US Smart Electric Meter Market Size, Share & Trends Analysis Report by Communication Technology (Power Line Communication, Cellular, and Radio Frequency), by Phase (Single Phase, and Three Phase), and by Application (Residential, Commercial, and Industrial) Forecast Period 2019-2025
The US smart electric meter market is expected to grow at a CAGR of around 9.6% during the forecasted period. The major factors augmenting the market are government initiatives and deployment of smart power grids in the region.
The US market for smart electricity meters grow due to demand from a broad range of commercial and personal home users. According to the Edison Foundation, the US had installed 65 million smart meters in 2015, and the number of installations rised to 70 million in 2016, making up to more than half of all households in the country.
Top Key Players - Aclara Technologies LLC, Elster Group, Itron Inc., Landis+Gyr AG, Schneider Electric SE, Sensus, Siemens AG, Silver Spring Networks Inc., Toshiba Corp.
The largest driver of the growth of smart electricity meter infrastructure has been The American Recovery and Reinvestment Act of 2009 (ARRA), which includes funding for the Smart Grid Investment Grant (SGIG) program. More than 50% of the $8 billion in the SGIG was designated for advanced metering infrastructure.
The country’s five large smart meter manufacturers namely, Elster, Landis+Gyr, SensusGE Energy and Itron, received at least $30 million each in ARRA funds or matching funds.
The funding encouraged utilities and municipalities to start implementing smart metering infrastructure in their communities.
Country’s policies, government funded incentives, and willingness of local utilities to adopt tonew trends of smart meters are also the driving factors of the US smart electricity meter market. California and Texas have developed smart grid policies due to rising energy consumption.
In California, the government has implemented two key laws related to energy efficiency, the Clean Energy and Pollution Reduction Act and State Assembly Bill 802, require savings of electricity and natural gas to double by 2030, as compared to 2015 levels. AB 802 law established a buildings energy-use benchmarking and disclosure programme to complement the act.
These efforts further expand consumer access to energy data and ensure that more buildings are complying with efficiency standards.
US Smart Electric Meter Market Segmentation
US Smart Electric Meter Market by Communication Technology
- Power Line Communication
- Radio Frequency
US Smart Electric Meter Market by Phase
- Single Phase
- Three Phase
US Smart Electric Meter Market by Application
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