ResearchMoz presents professional and in-depth study of “Global Smart Meter Market (Electricity, Gas, Water) – Analysis By Meter Type, By End User, By Region, By Country: Opportunities & Forecasts (2011-2022) – (By Type – Smart Electricity Meter, Smart Gas Meter, Smart Water Meter; By End User – Residential Sector, Commercial Sector; By Region-North America, Europe, APAC, RoW; By Country – U.S., Canada, U.K., Germany, China, Japan)”.
Global rise in energy demand along with the emerging trends in smart grid technologies, integration, and advanced infrastructure along with IoT (Internet of Things) has led to the growth of Smart Meter market.
Market for Smart meters is growing steadily on account of the growing renewable energy sector with increase in energy demand, controlling carbon emissions through energy saving, reducing wastage and controlling the consumption. As a result, there is increase in the number of installations of smart meters.
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Among the segments, market is expected to be driven by Smart Gas Meters and Smart Water Meters majorly in developed countries on account of growing natural gas usage and need for smart water management. The smart gas meters will primarily take the lead due to the utilities going for combine electricity and gas dual fuel supply. Also, the growth for smart meter will primarily be seen in residential areas due to large number of households as a major end user of smart meters.
While in developing regions, they will continue to dominate the market in Smart electricity meter due to the government initiatives for lowering down the prices and increasing awareness among utilities.
Global Smart Meter Market is forecasted to grow at a CAGR of 6.23% during 2016 – 2021F, on account of rising advanced infrastructure developments, integrated systems with two way communication and energy consumption real time data and control by individuals.