The global smart electric meter market is projected to grow from an estimated USD 9.27 billion in 2018 to USD 11.33 billion by 2023, at a CAGR of 4.11%, during the forecast period. The increased need for efficient data monitoring systems, coupled with favourable government policies for a smart meter rollout is driving the market for smart electric meters. Other factors include improved cost savings, increased investment in smart grid projects in Europe and North America, and increased emphasis on renewable energy sources.
The Three-phase segment is expected to be the fastest growing during the forecast period
The report further segments the smart electric meter market, by phase, into single-phase and three-phase configurations. The three-phase segment is the fastest-growing market during the forecast period and is also projected to dominate the market during the same period. Three-phase meters are mostly used in industrial applications and in large commercial applications. Single-phase smart electric meters are mostly used in residential applications and across various industries such as chemical plants, food & beverage, cement, steel manufacturing, automotive.
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The PLC segment, by communication technology, is expected to be the fastest growing during the forecast period
The global smart electric meter market, by communication technology type, has been segmented into PLC, RF, and cellular-based meters. The PLC segment is the fastest-growing market during the forecast period and is also projected to dominate the market during the same period. PLC is the most used communication technology due to its advantages such as the use of the existing utility infrastructure of poles & wires, improved cost-effectiveness for rural lines, and usability in challenging terrain.
The Asia Pacific region is expected to be the largest market during the forecast period
In this report, the smart electric meter market has been analyzed with respect to six regions, namely, Asia Pacific, North America, Europe, the Middle East, Latin America, and Africa. Asia Pacific is expected to dominate the smart electric meter market during the forecast period because of the rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions. Europe is expected to grow at the fastest rate during the forecast period because of government initiatives such as the European Union’s (EU) 20:20:20 plan, which aims at reducing greenhouse gas emissions.
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Some of the leading players in the Smart Electric Meter Market include Itron (US), Landis+Gyr (Toshiba Corporation) (Switzerland), Jiangsu Linyang (China), Wasion (China), Aclara Technologies (Hubbell Incorporated) (US), Schneider (France), Siemens (Germany), Honeywell (US), and Iskraemeco (Slovenia).