Smart meter is device that records the consumption of water, gas, and electricity of a home or a building on a daily basis, and communicates the same to the energy supplier. Smart meters operate over internet and provide accurate data to consumers and better understanding of utility consumption.
Major factors driving growth of the global smart meter market are increasing government initiatives towards deployment of smart grid network, smart cities, increasing adoption of internet of things (IoT) devices, and increasing demand for smart energy management systems. In addition, environmental concerns related towards carbon emissions and increasing need for energy conservation are other factors fueling growth of the global market. Major factor hampering growth of the global smart meter market is high installation cost.
The global smart meter market is segmented on the basis of type, application, and region. On the basis of type, the global market is segmented into smart energy meters, smart water meters, and smart gas meters. On the basis of application, the global market is segmented into residential, commercial, and industrial. The residential segment accounts for highest market share in the global market and is expected to register a highest CAGR over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America smart meter market dominates the global market in terms of revenue. The market in Asia Pacific is expected to witness highest growth over the forecast period. Rising deployment of smart grid projects and smart city projects in countries such as India, China, Japan etc. is a major factor driving growth of the Asia Pacific smart meter market.
Key players in the global market are Aclara Technologies LLC, Honeywell International, Inc., Itron Inc., General Electric Company, Toshiba Corporation, Elster Group GmbH, Schneider Electric, Landis+Gyr, Iskraemeco d.d., Siemens AG, and other prominent players.