control the spending on energy.

The addition of latest technologies is helping the smart energy meters decrease the cost, making them more accessible for the residential sector.

Does Advanced Metering Infrastructure (AMI) technology Hold Dominant Position in the Market?

The advanced metering infrastructure (AMI) segment is anticipated to hold a major share in the global Smart Energy Meters Market over the forecast period. Despite its higher cost, remote monitoring and management offered by AMI is projected to enhance its application for improving the grid stability.

Also, the additional features such as tamper detection, remote control, and power quality monitoring capabilities are projected to boost its application across various sectors including residential, industrial, and commercial.

While the initial investment is higher, the benefits such as grid efficiency, data-driven decision making, and potential cost savings in the long run offered by AMIs is likely to bolster its adoption.

Country/Region-wise Acumens

Will Government Supporting Grid Modernization in Asia Pacific Drive Demand for Smart Energy Meters Market?

Asia Pacific is estimated to dominate the global Smart Energy Meters Market over the forecast period. The economic growth in Asia Pacific is promoting grid modernization along with the support of government, increasing adoption of smart energy meters.

Also, growing population is leading to rapid urbanization, resulting in higher demand for these smart solutions, enabling the market grow at a substantial rate.

The government supporting promotion of installation of smart energy meters owing to it benefits such improving bill accuracy and energy-savings is also on the rise in the region, profiting the market.

Furthermore, the presence of local manufacturers in this region is increasing accessibility of customers and utilities to affordable smart meters suitable for residential applications in emerging economies.

What bolsters the Growth of Smart Energy Meters Industry in Europe?

According to the Verified Market Research analysts, through regulatory initiatives, like the EU Clean Energy Package, Energy Efficiency Directive, and Renewable Energy Directive, promoting energy efficiency and grid modernization enable Europe exhibit steady growth. In order to encourage widespread adoption and investment in smart metering infrastructure across European nations, these regulations mandate the installation of smart meters for gas and electricity consumers. Europe's obligation to decreasing ozone depleting substance emanations and changing towards sustainable power sources requires proficient energy the board and framework improvement.

Brilliant energy meters assume a critical part in empowering request reaction, energy productivity projects, and coordination of sustainable power assets into the lattice. As European nations speed up their energy change endeavors, the interest for savvy meters keeps on developing, reinforcing the business' development in the district.

Competitive Landscape

Growing demand for the energy saving and grid modernization is encouraging the manufacturers to develop sustainable and smart solutions, thereby increasing its global application. Market competitors are constantly striving to improve the efficiency, safety, and overall performance of smart energy meters to cater to the needs of consumers and utilities, resulting in a dynamic and competitive environment within the sector.

Some of the prominent players operating in the Smart Energy Meters Market include:

Landis+Gyr, Itron Inc., Elster Group GmbH (Honeywell), Siemens AG, Schneider Electric SE, Kamstrup A/S, Sensus (Xylem Inc.), Wasion Group Holdings Limited, Holley Technology Ltd., Neptune Technology Group Inc., Aclara Technologies LLC, Trilliant Holdings Inc., EDMI Limited, Iskraemeco, Osaki Electric Co., ADD Grup SRL, Badger Meter, ABB Ltd., Sagemcom SAS, Hexing Electric Company Ltd., and Microchip Technology Inc.

Latest Developments:

In February 2024, Itron, Inc. announced a new brand identity reflecting the organization's evolution and a new era of offering advanced intelligence to develop a more resourceful world. They plan on focusing on sustainability and resourcefulness overcome challenges of water and energy scarcity.

In November 2022, Landis Gyr has expanded its portfolio in Smart Metering, Grid Edge Intelligence and Smart Infrastructure fields and will be exhibiting the latest hardware and software solutions for electricity, heat, gas, and water metering.

In September 2022, EDMI has launched its brand MIRA which are communications agnostic, enabling end-to-end visibility and control based on industry standard protocols such as DLMS, IDIS, and LIWM2M over a wide range of bearer services including 4G, NB-IoT, RF Mesh.

In October 2021, Siemens Smart infrastructure and its partners, Sagemcom and Bite Lietuva, participated in the rollout of 12 Million smart meters across Lithuania.