BANGALORE, India, Feb. 17, 2020 /PRNewswire/ -- A smart meter is an electronic device that tracks electric energy usage and communicates the information to the electricity supplier for tracking and billing.
The global smart meter market is expected to rise from USD 11,385.96 million in 2018 to USD 21,847.89 million at a compound annual growth rate of 9.75 percent by the end of 2025.
Smart meters pave the way for the smart grid, as they allow two-way real-time communication between DISCOMs and consumers through GPRS technology. This development has resulted in several ongoing projects, turning to smart meters to enable efficient resources management and utilization of gas, water, and electricity. Further, a smart meter is one of the core implementations in creating smart homes where automated monitoring of power, light and energy is implemented to reduce wastage.
This report strategically segments the market into Smart Electric Meter, Smart Gas Meter and Smart Water Meter and into Residential Sector, Commercial Sector, and Industrial Sector to provide in-depth analysis of the market. During the forecast period, the commercial segment is expected to be the second-fastest-growing segment on the smart meter market.
TRENDS INFLUENCING THE SMART METER MARKET SIZE.
The ever-evolving policy structure and policies are increasing the rate of residential, commercial, and industrial installations. Countries such as China and the United States have undergone a high-scale smart meter rollout, primarily due to the ongoing funding from the respective governments.
Despite rising energy prices and environmental concerns around power generation and distribution, companies are looking around the world for new time-efficient and cost-effective measures to handle power generation and distribution. Government and other legislative bodies are encouraging the implementation of smart electricity meters worldwide, as electricity meters help to track energy usage effectively and reduce reliance on fossil fuel depletion. This support in turn increased the market for a smart meter.
The industry in North America is expected to expand at a significant rate led by the tremendous demand in the US market. The nation focuses on updating and replacing ageing infrastructure, allowing stability of the grid and the implementation of smarter power grids. The factors responsible for the market demand in North America are conducive government initiatives, consisting of proper allocation of funds and making smart meters mandatory in many states such as Texas and California. Early adopters of smart meters were both from the USA and Canada. Today many of the region's Tier 1 utility providers have implemented or are currently in the process of introducing a large-scale smart meter solution.
In 2018, the Asia-Pacific smart meter industry captured a significant portion of the overall smart meter market. The smart meter market is booming in the world, primarily due to massive demand for smart meters in countries such as China, India and Japan.
The Global Smart Water Metering Market is expected to rise at a compound annual growth rate (CAGR) of 10.88 per cent from USD 5623.24 Million in 2018 to USD 11589.53 Million by the end of 2025.
The factors attributable to the market growth are need for intelligent water metering to maintain water consumption, need for consistency in billing, and increasing utility focus to minimize non-revenue water.
The report strategically segments the market into Electromagnetic Meter, Mechanical Meter, and Ultrasonic Meter to provide in-depth insight.
The Smart Gas Meter market was estimated at USD 2400 million in 2018 and is projected to reach USD 4190 million by 2025, at a forecast-period CAGR of 8.3 per cent.
Smart Gas Meter is a measuring instrument, used in measuring control for manufactured gas, natural gas, liquefied gas and other various pipe gases. The smart gas meter uses microcomputer programming to provide measuring, prepayment, automatic control and other functions.
This report presents the worldwide size of the Smart Gas Meter market (value, production, and consumption), splits the breakdown by manufacturers, area, form, and application (data status 2014-2019 and forecast to 2025).
An electric smart meter is a type of electricity meter that can digitally send meter readings to your energy supplier for more accurate energy bills. Smart meters come with in-home displays so you can better understand your energy usage.
The report strategically segments the market into Single-phase Smart Meter and Three-phase Smart Meter based on the type and into Residential Application, Commercial Application, and Industrial Application to provide in-depth insight.
The research report incorporated analyzes of various factors which increase the growth of the market. It constitutes trends, restraints and drivers that either positively or negatively transform the market.
A smart meter is an electronic device that monitors electric energy usage and communicates the information for tracking and billing to the electricity supplier. Smart meters provide bidirectional communication between the meter and the central network.
This study focuses on the volume and value of Smart Energy Meters at national, regional and enterprise level. This study reflects the overall market size of Smart Energy Meters from a global perspective by evaluating historical data and prospects. This report focuses regionally on several key regions: North America, Europe, China and Japan.
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