Increasing energy consumption, along with the rising number of government initiatives and continuous technological advancements, are the major factors that are surging the demand for smart meters during the forecast period.
Dublin, Ireland – July 10, 2020 /MarketersMedia/ —
A smart meter refers to a digital meter that monitors utility usage and shares the relevant data with the utility suppliers. The smart meter uses two-way communication, firstly it records the data at the point of usage and then sends back the information to the utility companies. This type of meter is used to extract information about the energy consumed by the end-users.
The significant factors contributing to the growth of the smart meter market size include the increasing energy consumption to enable two-way communication between the meter and the central system used by the utilities. Additionally, several government initiatives are supporting the adoption of the smart meter across the globe. The rising technological advancements, including the smart grid development and infrastructure development, are further boosting the smart meter market growth during the forecast period. Moreover, the rapid increase in economic development among the developing countries will bring numerous growth opportunities in the market. On the other hand, the emergence of the COVID-19 pandemic will have a negative impact on the strong demand of the market. The strict lockdown around the world has brought disruption in the supply chain and difficulties in the export and import of raw materials used in the manufacturing of smart meters. However, the global smart meter market is projected to bounce back in 2021 while growing at a significant rate from 2022 onwards.
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Based on the type, the global smart meter market segmented into smart electric meter, smart water meter, and smart gas meter. The electric smart meter segment is projected to emerge as the maximum revenue generating segment over the forecast period. The smart meters monitor the electric system in real-time, provide manual monthly meter readings, and highly energy-efficient. All these factors are responsible for the surging demand of the market over the forecast period. In addition to this, these meters measure water flow under wireless communication in the wide areas of the network, which is another factor that is boosting the demand of the segment.
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On the basis of end-user, the global smart meter market segmented into residential, commercial, and industrial. Among these, the residential segment is projected to witness considerable growth in the next six years. This is due to the strong demand for the regular supply of electricity among the customers. The smart meters are equipped with systems that record electricity consumption and the performance of the devices.
On the basis of the region, the Asia-pacific and western Europe regions are predicted to dominate the global smart meters market over the forecast period. This is attributed to the increasing number of installation of new smart meters for the upgradation over the conventional meters. For example, China has included upgradation of its grid infrastructure in the five-year countrywide plan. Furthermore, the rising consumer preferences for smart devices and the changing lifestyles will attract a large number of consumers towards the adoption of smart meters in the coming years. The growing investments by governments are opening new doors for growth of the market, especially in developing economies such as China, India, and Japan.
The key players of the global smart meter include Circutor SA, Iskraemeco d.d., Itron, EDMI Ltd., Aclara Technologies LLC., Echelon Corporation, Badger Meter Inc, Aidon Suomi, Hydrometer GMBH, General Electric Company, Holley Metering Limited, Kamstrup A/S, Landis+Gyr, and Sensus among others.
The research report on the global smart meter market provides an in-depth analysis of the market revenue based on type, communication type, component, end-user, technology, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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