A smart meter is basically an electronic device used to record the consumption of electric energy. The device gives a digital meter reading and sends the reading or the information about energy consumption to the supplier for billing purposes. Smart meters also allow two-way communication between the meter and the central system and help monitor energy consumption.
The global smart meter market is projected to exhibit impressive growth over the next 5 years. The market is estimated to grow at a CAGR of 6.5% during 2019 to 2024. The growth of the market will be mainly affected by rising investments in smart grid projects. The main reason behind implementing smart grid project is to improve the efficiency of power networks.
The increasing implementation of smart grid projects will fuel the market growth of smart meters, as smart meters are an integral part of smart grids. Similarly, upgradation of the transmission & distribution infrastructure will also affect the global smart meters market positively.
Apart from these, governments of various countries are giving importance to emission control and energy conservation, and accordingly, have formulated many regulations regarding the efficient use of water, electricity, and gas. This too will give a major boost to the growth of the global market. The market for smart meters will receive a major impetus from favorable government policies, the trend of smart homes, and advancement in metering technologies as well.
The global smart meter market has been segmented into residential, commercial, and industrial, on the basis of applications. The residential segment is currently holding a major share in the market and this is likely to continue in the coming years as well due to increasing residential construction activities.
Region-wise, North America is going to dominate the global smart meter market in the coming days, due to the increasing adoption of smart meters in the region to monitor electricity, water, and gas usage and prevent leakages. The upgradation of the aging infrastructure will also propel the growth of the market. However, it is the Asia-Pacific region that will grow at the fastest rate in the coming years.
In the Asia-Pacific region, China is expected to grow at the fastest rate, while Japan will also register significant growth. The growth of the Asia-Pacific smart meter market can be mainly attributed to various initiatives taken by governments and smart meters becoming mandatory in some countries.
The major players operating in the global smart meter market include Elster Group GmbH, Landis+Gyr, Itron, Inc., Hubbell Incorporated, Sensus USA Inc., Diehl Stiftung & Co. KG, Emerson Process Management LLP, Flonidan A/S, Badger Meter, Inc., and Schneider Electric SE, among others.
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