Smart Electric Meter Market report is segmented on Technology, Phase, end users and by regional & country level. Based upon technology, smart electric meter market is segmented into AMI and AMR. On the basis of phase, the market is segmented into single phase and three phase. Based upon End users, smart electric meter market is classified into Residential, commercial and utility.
Smart Electric Meter Market is valued at USD 8.10 Billion in 2018 and expected to reach USD 15.29 Billion By 2025 with CAGR of 9.5% over the forecast period.
Electric meter is an equipment use to monitor the electricity consumption as conventional method due to the various loopholes and lack of proper motoring of electric meter is replaced with smart electric meters. These meters helps in the proper communication with the consumer and eliminate the manual intervention in meter reading. Smart electric meter also helps in the generation of proper and accurate bills as per real data and energy consumption. These smart electric meters also allow the individual in the selection of proper electricity plans as per their consumption.
The regions covered in this Smart Electric Meter market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Smart Electric Meter market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Efficient monitoring of energy consumption and increased use of smart grid is the key factor which helps Smart Electric Meter Market to grow.
As the energy demand are increasing on a large scale due to the rapid increase in population and industrialization which has further increased the power supply. The conventional meters led to the miss-calculations in the electricity bill and also there is loss of electricity in the transmission process. To increase the efficiency of the transmission and better infrastructure is expected to support the growth of smart electric meter market. These meters also helps in proper bill generation and also helps in the in communication with the customers to eliminate the manual interference in the meters. The increased use of smart grid is also expected to further promote the growth of smart electric meter market as it can be easily incorporated with the smart grids for best results. Increased demand of better infrastructure and increased use of renewable sources of energy are expected to create opportunities in the smart electric meter market. However, high initial costs involved in the installation of smart electric meters are expected to inhibit the growth of smart electric meter market over the forecast period.
North America is expected to dominate the Smart Electric Meter Market.
North America is expected to holds the major market share in the smart electric meter market over the forecast period which was closely followed by Europe in terms of market share. The presence of developed countries such as U.S., Canada, Germany, UK and others are expected to promote the growth of smart electric meter market. Moreover the stringent government policies coupled with developed and advanced infrastructure and increased use of advanced technology. Furthermore, increases in the emergence of smart cities are expected to support the growth of smart electric meters market. Asia Pacific is expected to develop rapidly over the forecast period due to the presence of developing economies such as India, China and others. There is increased in industrialization and urbanization coupled with increased demand of develop infrastructure and increase in awareness among public about advanced technologies led to the greater acceptance which in turn drive the growth of smart electric meter market over the forecast period. Latin America, Middle East and Africa is expected to develop at a considerable rate over the forecast period.
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