The "Smart Meters - Global Market Outlook (2018-2027)" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Meters Market accounted for $12.80 billion in 2018 and is expected to reach $31.03 billion by 2027 growing at a CAGR of 10%.
Government policies, Energy conservation and rise smart grid deployment are likely to boost the growth of the market. However, High installation costs for end-users are likely to hamper the profit boundaries.
Smart Meters are devices for accurately monitoring gas and electricity meter usage that can send usage information via radiofrequency electromagnetic radiation (RF) which helps the utility company to effectively manage the energy usage. Smart meters offer a host of benefits such as reduction of meter reading cost, removing inefficiencies in billing, preventing disconnection and re-connection costs to corporations and consumers.
Based on the application, the residential segment is expected to grow at the fastest rate during the forecast period. Globally, residential application accounted for approximately 84% of the smart meter installations. The demand for smart meters in the residential sector is driven by factors such as a surge in demand for central systems and smart end-users.
By geography, The Asia-Pacific market is projected to grow at the high. The region is the largest market for the infrastructure sector and industrial sector and is taking various steps such as investments in smart grid, smart city & the gas pipeline networks, repair & upgradation of aging infrastructure, preventing electric, water, & gas theft, minimizing inaccurate metering & managing growing electricity, and water scarcity.
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