The energy meters market has shown strong growth in recent years, with the market size reaching $18.11 billion in 2023 and expected to grow to $19.71 billion in 2024, at a compound annual growth rate (CAGR) of 8.9%. This growth has been driven by several factors, including the expansion of electric vehicles, the rise of renewable energy sources, the increasing need for monitoring energy consumption, the digitalization of the energy sector, and the increasing demand for electricity.
Looking ahead, the energy meters market is projected to grow further, reaching $27.82 billion by 2028, with a CAGR of 9%. This growth can be attributed to growing consumer awareness of energy conservation, increasing industrialization, rising energy costs, rapid urbanization, and growing environmental concerns. Key trends driving the market in the forecast period include technological advancements, the rise of smart grid technology, the adoption of smart meters, the growth of the internet of things (IoT), and the increasing use of data analytics.
A major driver of this market growth is the rising demand for renewable energy sources. Renewable energy sources, such as solar, wind, hydroelectric, geothermal, and biomass, are increasingly sought after due to concerns about climate change, the push for energy independence, and the decreasing costs of renewable technologies. Energy meters play a critical role in renewable energy systems by providing real-time data on energy production and usage, which helps users optimize their energy consumption and better integrate renewable technologies into their systems. According to GreenMatch, in 2022, renewable energy accounted for 13.1% of the total primary energy consumption in the U.S. and about 21.5% of electricity generation from utility-scale sources. By 2023, wind and solar energy are expected to contribute 16% to total electricity generation, up from 14% in 2022. This rising demand for renewable energy sources is expected to significantly drive the energy meters market forward.
