The smart electric meter market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The market is set to witness growth during the forecasted period due to the rising demand for efficient data regulatory systems coupled with favourable government policies for smart meter rollout and improved cost savings. The growth of the market can also be attributed to factors such as increasing emphasis on renewable energy sources globally. In Sept 2017, Tata Power Delhi Distribution Limited (India) announced its plans to rollout 18 lakh smart meters by 2025, whereas South Korea is expected to invest USD 24 billion by 2030.
The market is segmented based on the communication technology type into radio frequency, power line communication, and cellular, out of which, the radio frequency segment is anticipated to grab the most significant share by the end of 2021 on account of less costing and better efficiency of radio frequency segment than other segments. CLICK TO DOWNLOAD SAMPLE
Based on application, the residential segment in the global smart electric meter market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the fact that smart electric meters can assist the users in monitoring, regularizing, and reducing their consumption from the generators.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific market is predicted to grow at the fastest CAGR over the forecast period due to the rise in capital investments in smart grid technologies and smart cities. The increase in the number of new data centers and a surge in commercial institutions are also estimated to drive the region's smart electric meter market. Along with this, China accounts for the largest share due to the large-scale rollout plans. The country also accounted for the highest installed generation and distribution capacity in the Asia Pacific, resulting in an increased demand for smart electric meters.
The global smart electric meter market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart electric meter market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising investments in smart grid technologies and smart cities and increasing urban population are the key factors driving the market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Costly installation charges and lack of awareness about a smart electric meter in lower economic regions are estimated to hamper the market growth.
The Asia Pacific region market will provide ample growth opportunities due to the increasing awareness about the smart electric meter.
The major players dominating the smart electric meter market are ABB, Itron Inc., GENERAL ELECTRIC, and Wasion Group among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by communication technology type, end-user, phase and region.
With respect to the end-user, the residential segment is anticipated to hold the largest market share due to the installation of smart electric meters in residential places, and it is easy for consumers to monitor, regularize, and reduce their consumption from the grid.
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