IMARC Group, a leading market research company, has recently releases report titled “Smart Meters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart meters market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big Is The Smart Meters Market?
The global smart meters market size reached US$ 22.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
What are Smart Meters?
Smart meters are electronic devices that accurately measure and record information regarding electricity consumption. They automatically and wirelessly transmit actual energy usage to the supplier through radiofrequency (RF) electromagnetic radiation, power line communication, and cellular communication. They help reduce the cost of meter readings, eliminate billing inefficiencies, prevent disconnections, and minimize emissions.
They are interactive and multifunctional, help track daily electricity usage, and allow two-way communication between the home or business and the utility, unlike traditional meters. Since they are cost-effective, smart meters find extensive applications in residential, commercial, and industrial sectors across the globe.
Request For A Free Sample Copy Of This Report: https://www.imarcgroup.com/smart-meters-market/requestsample
What Are The Growth Prospects And Trends In The Smart Meters Industry?
The global smart meters market is primarily driven by the rising product demand for automatic meter reading and bill generation due to the growing concerns regarding power generation and distribution. Moreover, the increasing product use in smart cities to detect leakage in supply, identify theft, and continuously monitor electricity, gas, and water flow is positively influencing the market growth.
Additionally, numerous technological advancements, including the integration of the Internet of Things (IoT), and the rising use of advanced components and control systems to improve security, safeguard data, and maximize uptime in emergencies, have catalyzed market growth. Furthermore, the implementation of numerous favorable government initiatives to replace existing traditional electric meters is contributing to market growth. Other factors, including increasing demand for electricity from renewable energy, development of communication network infrastructure, and rising investments in digital electricity infrastructure, are also anticipated to drive the market further.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Smart Electricity Meter
- Smart Water Meter
- Smart Gas Meter
Breakup by Technology:
- AMI (Advanced Metering Infrastructure)
- AMR (Automatic Meter Reading)
Breakup by End Use:
- Residential
- Commercial
- Industrial
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Aichi Tokei Denki Co. Ltd.
- Apator SA
- Arad Group
- Badger Meter Inc.
- Diehl Stiftung & Co. KG
- Holley Technology Ltd.
- Itron Inc.
- Landis+Gyr
- Neptune Technology Group Inc. (Roper Technologies Inc.)
- Schneider Electric SE
- Sensus USA Inc. (Xylem Inc.)
- Shenzhen Kaifa Technology Co. Ltd.
- and Zenner International GmbH & Co. KG.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Email: sales@imarcgroup.com
Follow us on Twitter: @imarcglobal
LinkedIn: https://www.linkedin.com/company/imarc-group/mycompany/
