Our in-depth analysis has segmented global smart commercial electricity meter market into the following segments:
Global smart commercial electricity meter market is further classified on the basis of region as follows:
Global smart commercial electricity meter market is anticipated to flourish at a CAGR of 8.5% over the forecast period. Further, smart commercial electricity meter market is driven by various factors such as growing awareness among the consumers regarding saving electricity and rising adoption of innovative technology by commercial sector to curb electricity expenses are envisioned to flourish the growth of smart commercial electricity meter market.
In terms of regional platform, Asia-Pacific region accounted for the largest market share followed by Europe. Asia-Pacific region is anticipated to continue its dominance over the forecast period. This region is most lucrative market across the globe owing to emerging economies such as India and China. In addition to this, China accounted the largest market of smart commercial electricity meter. The growth of china is attributed to various factors such as rapid urbanization and increasing energy saving measures.
Europe region holds the second largest market share of smart commercial electricity meter across the globe. Further, evolution of consumer electronic industry and increasing demand for high-end commercial products are anticipated to foster the demand for smart commercial electricity meter in this region. Moreover, Europe region is expected to witness favorable growth on the account of stringent regulatory conditions and standardized policies.
North America region is projected to witness a tremendous growth over the forecast period owing to technological advancement. U.S. and Canada are the dominating countries of smart commercial electricity meter market in North America region. Moreover, rapid development of electricity network and spiked penetration of internet of things into electricity meter devices are envisioned to foster the growth of smart commercial electricity meter market.
Growing demand for accurate billing and rising awareness regarding energy conservation is believed to be the dynamic factor behind the rapid growth of smart commercial electricity meter market across the globe. Further, swift development of electricity network along with rising investment in smart grid are envisioned to flourish the growth of smart commercial electricity meter market by the end of 2024.
Moreover, rising energy prices and increasing instances of electricity theft are also boosting the demand for adoption of smart electricity meter. Additionally, favorable governmental initiatives for the adoption of intelligent systems to limit electricity consumption are expected to positively impact the growth of smart electricity meter market. Furthermore, growing GDP figures and rapid urbanization are also predicted to fuel the growth of smart commercial electricity meter market.
However, high cost associated with the installation of smart electricity meter is expected to hinder the growth of smart commercial electricity meter market by the end of 2024.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.