With the emergence and long-term Impact of COVID-19, Global Smart Electricity Meters Market to reach USD 20.93 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Smart Electricity Meters Market is poised to raise up to USD 20.93 Billion by 2030. The smart electricity meters market refers to the segment of the energy industry that focuses on the deployment and utilization of advanced metering technology, enabling accurate and real-time monitoring, measurement, and management of electricity consumption in residential, commercial, and industrial sectors. These meters utilize digital technology and communication capabilities to provide real-time data on energy usage, enabling both utility providers and consumers to monitor and manage electricity consumption more effectively. The Smart Electricity Meters Market is being driven by factors such as the rising need for energy efficiency & conservation and increasing government initiatives. In addition, growing adoption of smart grids and an increasing need for energy security globally. However, the lack of standardization and electricity theft concerns may hinder the growth of the market throughout the forecast period of 2023-2030.
Geographically, the global Smart Electricity Meters market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the increasing urban population, and swift growth in industrial activities create high growth virtues for the consumption of smart electricity meters. Europe is considered as the fastest growing region during the forecasted period due to strong government initiatives related to the implementation of smart electricity metering.
The global Smart Electricity Meters market is highly competitive owing to the presence of several key manufacturers such as ABB Ltd., General Electric Company, Holley Technology Ltd., Elster Group SE, Iskraemeco d.d, Itron, Inc., Landis+Gyr, Schneider Electric SE, Siemens AG, Honeywell International Inc., and others.
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Key findings of the study suggest:
- Global Smart Electricity Meters Market is anticipated to grow with a healthy growth rate of more than 7.6% over the forecast period 2023-2030.
- In the Phase segment, Three-phase has emerged out as the leading market segment in 2022.
- In the End User segment, Residential has emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth the increasing urban population, and swift growth in industrial activities create high growth virtues for the consumption of smart electricity meters.
- Europe is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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