Europe Smart Electric Meter Market size is expected to grow at a significant CAGR from 2021 to 2027 on account of rising consumer awareness of electricity consumption and increasing energy demand. Smart electric meters help in efficient recording of data such as consumer energy consumption, voltage levels, current & power factor. Increasing household income, continuous developments & industrialization will stimulate market revenue. Additionally, growing investments in the digitalization of power systems along with changing trends towards adoption of energy efficient technologies will further fuel the market expansion.
Upsurge in population along with rising construction activities will boost the residential smart electric meter market demand in Europe. Increasing deployment of sustainable devices to monitor & control energy consumption combined with development of energy standards for green buildings will positively influence the industry landscape. Moreover, recent growth in real estate sector and the expansion of renewable energy technologies will escalate product adoption.
Real-time information, easy data transfer and low installation cost will enhance the adoption of AMR smart electric meters. In addition, large-scale rollouts of advanced meters along with rising infrastructural investments will impel the market growth. Minimal operating cost associated with data transferring to the central database for invoicing & analysis coupled with government efforts toward deployment of advanced grid infrastructure & expansion of microgrid networks will further stimulate product demand.
Expansion of electricity distribution network as well as integration of smart grids will propel the growth of smart electric meter market in Germany. Increased investment in construction activities along with ongoing electrification programs in remote & off-grid areas will further boost the product adoption. For instance, in 2020, E.ON installed approximately 20,000 smart meters in Germany. The new intelligent metering systems enables consumers the precise & graphically depicted breakdown of their power consumption along with cost efficiency & energy transition in Germany.
Three-phase smart electric system market is anticipated to rise substantially through 2027, with the adoption of sustainable energy systems across commercial sectors including educational institutions, healthcare, and hospitality & logistics. Development of IoT-enabled network infrastructure coupled with integration of sustainable power grids will complement the market expansion.
Prominent players operating in the Europe smart electric meter market include Siemens, Itron, Schneider Electric SE, Landis+Gyr, Badger Meter, Inc., Honeywell Elster, Aclara Technologies LLC, Iskraemeco, Kamstrup, Circutor, Apator and Sensus. Furthermore, the companies are developing advanced technologies & introducing new product portfolios to stimulate their market presence.