Global Three Phase Smart Electric Meter Market Outlook 2024, Forecast To 2033

The three-phase smart electric meter market has experienced rapid growth in recent years, expected to increase from $12.39 billion in 2023 to $13.73 billion in 2024, reflecting a CAGR of 10.9%. This growth during the historic period can be attributed to increasing demands for energy efficiency, rising electricity consumption, initiatives for renewable energy integration, heightened needs for data accuracy, and the widespread adoption of IoT devices. The market for three-phase smart electric meters is projected to reach $20.83 billion in 2028, with a CAGR of 11%. Contributing factors to this expected growth include accelerating urbanization, expansion of smart city projects, increasing regulatory mandates for smart metering, and heightened consumer demand for real-time energy monitoring alongside a greater emphasis on energy management systems. Key trends anticipated for this period are technological advancements, improved sensor technologies, advanced analytics and AI for predictive maintenance, growth in wireless communication technologies, and the adoption of multi-utility metering solutions.