According to a new report Global Smart Meter Market, published by KBV research, The Global Smart Meter Market size is expected to reach $38 billion by 2026, rising at a market growth of 11.1% CAGR during the forecast period.
The segment of smart electric meter represented the highest share of the market in 2019, boosted by the rising attention on dynamic pricing and integration of increasing DER into the current power system operations in regions such as Asia Pacific, Europe, and North America. The future development of the segment can be credited to the rising demand for highly precise and accurate measurement of utility consumption data for consumers across end-users such as commercial, residential, and industrial sectors.
The residential segment is expected to develop at the highest rate during the forecast period. The rising power consumption boosts the growth rate of the smart meter in the segment among residential consumers because of the economic and technological developments and the rising support from the government for compulsory smart meter rollout projects in the sector.
The study found that Asia-Pacific contributed to the highest revenue in 2019. The smart meter market in Asia-Pacific is anticipated to develop at a higher rate in comparison to other regions. Components like high adoption of intelligent technology in power grid infrastructure and growing limitations, such as aging transmission and distribution (T&D) infrastructure, generation distribution, are anticipated to push the development of smart grid network across Asia-Pacific.
The market of Europe will observe a rise during the forecast period because of growing regulatory inclination toward the adoption of standards & policies to successfully resolve energy theft and power outages. Furthermore, key public and private players are investing substantially to integrate cloud-based applications & technologies into residential and commercial establishments, encouraging the adoption of technology.
Structural Insights: https://www.kbvresearch.com/smart-meter-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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