The Smart Electric Meter Market size is anticipated to reach $36 billion by 2030. Increasing energy prices in developed and developing economies are expected to spur significant growth in the market over the next few years. Customers in the commercial and residential sectors are preferring smart metering solutions to reduce their energy costs.
These meters enable consumers to manage their energy use, save money, and reduce emissions through features such as remote control, power peak and consumption analysis, anti-tampering mechanisms, time-variable tariffs, and fault alerts. In recognition of the need to modernize traditional grid infrastructure, governments and power companies are transitioning to smart grid settings that are efficient, flexible, and support intelligent energy-distribution networks.
Using smart meters, these advanced grids can collect information from the end users' load devices and measure energy consumption.
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Booming demand for smart EV charging stations
Fast-growing consumer interest in electric vehicles (EV) is reckoned to accelerate smart meters roll-out in the years to come. A study commissioned by Smart Energy GB says that over 8 million people are likely to consider buying or leasing an EV in the next five years across Britain.
As EV purchase gains grip, it is significantly likely to offer smart electric meter manufacturers and businesses the opportunity to support the installation of smart EV charging stations. These meters can make charging EVs cheaper and greener by giving consumers greater control over their energy use.
New smart cities to boost smart meter deployment
As cities get smarter, smart technologies are being injected more directly into the lives of residents. Smart electric meter is one such technology that is helping utilities and cities to deliver power safely, securely and reliably. Offering instant information about power consumption via a smartphone app, these meters are expected to be installed on scale across smart city projects over the next decade.
Speculating the residential sector as a promising business avenue, smart electric meter companies are expected to collaborate with smart city developers to extend their product reach. An example of the same was when Itron, a tech company specializing in smart meters, networks and services, recently announced its collaborations with Spain’s City of Fuengirola to transform it into a smart city.
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Countries like the UK have set ambitious goals to install smart meters in all homes and small businesses in the country to reduce energy wastage. Data released by the BEIS indicate that a total of 3.8 million smart meters were installed in 2021, 19% more compared to 2020.
A similar trend was witnessed across India where, according to reports, around 3.73 million smart electricity meters were installed in the country. Government-backed initiatives like the Smart Meter National Programme are set to replace 250 million conventional meters with smart meters in India. While in 2022, EDF India reached the milestone of installing 500,000 smart prepaid meters in the state of Bihar.
Global Smart Electric Meter Market growth will be positively affected by the notable presence of reputed organizations, such as General Electric, Apator, Honeywell Elster, Kamstrup, Itron, Larsen & Toubro Limited, Schneider Electric, Aclara Technologies, Circutor SA, Osaki Electric
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