Press release
Smart Meters Market Size, Share, Industry Trends and Report 2023-2028
Smart Meters Market
The global smart meters market size reached US$ 22.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
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What is Smart Meters?
Smart meters are sophisticated digital instruments employed for the measurement and surveillance of energy consumption. These devices are furnished with real-time data transmission capabilities, enabling precise and immediate assessments of electricity, gas, or water usage. They facilitate bidirectional communication between consumers and energy providers, eradicating the necessity for manual meter readings and delivering an enhanced and efficient method for utility billing in contrast to conventional utility meters. Moreover, they play a pivotal role in the optimization of energy distribution, proficient management of peak demand periods, and the detection of potential system inefficiencies.
Global Industry Trends and Drivers:
Presently, the market is experiencing growth driven by increasing concerns related to energy conservation and sustainability. Additionally, the rising adoption of smart meters is contributing significantly to market expansion due to their ability to provide real-time information about energy consumption and empower individuals to make informed decisions. Furthermore, the market is benefiting from the growing demand for smart meters, primarily because they play a pivotal role in reducing operational costs. Moreover, government agencies in various countries are actively promoting the deployment of smart meters to curb wastage and minimize the carbon footprint, further reinforcing market growth. Lastly, the increasing integration of renewable energy sources into the power grid is a substantial factor supporting market expansion.
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What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Product:
• Smart Electricity Meter
• Smart Water Meter
• Smart Gas Meter
Breakup by Technology:
• AMI (Advanced Metering Infrastructure)
• AMR (Automatic Meter Reading)
Breakup by End Use:
• Residential
• Commercial
• Industrial
Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa
The report provides a comprehensive analysis of the industry key players listed below:
Aichi Tokei Denki Co. Ltd., Apator SA, Arad Group, Badger Meter Inc., Diehl Stiftung & Co. KG, Holley Technology Ltd., Itron Inc., Landis+Gyr, Neptune Technology Group Inc. (Roper Technologies Inc.), Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Shenzhen Kaifa Technology Co. Ltd. and Zenner International GmbH & Co. KG.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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