The development of communication network infrastructure, government initiatives, and increase in investments in digital electricity infrastructure drive the growth of the global smart meter market. By end use, the residential segment dominated the marker. Moreover, the market across Asia-Pacific dominated the market in 2019 and is estimated to rule the roost throughout the forecast period.
Portland.OR, Feb. 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart meter market generated $21.13 billion in 2019, and is expected to garner $39.20 billion by 2027, registering a CAGR of 8.80% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top investment pockets, major winning strategies, key segments, and competitive scenarios.
The development of communication network infrastructure, government initiatives, and increase in investments in digital electricity infrastructure drive the growth of the global smart meter market. However, high cost of installations of the smart meters hinders the market growth. On the other hand, developing smart city projects present new opportunities in the coming years.
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Manufacturing and supply chain management has suffered through a number of challenges during the initial phases of lockdown.
The demand, on the other hand, has significantly declined from the industrial as well as commercial sectors.
Various regions are undergoing unlock phases in order to make economic benefits. This factor may assist the industry to coup up really soon.
The report offers detailed segmentation of the global smart meter market based on product, end use, and region.
Based on product, the smart electricity meter segment accounted for the largest market share in 2019, contributing to nearly three-fifths of the total share, and will continue its leadership status throughout the forecast period. In addition, the same segment is projected to witness the largest CAGR of 9.7% from 2020 to 2027. The report also analyzes segment including smart water meters and smart gas meters.
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Based on end use, the residential segment held the highest share in 2019, contributing to more than three-fifths of the global market, and is estimated to continue its lead during the forecast period. However, the industrial segment is projected to register the highest CAGR of 10.5% from 2020 to 2027. Commercial segment is also included in the report.
Based on region, Asia-Pacific accounted for the largest market share in 2019, holding nearly three-fifths of the market, and will maintain its dominant position by 2027. Moreover, this segment is expected to manifest the highest CAGR of 9.5% during the forecast period. The global smart meter market report also discusses regions including North America, Europe, and LAMEA.
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Key players of the global smart meter market analyzed in the research include Badger Meter, EDMI, Holley Metering Limited, Neptune Technology Group Inc., Itron Inc., Landis+Gyr, Schneider Electric SA, Siemens AG, Sensus, and Honeywell International Inc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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