Technavio has been monitoring the Global Smart Electric Meter Market and is expected to grow by $ 7.60 billion progressing, at a CAGR of almost 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. View Free Sample Report
APAC to drive market growth through 2025
APAC region is expected to contribute 34% of the market growth during the forecast period. China and India are the key markets for smart electric meter in APAC. Market growth in this region will be faster than the growth of the market in other regions. The strict governmental norms and evolution of smart cities are the prime factors that will facilitate the smart electric meter market growth in APAC over the forecast period The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.
The rising deployment of smart grid projects is one of the factors driving the smart electric meter market growth. Developed countries of the world are enforcing ambitious smart grid plans at a rapid pace. Smart grids include grid applications such as smart electric meters, SCADA systems, IT, and other communication networks, which enable utilities to control and manage the digital assets. The smart grid systems aid in load forecasting, peak demand management, risk determination, and reduces power outages, enabling the utilities to evaluate and map the energy power consumption. The shift toward smart grids results in utilities managing complex smart devices, consequently reducing the risk of grid failures and outages.
Smart Electric Meter Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aclara Technologies LLC, Honeywell International Inc., HPL Electric and Power Ltd., Itron Inc., Landis+Gyr AG, MosChip Technologies Ltd., Schneider Electric SE, Simpson Electric, STMicroelectronics NV, and Xylem Inc.are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
Smart Electric Meter Market: Key Highlights of the Report for 2021-2025
