LONDON--(BUSINESS WIRE)--Technvaio forecast the global smart electric meter market is expected to grow by USD 7.60 billion during 2021-2025 as per Technavio. This marks a significant market slow down compared to the 2020 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 12%.
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The smart electric meter market is driven by the rising deployment of smart grid projects. In addition, the rising patent filings are anticipated to boost the growth of the smart electric meter market.
Smart grids include various grid applications that enable utilities to control and manage digital assets. But, managing the huge data volumes has become a major concern. Smart grid networking includes generation, transmission, distribution, and end usage of electricity that helps in the integration of renewable power generation. Increased endeavors from several countries and shift from conventional sources to renewable sources have led to an increased implementation. The smart grids result in utilities managing complex smart devices, thus reducing the risk of grid failures and outages will increase the market growth over the forecast period.
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Major Five Smart Electric Meter Companies:
Aclara Technologies LLC
Aclara Technologies LLC operates the business through the Unified segment. The company offers smart electric meters for residential and commercial applications under the brand, i-210.
Honeywell International Inc.
Honeywell International Inc. operates the business through Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers a smart electric meter under the brand, Elster.
HPL Electric and Power Ltd.
HPL Electric and Power Ltd. operates the business through Metering, Switchgear, Lighting & Electronics, and Cables. The company offers a smart electric meter which is available in different variants such as single-phase and three-phase.
Itron Inc. operates the business through Device Solutions, Networked Solutions, and Outcomes. The company offers smart electric meter under the brands, CENTRON and OpenWay.
Landis+Gyr AG operates the business through the Americas, EMEA, and the Asia Pacific. The company offers smart electric meters for residential and commercial applications.
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Smart Electric Meter Market End-user Outlook (Revenue, USD Billion, 2020-2025)
- Residential - size and forecast 2020-2025
- Commercial - size and forecast 2020-2025
- Industrial - size and forecast 2020-2025
Smart Electric Meter Market Geography Outlook (Revenue, USD Billion, 2020-2025)
- APAC - size and forecast 2020-2025
- North America - size and forecast 2020-2025
- Europe - size and forecast 2020-2025
- South America - size and forecast 2020-2025
- MEA - size and forecast 2020-2025
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