The global market for smart meters is projected to have considerable CAGR of around 7.5% during the forecast period. The market growth mainly backed by the increasing inclination towards smart meters in place of conventional meters due to various advantages, such as theft detection and leakage management further raises the demand for smart meters across the globe. The smart meters provides theft and accurate billing and enhanced customer services by the integration of AMI systems. Along with that, the growth is attributed to increasing penetration of smart meters in the near future, owing to government regulation and initiatives, rising demand for utility management, and rising urbanization in emerging economies such as India and China. Additionally, smart meters support in-house displays, keeping the consumers informed about the energy used by them in real-time. Some of the smart meters offer remote access to various utility’s control center and consumers can pay bills through mobile app syncing. Therefore growing penetration of smartphone also projected to provide significant opportunity to the market.
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The global smart meters market is segmented based on product type, technology, and application. Based on the product type, the market is further classified into smart gas meters, smart electric meters, smart water maters. The smart electric segment is projected to have considerable share owing to the growing demand of smart grid solutions in industrial and commercial applications. Moreover, the increasing deployment of smart electric meters in Europe and North America further contribute in the growth of the segmental market. Based on technology the market for smart meters further segregated into advanced metering infrastructure (AMI) and automated meter reading (AMR). The AMI segment is projected to hold significant share in the global smart meters market. The On the basis of application the market is further segregated into residential, commercial and industrial.
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Market Segmentation
Global smart meters Market by Product Type
- Smart Gas Meters
- Smart Electric Meters
- Smart Water Maters
Global smart meters Market by Technology
- Advanced Metering Infrastructure (AMI)
- Automated Meter Reading (AMR)
Global smart meters Market by Application
- Residential
- Commercial
- Industrial
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