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The smart electric meter market is projected to grow from an estimated $9.27 billion in 2018 to $11.33 billion by 2023, at a CAGR of 4.11%, from 2018 to 2023.

This is according to the newly released report conducted by Markets and Markets.

The increased need for efficient data monitoring systems, coupled with favourable government policies for a smart meter rollout is driving the market for smart electric meters.

Other factors stimulating growth include improved cost savings, increased investment in smart grid projects in Europe and North America, and increased emphasis on renewable energy sources.

The major factor restraining the growth of the smart electric meter market are the delay in smart meter rollout projects, and high initial investment acting as a restraint for growth in developing economies.

The residential segment is leading the smart electric meter market through to 2023, owing to the widespread use of sophisticated electrical, electronic, and data equipment. The commercial segment is expected to be the fastest-growing segment of the smart electric meter market..

The power line communication segment is expected to be the fastest-growing market during the forecast period.

In terms of component, the three-phase segment is the fastest-growing market and is also projected to dominate the market during the same period. Three-phase meters are mostly used in industrial applications and in large commercial applications.

Single-phase smart electric meters are mostly used in residential applications and across various industries such as the chemical plants, food & beverage, cement, steel manufacturing, automotive.

Asia Pacific is expected to dominate the smart electric meter market during the forecast period because of the rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions.

Europe is expected to grow at the fastest rate during the forecast period because of government initiatives such as the European Union's (EU) 20:20:20 plan, which aims at reducing greenhouse gas emissions.