The Asia Pacific Smart Meter Market would witness market growth of 11.6% CAGR during the forecast period (2020-2026). Analysis and energy predicting capabilities are offered by intelligent electric meters. These capabilities are unavailable in traditional metering systems. This transference capabilities and remote information storage of such metering systems are expected to eliminate future interfering and theft of electricity employing meters.
The major development predictions can be credited to the significant promotion of effective transmission facilities and the significant promotion of green energy. Integrated presence across the value chain, particularly for constant information sharing based on tariff rates and usage, is expected to a competitive benefit. Rising awareness among consumers about the advantages of these devices is anticipated to positively impact the growth of smart electricity meters over the forecast period.
Recently, numerous components have been incorporated to create smart meters more striking, robust, and affordable. The various connectivity innovations used by the smart meters are further boosting the market growth. The significant advantages offered by the smart meter include constant tracking of the electricity, spotting any leakages in the supply, spotting any theft in the supply, and gas & water flow are encouraging the market growth. Besides, the smart meters assist in the eradication of the manual monthly meter reading and maximize the profit with existing resources.
The smart meter market has been notably influenced by the COVID-19 pandemic. At the beginning of the pandemic, the primary impact faced by several smart meter manufacturers was supply issues, due to its halted production. Because of the lockdown guidelines, non-essential sectors, and the demand for the residential, commercial, and industrial utilize the smart meters have been reduced. As a result, the manufacturing and supply of smart meters are coming back to normal levels. Numerous manufacturers have begun observing recovery in sales.
Based on Product, the market is segmented into Smart Electric Meters, Smart Water Meters, and Smart Gas Meters. Based on End User, the market is segmented into Residential, Commercial and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: Smart Meter Market in Asia Pacific is expected to register a CAGR of 11.6% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, Siemens AG, General Electric (GE) Co., Honeywell International, Inc., Xylem, Inc. (Sensus), Badger Meter, Inc., Landis+Gyr Group AG, Itron, Inc., Neptune Technology Group, Inc. (Roper Technologies, Inc.) and Holley Technology Ltd.
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