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Technological advancements and favorable government initiatives to bolster global smart meters market through 2024

According to TechSci Research report, Global Smart Meters Market By Type, By Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global smart meters market is projected to grow at a CAGR of over 7% during 2019-2024, on account of favorable government policies and fiscal incentives. Large-scale deployment of smart grid and focus of utility companies on enhancing distribution efficiency are some of the other factors expected to aid the market in coming years. Asia-Pacific smart meters market is expected to grow at the fastest rate during the forecast period. The region is witnessing huge investments in smart grid projects, repair and upgrade of aging infrastructure, minimization of inaccurate metering & managing growing electricity, smart city & gas pipeline networks, water & gas theft and prevention of electric & water scarcity.

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By technology, global smart meters market has been categorized into automatic meter reading and advanced metering infrastructure. Among the technologies, automatic meter reading (AMR) category accounted for a significant market share in 2018. AMR is a metering technology that collects data consumption from the meters and transfers it to a central database (in the utility station) for billing and other purposes (one-way communication only). AMR is the initially developed smart metering technology, hence has a wide acceptance. Moreover, automatic meter reading is less costly when compared to the advanced metering infrastructure. North America and Europe have much embraced this technology.

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“Demand for smart meters is growing across the globe, owing to infrastructure development, rising population and increasing economic developments. Growing energy efficiency and reduction in distribution and transmission loss with the use of smart meters is boosting the deployment of smart grid, globally. Moreover, administrations in a few nations are supporting the establishment of smart meters, which is driving the smart meters market. Smart meters have a major role to play in reducing utility theft and safeguarding utility revenues.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Smart Meters Market By Type, By Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global smart meters market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global smart meters market.

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