Smart Electric Meter Market Competitive Analysis and Regional Statistics to 2030

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Smart Electric Meter Market Competitive Analysis
and Regional Statistics to 2030
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• Industry Insights

• The Smart Electric Meter Market size is
  anticipated to reach 36 billion by 2030.
  Increasing energy prices in developed and
  developing economies are expected to spur
  significant growth in the market over the next
  few years. Customers in the commercial and
  residential sectors are preferring smart metering
  solutions to reduce their energy costs.
• These meters enable consumers to manage their
  energy use, save money, and reduce emissions
  through features such as remote control, power
  peak and consumption analysis, anti-tampering
  mechanisms, time-variable tariffs, and fault
  alerts. In recognition of the need to modernize
  traditional grid infrastructure, governments and
  power companies are transitioning to smart grid
  settings that are efficient, flexible, and
  support intelligent energy-distribution networks.
  
• Using smart meters, these advanced grids can
  collect information from the end users' load
  devices and measure energy consumption.

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• Fast-growing consumer interest in electric
  vehicles (EV) is reckoned to accelerate smart
  meters roll-out in the years to come. A study
  commissioned by Smart Energy GB says that over 8
  million people are likely to consider buying or
  leasing an EV in the next five years across
  Britain.
• As EV purchase gains grip, it is significantly
  likely to offer smart electric meter
  manufacturers and businesses the opportunity to
  support the installation of smart EV charging
  stations. These meters can make charging EVs
  cheaper and greener by giving consumers greater
  control over their energy use.
• As cities get smarter, smart technologies are
  being injected more directly into the lives of
  residents. Smart electric meter is one such
  technology that is helping utilities and cities
  to deliver power safely, securely and reliably.
  Offering instant information about power
  consumption via a smartphone app, these meters
  are expected to be installed on scale across
  smart city projects over the next decade.
• Speculating the residential sector as a promising
  business avenue, smart electric meter companies
  are expected to collaborate with smart city
  developers to extend their product reach. An
  example of the same was when Itron, a tech
  company specializing in smart meters, networks
  and services, recently announced its
  collaborations with Spains City of Fuengirola to
  transform it into a smart city.

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• Regional Analysis

• Countries like the UK have set ambitious goals to
  install smart meters in all homes and small
  businesses in the country to reduce energy
  wastage. Data released by the BEIS indicate that
  a total of 3.8 million smart meters were
  installed in 2021, 19 more compared to 2020.
• A similar trend was witnessed across India where,
  according to reports, around 3.73 million smart
  electricity meters were installed in the country.
  Government-backed initiatives like the Smart
  Meter National Programme are set to replace 250
  million conventional meters with smart meters in
  India. While in 2022, EDF India reached the
  milestone of installing 500,000 smart prepaid
  meters in the state of Bihar.

• Competitive Analysis

• Global Smart Electric Meter Market growth will be
  positively affected by the notable presence of
  reputed organizations, such as General Electric,
  Apator, Honeywell Elster, Kamstrup, Itron, Larsen
  Toubro Limited, Schneider Electric, Aclara
  Technologies, Circutor SA, Osaki Electric

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