Smart electricity meter market is projected to grow at a CAGR of 33.53% during the forecast period, reaching US$15.331 billion in 2024 from US$2.705 billion in 2018. The smart electricity meter is a device that is used to accurately monitor electrical usage and send usage information to manage energy usage effectively. Factors such as favorable government policies, growing investments in smart grid projects, and rising up-gradation of infrastructure are bolstering the market growth. The market of smart electricity meter is propelling due to the benefits offered by it such as cost-cutting in meter reading, efficiency, and others. Furthermore, increasing investments in smart homes and a corresponding rise in demand for smart electricity meters to reduce the electricity wastage by automatically turning off the electricity will continue to boost the market growth during the forecast period. However, factors such as high installation cost and lack of awareness may hamper the market growth. Geographically, the North America region is expected to have a significant market share on account of the early adaptation of technology.
The “Smart Electricity Meter Market– Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by end-user and geography.
The Smart Electricity Meter market has been segmented based on end-user and geography. By the end-user, the market has been segmented into residential, commercial, and industrial.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the Smart Electricity Meter market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the smart electricity meter market.