(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently releases report titled“ Smart Electric Meter Market Report by Type (Advanced Metering Infrastructure (AMI), Automatic Meter Reading (AMR)), Phase (Single Phase, Three Phase), End User (Industrial, Commercial, Residential), and Region 2024-2032 “, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How Big is the Smart Electric Meter Market?
The global smart electric meter market size reached US$ 25.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 47.1 Billion by 2032, exhibiting a growth rate (CAGR) of 6.9% during 2024-2032.
Industry Overview of Smart Electric Meter
A smart electric meter, also known as an advanced metering infrastructure (AMI) device, is an electronic device that measures electricity consumption, voltage, current, and other relevant parameters. It provides instantaneous data on electricity consumption, allowing consumers to monitor their usage patterns and make informed decisions to reduce energy consumption during peak hours. It enables two-way communication between consumers and utility providers. It supports time-of-use pricing models, where electricity rates vary based on the time of day. Furthermore, it facilitates the integration of solar panels, wind turbines, and other renewable energy sources into the grid.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/smart-electric-meter-market/requestsample
What are the growth prospects and trends in the smart electric meter industry?
At present, the increasing demand for smart meters, as they eliminate estimation-based billing, ensuring consumers are billed based on actual usage, represents one of the crucial factors impelling the market growth in India.
Besides this, the rising adoption of smart grid technologies, necessitated by the imperatives of energy efficiency, grid reliability, and the incorporation of renewable energy sources, is propelling the market. In addition, the growing proliferation of advanced metering infrastructure (AMI) projects is offering a favorable market outlook in India.
Apart from this, the increasing prevalence of machine-to-machine communication, along with the deployment of Internet of Things (IoT) technologies, is supporting the growth of the market.
Leading Companies Operating in the Global Smart Electric Meter Industry: ABB Ltd. Aclara Technologies LLC (Hubbell Incorporated) Genus Power Infrastructures Ltd. Holley Technology Ltd. Honeywell International Inc. Iskraemeco Group Itron Inc. Jiangsu Linyang Energy Co. Ltd. Landis+Gyr Microchip Technology Inc. Schneider Electric SE Wasion Group
Smart Electric Meter Market Report Segmentation: The report has segmented the market into the following categories:
Breakup by Type:
Advanced Metering Infrastructure (AMI) Automatic Meter Reading (AMR)
Breakup by Phase:
Breakup by End User:
Industrial Commercial Residential
Regional Insight:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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