Market Research Future Published a Cooked Research Report on Global Smart Meters Market Research Report.
Smart meters have increased in popularity lately due to the need for high accuracy in meter readings while simultaneously achieving savings due to real time results. The real-time results in smart meters are enabled due to a secure national communication network (called the DCC) wirelessly and automatically sends the actual energy usage data to your provider. As the billing of energy output for gas and electricity is significantly reliant on meters, the demand for smart meters has grown gradually in the past few years due to the efficiency offered by them. The market is projected to make revenues worth USD 29,583.1 million while expanding at a CAGR of 9.55 percent approximately in the duration of the forecast period from 2017 to 2023.
The smart meters market is set to develop at a swift pace, chiefly, due to government roll-outs, and implementations of mandates & policies, especially in developed economies. The supportive government initiatives in many countries globally are substantially powering the growth of the market. Moreover, the benefits of smart meters such as improved customer experience, accurate billing, and enhanced customer service are anticipated to be the key drivers for the smart meter market in emerging countries. Intensifying consumption of gas, together with the escalating energy expenses will also fuel the demand for smart gas metering systems in the upcoming period.
During the past few years, several smart grid projects have been launched which are raising the integration of the smart meters in the sector. The deployment of smart grid solutions to make distribution grids more flexible and able to handle the variable renewable energy sources and new loads is also powering the growth of the smart meters market significantly. Growing investments in the infrastructure of gas distribution have also identified as an instrumental factor in increasing the demand for smart gas meters. Although, mounting focus on progressive metering infrastructure expansion in developed regions, is backing the demand for smart gas meters. Additionally, factors such as technological developments in the smart meters along with the increasing scope of growth in emerging economies is fueling the development of the market.
Segmental Analysis
The segment-wise analysis of the market is carried out on the basis of type, technology, and application. By type, the segment comprises of electric meters, gas meters and water meters. Electric meters lead the type segment of the smart meter market. They are the most extensively used smart meter type. It accounted for the market share of 55.6 percent in 2016. The segment is expected to grow at 9.56 percent CAGR during the forecast period. The technology-based segmentation of the market comprises of advanced metering infrastructure (AMI) and automatic meter reading (AMR). AMI is projected to be the most rapidly rising technology of the market. AMI is expected to grow at a fast CAGR of 9.77 percent during the forecast period. The application-based segmentation of the market comprises of residential, commercial and industrial. The residential segment is the top rising segment in the global smart meter market owing to the growing population and urbanization. The segment is likely to develop at 9.81 percent CAGR during the forecast period.
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