ChicagoAnd Jan 19 2022 /PRNewswire/ – According to a new market research report “smart meter market By Type (Electric, Gas, Water), Connection Type (RF, PLC, Cellular), Component (Hardware, Software), Technology (AMR, AMI), End User (Residential, Commercial, Industrial), and Region – 2026 Global Outlook inch , Published by MarketsandMarkets™, the smart meter market is expected to reach 30.2 billion US dollars By 2026, the smart meter market size will grow to 30.2 billion US dollars By 2026 from 19.6 billion US dollars In 2021, at a compound annual growth rate of 9.0% over the forecast period.
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Governments around the world are undertaking several initiatives to meet the demand for electricity in the future and focus on reducing the carbon footprint by encouraging the use of renewable energy sources for energy production. Smart meters will play an important role in achieving these initiatives. The increase in the adoption of electric vehicles, the development of micro-grids, distributed energy storage, and the need for net metering are a few of the main drivers for the growth of the smart meter market. With advances in smart meters and sensors, utility systems and their dynamic prices can be monitored in real time. The real-time data generated by the smart meters helps the power grid operators to understand the required patterns thus ensuring the proper level of power generation and ensuring effective grid management. Grid operators can plan for the integration of renewable energy by applying analytics to the demand data produced by smart meters. Meter sensors and intelligent communication systems can effectively and quickly monitor and solve blackout problems, and are also used to map outage events to help prevent future outages. Additionally, data from smart meter communication systems can help utilities to efficiently visualize, analyze and manage repairs, reducing outage times and costs while quickly restoring and resuming services.
The smart electricity segment is expected to be the largest market for smart meters, by type, during the forecast period.
The smart electricity segment captured the largest market share with 73.8% of the smart meter market, by type in 2020, driven by the increasing focus on dynamic utility pricing and the growing need to monitor energy consumption to achieve carbon neutrality. The future growth of the sector can be attributed to the increased demand for the need for real-time monitoring of utility systems for consumers across end users such as residential, commercial and industrial sectors.
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The cellular segment is expected to be the largest market for smart meters, by connection type, during the forecast period.
The cellular segment captured the largest market share with 58.5% of the smart meter market, by connection type in 2020. The mobile network is expected to register the highest growth during the forecast period. The growth of the type of cellular communication is attributed to the availability of strong telecommunication infrastructure for smart meter operations across regions such as Europe And North America. Faster data transfer rate and lower infrastructure costs are accelerating the growth of the cellular market.
Asia Pacific It is expected to remain the largest market for smart meters
In this report, the smart meter market is analyzed into five regions, namely North AmericaAnd South AmericaAnd EuropeAnd Asia Pacific, And Middle east & Africa. Asia Pacific The region is expected to dominate the global smart meter market between 2021-2026. Asia Pacific The region is the world’s largest smart meter market, mostly due to China, the trend is expected to be the same during the forecast period. The market in the region is driven by the increasing focus on efficient management of power distribution, power outages, demand response (DR), and low operating cost.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players within the Smart Meters market.
The main players in the world smart meter market Hey Schneider Electric (France), Landis + Gear (Switzerland), Itron (US), Siemens (Germany), Wasion Group (China), Badger Meter (US) and Sensus (Xylem) (US). Key strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.
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