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Smart Meters Market By Component, By Type, By Communication, By Technology, By End Use & Forecast 2023-2032

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Global Smart Meters Market Is Growing Due To Supportive Government Policies And Financial Incentives For Digitalization Of Grids.

A smart meter is a piece of equipment that keeps record of voltage, current, and power factor as well as electricity consumption. Data from smart metres is transmitted to electricity providers for system monitoring and customer billing as well as to consumers for a better understanding of usage trends. Smart metres are digital metres that represent a transformative technological advancement for the utility sector and its customers. It allows the metre and the supplier to communicate in both directions.

Due to their appealing features, such as automatic metre reading, bill generation, more transparency, and lower metre reading costs, smart metres are becoming increasingly popular. They are now a crucial component of smart grids and are gradually replacing traditional meters in end use verticals including commercial, residential, and industrial facilities. Deploying smart metres also makes it possible to put in place a Home Energy Management System (HEMS) or Building Energy Management System (BEMS), which allows for the visualisation of the use of electricity in specific residences or entire buildings.

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The worldwide demand for smart meters market was estimated at around USD 20.2 billion in 2021, and by the end of 2031, existing and expected developments would hit valuations of around USD 52.3 billion. The industry players and analysts predict the global smart meters market growth of around 9.4% in terms of CAGR. Increasing government initiatives, rise in energy consumption, the deployment of smart metres in both the residential and commercial sectors, and rising consumer awareness regarding the importance of home energy management systems (HEMS) are some of the key reasons propelling the worldwide smart meter market. Furthermore, surging consumer interest in internet of things (IoT)-based monitoring networks and increasing electricity demand across developing countries will also boost the market expansion over the course of projected period.

The market for smart meters is likely to face challenges during the forecast period due to factors such as growing costs for maintenance and installation. However, surging demand for electricity from residential and commercial sectors provide lucrative opportunities for the market growth in the forthcoming years.

Some of the leading and top wheel alignment machine companies in the global market include Itron Inc, Landis+Gyr, Schneider Electric SA, Siemens AG, Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc, Sensus, Honeywell International Inc, Kaifa Technology, Suntront Technology, Kamstrup Company, Aichi Tokei Denkei, Wasion Group, and among others.

On the basis of component, the worldwide smart meters market can be segmented into hardware, and software. In terms of type, global smart meters market can be segmented into smart electricity meter, smart gas meter, and smart water meter. On the basis of communication, the market can be bifurcated into RF, PLC, and cellular. On the basis of technology, the market is classified into AMI, and AMR. In terms of end use the market can be categorized, into residential, commercial, and industrial. In terms of geography, the global smart meters market is classified into North America, Europe, Asia pacific, South America, and Middle East & Africa.

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