Technological advancements and favorable government initiatives to bolster global smart meters market through 2024
to TechSciResearch report, “Global Smart
Meters Market By Type,
By Technology, By Application, By Region, Competition, Forecast &
Opportunities, 2024”, global smart meters market is projected to
grow at a CAGR of over 7% during 2019-2024, on account of favorable government
policies and fiscal incentives. Large-scale deployment of smart grid and focus
of utility companies on enhancing distribution efficiency are some of the other
factors expected to aid the market in coming years. Asia-Pacific smart meters market is expected to
grow at the fastest rate during the forecast period. The region is witnessing
huge investments in smart grid projects, repair and upgrade of aging infrastructure,
minimization of inaccurate metering & managing growing electricity, smart
city & gas pipeline networks, water & gas theft and prevention of electric
& water scarcity.
Browse 9 market data Tables and 123 Figures spread through 110 Pages and an in-depth TOC on “Global Smart Meters Market”
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By technology, global smart meters market
has been categorized into automatic meter reading and advanced metering
infrastructure. Among the technologies, automatic meter reading (AMR) category accounted
for a significant market share in 2018. AMR is a metering technology that
collects data consumption from the meters and transfers it to a central
database (in the utility station) for billing and other purposes (one-way
communication only). AMR is the initially developed smart metering technology,
hence has a wide acceptance. Moreover, automatic meter reading is less costly
when compared to the advanced metering infrastructure. North America and Europe
have much embraced this technology.
“Demand for smart meters is growing
across the globe, owing to infrastructure development, rising population and increasing
economic developments. Growing energy efficiency and reduction in distribution
and transmission loss with the use of smart meters is boosting the deployment
of smart grid, globally. Moreover, administrations in a few nations are
supporting the establishment of smart meters, which is driving the smart meters
market. Smart meters have a major role to play in reducing utility theft and
safeguarding utility revenues.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Smart Meters Market By Type, By Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global smart meters market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global smart meters market.
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