The North America Smart Meter Market would witness market growth of 10.9% CAGR during the forecast period (2020-2026). Smart meters operate with a smart meter monitor that can be put at any place at home, to explain how much energy is getting utilized and a sign of how much it cost. Both electricity and gas consumption can be seen. When we come to realize the utilization and cost incurring, we could expand our savings by making some of the suitable changes.
Traditionally, people have been monitoring the utilization of their household electricity manually but, with the rise of technology humans are getting replaced by machines, and these are considered smart machines. One such technology is the smart meter, which is a new kind of energy meter. These advanced meters are the substitution for existing meters and transfer electronic meter readings to energy suppliers naturally. Smart meters can be segmented into electric meters, gas, and water meters.
The significant component that propels the growth of the smart meter market is financial incentives and favorable government policies. Moreover, extensive installations of the smart meters by the utility organizations are concentrating on encouraging the distribution of the smart meters. Nonetheless, the high expense of installations of the smart meter borne by end-users hampers the development of the market. Numerous 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 industry.
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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Smart Meter Market in North America is expected to register a CAGR of 10.9% 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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