The global smart electric meter market is expected to grow at a CAGR of 4.11%, from 2018 to 2023, to reach a market size of USD 11.33 billion by 2023. Factors such as growing investments in the smart grid infrastructure and rising share of power generation through renewable sources of energy factors are likely to drive the smart electric meter market during the forecast period.
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The smart electric meter market is dominated by major players that are established brand names with a wide regional presence, along with many local and regional players in emerging economies. Key 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).
The report segments the smart electric meter market, on the basis of end-user, into residential, commercial, and industrial. The commercial segment is estimated to be the fastest-growing segment of the smart electric meter market from 2018 to 2023. This growth can be attributed to the increasing number of commercial construction activities across the globe.
The report further segments the smart electric meter market, by phase, into single-phase and three-phase configurations. The three-phase segment is expected to grow at the fastest rate from 2018 to 2023. The growing commercial and industrial activities in the Asia Pacific, European and North American region support the higher installation of three-phase meters in these regions. The single-phase smart electric meters are mostly utilized in residential applications.
The Power Line Communication (PLC) segment of the smart electric meter market, by communication technology type, is estimated to grow at a faster rate from 2018 to 2023 because of its advantages such as the use of the existing utility infrastructure of poles & wires, improved cost-effectiveness for rural lines, and usability in a challenging terrain. Also, the technology gives the capability to work over long distances. PLC is a well-known technology and has been used for home automation and electrical grid applications for years, especially in Europe.
The smart electric meter market has been segmented, on the basis of region, into Europe, North America, Asia Pacific, the Middle East, Latin America, and Africa. Europe is estimated to be the fastest-growing market for smart electric meters, followed by the Asia Pacific and Latin America. The aging of infrastructure and equipment, and government initiatives for low emission of CO2 are some of the major drivers for the deployment of smart grid implementation in the European region. The high-growth rate in the European region can be attributed to the increased investments in the smart grid infrastructure development, T&D spending, growing reliance on renewable sources of power generation, and construction and infrastructural activities in the recent past.