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Smart Meters Market Is Projected To Grow At A Cagr Of 9.34% From 2017 To 2022
The smart meters market is projected to reach USD 19.98 billion by 2022, at a CAGR of 9.34% from 2017 to 2022. The North American market is estimated to be the largest market for smart meters, followed by Asia-Pacific in 2017. This trend is expected to continue till 2022. Smart meters are used in the industrial, commercial, and residential sector, measuring energy consumption of the consumers. Factors such as government policies & mandates in developed economies and accurate billing & improved customer service are driving the market globally. Residential customers are the fastest end-users of smart meters, followed by commercial and industrial customers. High installation costs for end-users would be a restraint for the smart meters market.
• Electric, water, and gas utilities
• Smart electric, gas, and water manufacturing companies
• Distributed energy generation solution providers
• Smart electric, water, and gas meter vendors
• Government and industry associations
• State and national regulatory authorities
• Distribution grid operators
• Energy regulatory agencies
• Investors and financial community professionals
• State or government-owned corporations
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Scope of the Report:
• Smart Energy Meters
• Smart Water Meters
• Smart Gas Meters
• Automatic Meter Reading (AMR)
• Advanced Metering Infrastructure (AMI)
• North America
• South America
• Middle East
North America: The leading market for smart meters
The North American market dominates the smart meters market during the forecast period. In North America, the growth of the smart meters market can be attributed to focus on electricity, water, & gas, monitoring & prevention of leakage, and the repair & upgrade of aging infrastructure. Lot of smart meters rollouts are taking place in countries such as the U.S., Canada, and Mexico which would impart growth in the North American region.
The smart meters market ecosystem comprises of power and automation technology companies such as Itron, Inc. (U.S.), Kamstrup A/S (Denmark), Holley Metering, Ltd. (China), Honeywell International, Inc. (U.S.), and Toshiba Corporation (Japan), among others.
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