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Global smart meters market to record 7% growth rate through 2028

Global smart meters market to record 7% growth rate through 2028

According to certified experts, global smart meters market is estimated to register a CAGR of over 7% during the forecast period of 2022-2028.

The increasing digitalization and urbanization coupled with rising demand for resources like electricity, water, and gas are some of the chief factors that are augmenting the constant growth of global smart meters market.

For those who are unaware, smart meters are crucial parts of contemporary smart grid systems that offer substantial information to resource suppliers for better clarity in billing and monitoring.

In addition, government mandates, significant expenditures in digital electricity infrastructure, and the development of communication infrastructure are some of the key reasons promoting the overall market's expansion.

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Aside from that, strategic collaborations among major organizations, technological advancements, and increasing R&D efforts are all boosting the progress of the business landscape.

Worldwide smart meters market has been bifurcated on the basis of product type, end-user spectrum, application scope, and technology.

Based on the product type, the market is further divided into water meters, gas meters, and electricity meters.  Among these, the smart electricity meter segment is expected to register substantial growth by the year 2028.

Moving on to technology, the industry is divided into power line carrier (PLC) and radio frequency (RF). Citing the application spectrum, the market is split into residential, industrial, commercial, and transportation. Out of these, the residential segment is predicted to account for the largest market share in the ensuing years.

The geographical analysis of global smart meters industry extends to Latin America (Brazil, Mexico), Middle East & Africa (GCC, South Africa, and Turkey), Asia-Pacific (South Korea, India, Australia, China, Japan, ASEAN {Indonesia, Vietnam, Malaysia, etc.}), Europe (Germany, France, UK, Spain, Italy, Nordic, Benelux, Poland, Russia), and North America (US, Canada).

The prominent companies operating in the market are General Electric Company, Wasion Group, Aichi Tokei Denki Co. Ltd., Kamstrup Company, Suntront Tech Co. Ltd., Shenzhen Kaifa Technology Co. Ltd., Genus Power Infrastructures Incorporated, Honeywell International Inc., Sensus USA Inc., Neptune Technology Group Inc., Holley Metering Ltd., Badger Meter Inc., Siemens AG, Schneider Electric SE, Landis+Gyr, Eaton Corporation plc, EDMI Ltd., and Itron Inc.

Question & Answer: Global Smart Meters Market

Question 1: Which elements are acting as growth catalysts for global smart meters market?

Answer: The increasing digitalization and urbanization coupled with rising demand for resources like electricity, water, and gas are some of the chief factors augmenting the constant growth of global smart meters market.

Question 2: Which additional factors are contributing toward global smart meters market expansion through 2028?

Answer: Government mandates, significant expenditures in digital electricity infrastructure, and the development of communication infrastructure are some of the additional key reasons promoting the overall market's expansion.

Question 3: Which companies are profiled in the global smart meters market report?

Answer: The prominent companies operating in the global smart meters market are Genus Power Infrastructures (GPIL), Incorporated, General Electric Company, Wasion Group, Aichi Tokei Denki Co. Ltd., Kamstrup Company, Suntront Tech Co. Ltd., Shenzhen Kaifa Technology Co. Ltd., Honeywell International Inc., Sensus USA Inc., Neptune Technology Group Inc., Holley Metering Ltd., EDMI Ltd., Badger Meter Inc., Siemens AG, Schneider Electric SE, Landis+Gyr, Eaton Corporation plc, and Itron Inc.

For more details on this report:

https://www.marketstudyreport.com/reports/global-smart-meter-market-analysis-forecast-2019-2028

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