The global smart meter market size was valued at USD 21.13 billion in 2019 and is projected to reach a CAGR of 9.40% during the forecast period.
Smart meters are electronic devices that accurately monitor electricity, gas, and water usage. These smart meters can send usage information through power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, helping the utility company to effectively manage the energy usage. Smart meters offer a host of benefits such as reduction of meter reading cost, preventing disconnection, removing inefficiencies in billing, and re-connection costs to corporations and consumers.
Large scale installations of the smart meters by the utility companies and supportive government policies and financial incentives are some of the factors that have supported long-term expansion for Smart Meters Market.
The smart meter market has been significantly impacted by the COVID-19 outbreak. Although the COVID-19 pandemic has forced the field work of several major smart metering projects to pause temporarily, the market is nonetheless expected to remain robust with the cumulative number of smart meter shipments being largely unaffected over a three-year period.
Asia Pacific is the largest smart meters market in the world, predominantly due to China, and the trend is expected to be the same during the forecast period. The market in the region is driven by the growing emphasis to reduce carbon emissions from utility operations and effectively integrate DER such as solar and wind power for enhanced power sector operations.
Insights are provided for each region and major countries within the regions
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Report Feature |
Descriptions |
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Growth Rate |
CAGR of 9.40% during the forecasting period, 2021-2028 |
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Historical Data |
2018-2019 |
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Forecast Years |
2021-2028 |
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Base Year |
2020 |
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Units Considered |
Revenue in USD billion and CAGR from 2021 to 2028 |
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Report Segmentation |
Product, end user and region. |
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Report Attribute |
Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
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Regional Level Scope |
North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
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Country Level Scope |
U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
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Companies Profiled |
Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Sensus, and Honeywell International Inc. |
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Available Customization |
In addition to the market data for Smart Meters Market, Delvens offers client-centric report and customized according to the company’s specific demand and requirement. |
Smart Meters Market is segmented into product, end use and region.
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