The global Smart Meter Market is expected to grow from an estimated USD 23.1 billion in 2023 to USD 36.3 billion by 2028, at a CAGR of 9.4% during the forecast period. The smart meters are able to communicate with the utility company in real time, allowing for accurate and up-to-date energy usage data. This can help the utility company better manage its power grid and detect and respond to outages more quickly.
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The adoption of smart meters to monitor utility systems in real time is on the rise due to several benefits they provide. Smart meters are able to communicate with the utility company in real time, allowing for accurate and up-to-date energy usage data. This can help the utility company better manage its power grid and detect and respond to outages more quickly. Additionally, smart meters provide consumers with more detailed information about their energy usage, which can help them make more informed decisions about their energy consumption and potentially save money on their utility bills. Smart Meters also have inbuilt technology that helps in detecting power theft and tampering of the meters which is a major concern for utility companies. Overall, the use of smart meters in real-time monitoring of utility systems is helping to improve the efficiency, reliability and cost-effectiveness of the power grid, making it more sustainable for the future.
Smart electric market is expected to be the most significant application of the smart meter market.
Smart electric meters use a web-based monitoring system to create two-way communication between the customer’s meter and the utility. A smart electric meter takes automatic readings of residential, commercial, or industrial electricity usage and relays the information wirelessly to the energy supplier. Moreover, some meters also help analyze the energy usage trends during peak and off-peak hours, which can help predict future usage, thereby reducing electricity bills.
Asia Pacific likely to emerge as the largest smart meter market
Asia Pacific is expected to be the fastest growing region in the Smart Meter Market. The Asia Pacific has a strong demand for smart meters, which is further growing due to government mandates and higher investment toward digitizing grids to manage huge electricity demand. China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
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Key Market Players:
Some of the major players in the Smart Meter Market are Schneider Electric (France), Landis+Gyr (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US), and Sensus (Xylem) (US).
