Smart Meters Market Analysis By Type, Size, Share, Trend, Competition, Future Growth 2024
Global smart meters market stood at $ 8.5 billion in 2018 and is projected to grow at a CAGR of over 7% to reach $ 12 billion by 2024, backed by increasing upgrades of transmission & distribution infrastructure and rising investments in smart grid projects. Smart meter is an electronic device that records the consumption of electric energy and communicates the information to electricity suppliers for monitoring and billing. Smart meters typically record energy hourly or more frequently, and report at least daily. Growing pressure on conserving natural resources and government regulations on the use of water, electricity and gas coupled with the advancements in metering technologies are expected to positively influence global smart meters market during the forecast period. In terms of application, global smart meters market has been categorized into residential, commercial and industrial segments. Among the applications, the residential category accounted for a significant portion ...