The global smart electric meter is expected to grow with CAGR of 4.45% during the year 2019–2027. The rising need for energy conservation products and services is propelling the smart electric meter market’s growth.
The global smart electric meter market is segmented on the basis of technology and application. The market, by its application, is further sub-segmented into residential, commercial and industrial and the market by technology is further sub-segmented into AMI and AMR. The fastest growing segment by technology is AMI. However, escalating costs of the installation and maintenance are major restraints for the smart electric meter market.
The Asia Pacific is the largest and the fastest growing region. China accounts for almost half of the global smart electric meter market. India also seems to be a highly untapped market. It is also a big area geographically with a huge economy and its electric consumption on the rise. This is the main reason why the Asia Pacific region is the largest market globally.
Key players in the global smart electric meter market are Abb Ltd., Aclara, Genus Power Infrastructure, Holley Tech Uk, Honeywell (Elster), Iskraemeco, Itron, Jiangsu Linyang, Landis+Gyr (Toshiba Corporation), Microchip Technology, Networked Energy Services, Schneider Electric, Siemens Ag and Wasion Group.