Digital Smart Meter Market - Forecasts from 2023 to 2028

The global digital smart meter market is expected to grow at a CAGR of 6.84%, from US$5.006 billion in 2021 to US$7.953 billion in 2028.

A digital smart meter is an advanced electronic device used to measure and monitor energy consumption in residential, commercial, and industrial settings. Digital smart meters provide real-time data on energy usage, enabling consumers and utility companies to manage better and optimize energy resources. These meters have digital displays that provide detailed information, such as current energy consumption, voltage levels, and even historical usage patterns. The growing need for energy measurements and increasing electricity consumption in residential, commercial, and industrial settings is driving the market demand for digital smart meters, thereby boosting their market growth.

The rise in energy consumption in residential and commercial settings is boosting market growth.

Residential consumers are seeking ways to reduce their energy bills and carbon footprint due to rising electricity costs and a growing focus on sustainability. Digital smart meters provide homeowners with real-time data on their energy consumption, enabling them to make informed decisions regarding their usage patterns and identify areas where energy efficiency can be improved. In commercial settings, businesses are actively seeking ways to optimize their energy usage and reduce operational costs. Digital smart meters provide accurate and granular energy data, enabling businesses to identify energy-intensive processes, equipment, or areas where energy efficiency measures can be implemented. Commercial establishments can make informed decisions to increase efficiency and achieve cost savings by monitoring and managing energy consumption in real time. The increase in electricity consumption by residential and commercial areas is propelling the market demand for digital smart meters. According to the US Energy Information Administration (EIA), in 2022, electricity sales to the US residential sector increased by about 3.5% from 2021, while sales to the US commercial sector increased by about 3.4%. According to the National Institute of Health, in 2020, electricity consumption by residential buildings in Canada increased by 12% 2019 to 2020.

The surge in technology adoption for energy measurement in industrial sectors is propelling the demand for digital meters.

Industrial establishments are increasingly recognizing the importance of monitoring and managing their energy consumption to optimize operational efficiency and reduce costs. Digital smart meters have emerged as powerful real-time tools for capturing and analyzing energy data. These meters enable industries to monitor their energy consumption patterns, identify energy wastage, and implement targeted energy-saving measures. Digital smart meters can now be interconnected within a network, enabling seamless data transmission and centralized monitoring. Additionally, cloud-based platforms enable industries to store, analyze, and visualize energy data, facilitating real-time decision-making and enabling proactive energy management strategies. The rising adoption of technology for energy measurement in industrial sectors boosts the digital meter market growth. In 2020, Multidisciplinary Digital Publishing Institute developed a system for generating real-time electricity bills using IoT technology which allows customers to review and administrate their energy consumption constantly.

The Asia Pacific region is expected to hold a significant share of the market in 2021.

The Asia-Pacific region is expected to hold a sizable market share due to the rising electricity consumption coupled with efforts to develop clean energy for domestic usage, driving the demand for energy management solutions. According to the India Brand Equity Foundation (IBEF), in 2022, National Smart Grid Mission (NSGM) by the Indian government deployed 516 hundred thousand smart meters till November 2022, with 611 hundred thousand more to be implemented. In December 2021, a US$ 135 million loan was approved by the International Bank for Reconstruction and Development (also called the World Bank) to improve the reliability and efficiency of electricity supply in selected areas of West Bengal. In 2022, the Chinese government invested $546 Billion in generating clean energy to bolster domestic clean energy manufacturing. Such beneficial developments will accelerate the demand for digital smart meters, accelerating regional market growth.

Market Developments:

• September 2022: Delving launched a digital smart meter called "DelSmart IoT Meter," which was an Internet of Things (IoT) driven product working on the cloud, and would help reduce energy losses, result in power saving, and ensure the safety of electrical equipment on the premises of the user.
• February 2022: Abb India launched "M1M11," which offers a huge potential for customers to manage the energy performance of commercial and industrial buildings.
• March 2021: Itron introduced a residential smart electricity meter, " eHZ-B," built with advanced functionality to support Germany's ongoing energy transition to low carbon.

Market Segmentation:

By Type

• Single Phase
• Three Phase

By End-User

• Residential
• Commercial
• Industrial

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others