Smart Electricity Meters Market to Hit $21.81 Billion by 2030: Grand View Research, Inc.

May 17, 2023

News provided by

06 Jun, 2023, 06:51 ET

Share this article

SAN FRANCISCO, June 6, 2023 /PRNewswire/ -- The global smart electricity meters market size is expected to reach USD 21.81 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2023 to 2030. The substantial growth prospects of the smart electricity meter market can be attributed to the significant promotion of green energy, efficient transmission facilities, and integrated presence across the value chain, especially for sharing real-time information about usage and tariff rates. These factors are perceived to offer the market a competitive advantage. Regional markets, such as Europe and the Asia Pacific, are expected to emerge as significant attractive markets.

Key Industry Insights & Findings from the report:

Read full market research report for more Insights, "Smart Electricity Meters Market Size, Share & Trends Analysis Report By Phase (Single-phase, Three-phase), By End-use (Residential, Commercial, Industrial), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Smart Electricity Meters Market Growth & Trends

Technological innovations are occurring at a fast pace in the APAC region. This generates the need for refreshing the existing technology to drive efficiency. Companies are spending more to update their existing infrastructure with advanced technologies such as the Internet of Things. Companies use IoT-based smart meters to optimize the meter reading process and offer accurate billing based on consumption. For instance, in August 2022, Adani Electricity invested INR 500 crore for the smart meter installation in Mumbai. The power discom, a unit of Adani Transmission, plans to install 7 lakh smart meters as part of the first phase target. The remaining 20 lakh consumers are expected to receive smart meters by the end of the financial year 2025. Installing the remaining smart meters will occur in multiple phases over the coming years.

The smart electricity meter is projected to lower the peak electricity demand as they enable end-users to monitor power consumption easily and take necessary measures to reduce overconsumption. This is further expected to lessen the stress on power generation plants, thereby allowing efficient resource usage and optimization. Government directives mandating smart electricity meters and smart grids to increase energy efficiency are expected to emerge as key market drivers. For instance, in August 2021, the India power Ministry engaged all central ministries and departments to shift towards prepaid smart electricity meters. The power ministry has regulated an advisory to all central ministries of the government to guide organizations under their administrative control to safeguard and shift towards prepaid smart meters on a priority basis.

Further, smart electricity meter is anticipated to offer energy suppliers several advantages, such as reducing reaction time to resolve power outages and hardware faults and enhanced customer service delivery by providing convenient remote meter readings. Additionally, attentiveness to environmental protection and associated proceedings & policies are estimated to control the surging levels of radiation emissions.

Smart Electricity Meters Market Segmentation

Grand View Research has segmented the global smart electricity meters market based on phase, end-use, and region

Smart Electricity Meters Market - Phase Outlook (Revenue, USD Million, 2018 - 2030)

Smart Electricity Meters Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

Smart Electricity Meters Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

List of Key Players in the Smart Electricity Meters Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058Toll Free: 1-888-202-9519Email: [email protected]Web: https://www.grandviewresearch.comGrand View Compass | Astra ESG SolutionsFollow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.