Global Three Phase Smart Electric Meter Market Outlook 2024, Forecast To 2033
12 Nov, 2024
The three-phase smart electric meter market has grown rapidly in recent years. It will rise from $12.39 billion in 2023 to $13.73 billion in 2024, at a CAGR of 10.9%. This growth is fueled by the increasing demand for energy efficiency, rising electricity consumption, the integration of renewable energy, a need for enhanced data accuracy, and the growing adoption of IoT devices. The three-phase smart electric meter market is expected to reach $20.83 billion by 2028, growing at a CAGR of 11%. Growth drivers include urbanization, expanding smart city projects, regulatory mandates for smart metering, and growing consumer demand for real-time energy monitoring. Trends include technological advancements, sensor technology, AI for predictive maintenance, wireless communication expansion, and multi-utility metering adoption.
Major Driver In The Three Phase Smart Electric Meter Market
The rising demand for electricity is expected to enhance the three-phase smart electric meter market. Factors like population growth and industrial expansion contribute to this demand. The International Energy Agency reported that global electricity demand is projected to rise by 4% in 2024, an increase from 2.5% in 2023, driving the need for advanced metering solutions.
Request A Free Sample Of The Three Phase Smart Electric Meter Market ReportThree Phase Smart Electric Meter Market Competitive Landscape
Honeywell International Inc., GE Vernova, Oracle Corporation, Fluke Corporation, Renesas Electronics Corporation, Schneider Electric SE, Diehl Metering, Microchip Technology, Itron Inc., Landis+Gyr AG, Enel X, Holley Performance Products Inc., Smart Metering Systems plc, Apator SA, Hexing Electrical Co.Ltd., Trilliant Networks Inc., Circutor S.A.U., Kamstrup, Iskraemeco Group, Trinity Energy Systems Pvt. Ltd., Nero Electronics Ltd., Visiontek
Key Three Phase Smart Electric Meter Market Trend
Companies in the three-phase smart electric meter market are developing innovative products with grid-edge capabilities to improve energy efficiency, monitor real-time data, and integrate renewable energy sources. Grid-edge capabilities enhance decentralized energy management and better grid efficiency. For example, in December 2023, Xylem, a US-based electronics company, launched Stratus IQ+, a three-phase smart electric meter with grid-edge capabilities. This meter enables better energy consumption management and integration with electric vehicle (EV) charging data, improving utilities’ operational efficiency by providing real-time insights into energy usage and grid performance.
Purchase The Global Three Phase Smart Electric Meter Market Report Directly And Get A Swift DeliveryGlobal Three Phase Smart Electric Meter Market Segmentation
The three phase smart electric meter market covered in this report is segmented –
1) By Type: Power Line Communication (PLC), Radio Frequency (RF), Cellular
2) By Technology: Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)
3) By Application: Industrial, Commercial, Residential
By Geography:The regions covered in the three phase smart electric meter market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the three phase smart electric meter market in 2023.
The Three Phase Smart Electric Meter Global Market Report 2024 furnishes information about the global three phase smart electric meter market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.