The global smart electric meter market is anticipated to grow at a considerable CAGR of 7.6% during the forecasted period (2024-2031). The growth of the market is attributed to favorable government initiatives and funding such as smart city projects by the European and Asia-Pacific governments. The cohesive government policies and initiatives are driving the growth of the smart electric meter market. Concepts of smart homes and smart cities and energy conservation by use of smart electric meters are also stimulating market growth. However, a lack of a skilled workforce and reluctance by key end-users to adopt new technology may hamper the growth of the smart electric meter market. Moreover, interoperability issues and radiofrequency emissions are also expected to restrain market growth to some extent.
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Key Trends across the Global Electric Meter Market
- Top market players are acquiring small technological players to streamline the process of smart electric meters driving the market growth. For instance, in January 2024, Kraken, the technology arm of Octopus Energy, announced the acquisition of Berlin-based tech startup Kwest. Integrating Kwest’s workflow platform into Kraken’s technology stack is anticipated to streamline the installation of clean technologies such as heat pumps and smart meters across Germany.
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- Different programs are launching to simply the process of acquiring smart meters driving the market growth. For instance, in November 2023, Joint licensing solution provider Avanci launched a new program to simplify the licensing process for the growing 4G smart meter market. Avanci’s program offers a single license covering the 4G, 3G, and 2G essential patents of the current 39 licensors in the program as well as those of any that join in the future, at a one-off fixed rate of $3 per meter.
- Brands across the world are gaining huge orders for smart meters for both residential and commercial usage and are supporting the market growth. For instance, in December 2023, HPL Electric bagged an order worth Rs 545 crore ($65.2 billion) for smart meters, supporting India's national metering initiative.
- Global brands are collaborating to support the growth of developing and using smart meters across different markets is driving market growth. For instance, in January 2024, Airtel Business, the B2B arm of Bharti Airtel, announced that it would power over 20 million smart meters for Adani Energy Solutions Ltd (AESL). Airtel, a communications network, will deliver reliable and secure connectivity for all AESL's smart meter deployments.
The major companies serving the global smart electric meter market include Itron, Inc., Sensus, Sagemcom, and Wasion Group, among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers & acquisitions, partnerships, geographical expansion, and collaborations to stay competitive in the market. For instance, in September 2023, Octopus Energy Group signed a deal to buy Shell Energy in the UK and Germany, taking on two million new home energy and broadband customers. The Shell Energy businesses provide domestic gas, power, and broadband services. The move comes after a competitive process run by Shell and includes 1.4 million household energy customers, equating to 2.5 million meter points, and 500,000 broadband customers.
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