Smart Electric Meter Market by Growth Factors, Demand and Top Trends to 2030
The single family segment in smart electric meter market is projected to witness optimistic growth through the forecast period. Soaring electricity bills across small residential houses would boost the deployment of smart technology, which is likely to fuel segmental adoption in the coming time period. The multi family segment is poised to register considerable gains through 2030 owing to growing concerns of electricity theft among residents.
The smart electric meter market is estimated to register staggering growth by 2030 due to mounting demand for effective monitoring and control of energy consumption worldwide.
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Smart electric meters give customers greater control over their electricity consumption and bills by providing highly detailed information to assist them in consuming electricity judiciously. Moreover, the advent of smart meters has helped aid concerns pertaining to electricity theft and fraud, which has driven smart electric meter market uptake significantly over the past few years.
Under commercial, the smart electric meter market has been segmented into hospitality, education, offices, healthcare, logistics & transportation, retail, and others. The education segment is expected to exhibit a solid growth trajectory over the review period on account of increasing investments towards sustainable technology development. The retail segment is slated to reach a significant valuation by the end of 2030 due to the ongoing refurbishment of retail stores across the globe.
The smart electric meter market has been segregated on the basis of phase, application, technology, and region. In terms of application, the market has further been categorized into commercial, residential, and utility. Under residential, the market has been bifurcated into multi family and single family.
North America smart electric meter market is speculated to develop at a substantial CAGR over the assessment timeline to reach a notable valuation by the end of 2030. Meanwhile, the Latin America smart electric meter industry is set to expand at a sturdy pace through the analysis period. This growth is attributed to rising concerns regarding energy security in the region.
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Similarly, in March 2021, Itron, Inc., a leading provider of energy and water management solutions, launched its novel residential smart electricity meter, dubbed the eHZ-B Smart Meter, for the German market. The eHZ-B Smart Meter has been engineered to support Germany's energy transition to a low carbon, affordable, and reliable energy supply.
Furthermore, industry players have been launching products to cater to the rising demand for smart metering solutions, thereby favorably impacting overall smart electric meter market dynamics. For instance, in August 2020, Aclara Technologies LLC, a key provider of smart infrastructure solutions, launched its innovative electric meter series, dubbed the SMETS2 polyphase electric meter series, for the UK market. The first fully compliant and certified SMETS2 smart meter series allows UK utilities to adapt to a wide range of small business and residential client setups, allowing them to optimize and monitor their energy consumption, which was previously unavailable in the UK.
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