The Latin America, Middle East and Africa Smart Meter Market would witness market growth of 12.3% CAGR during the forecast period (2020-2026). Smart meters are considered as electronic devices that monitor and analyze the utilization of electrical energy and transfer back the information to the specific electricity supplier for billing and regulation. The smart meter naturally notices any tampering or theft in the electricity and aware the company about it. The data collected with the help of a smart electricity meter allows the utility companies and energy distributors to improve the power distribution losses across the grid.
The significant component that boosts the smart meter market is beneficial government regulations and financial incentives. Furthermore, extensive installations of the smart meters by the utility companies are concentrating on encouraging the distribution of smart meters. Nonetheless, the high expense of installation of the smart meters endured by end-users hampers the development of the smart meter market. Various grid operators and other gas utility and water utility providers are successfully managing the demand for smart meters. Nonetheless, numerous advantages provided by the smart meter market like automatic meter reading and bill generation are further anticipated to add to the development of the smart meter market.
The introduction of beneficial regulatory policies to substitute traditional meters with intelligent metering systems to successfully track and govern power consumption will benefit the industry outlook. Furthermore, growing investments by private and public players for the installation of the smart grid will positively impact the business scenario.
Progressing industrialization combined with economic growth and rising urbanization will boost the growth of the market. The considerable advancement in living standards in terms of increasing per capita income has moved consumer focus towards the acceptance of advanced technologies. Moreover, strict government norms towards the expansion of existing grid infrastructure and decreasing power theft will support the demand of the demand.
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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Smart Meter Market in LAMEA is expected to register a CAGR of 12.3% 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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