The global Smart Meters industry has advanced enormously. The primary aspect causing a surge in the performance of the market is the escalating demand for energy across the world.
Market drivers
The global Smart Meters industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the escalating demand for energy across the world. Furthermore, the factors such as strategic relationships that leading market vendors have formed, improved energy distribution network, increased investor interest in the digitalization of electrical systems, and time use monitoring & bill production are also projected to have a positive impact on the performance of the market over the coming years.
Market restraints
However, some aspects may limit the market’s performance. The main aspect limiting the market’s development is the high costs linked.
Impact of COVID-19
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Smart meters industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Prominent players
There are many small, big and advanced players in the market. However, at present the following companies are well-known in the market: DIEHL Metering (Germany), Siemens AG (Germany), EDMI (Singapore), Schneider Electric (France), Honeywell International Inc. (U.S.), Landis+Gyr (Switzerland), Itron Inc. (U.S.), Aclara Technologies LLC (U.S.), Badger Meter Inc. (U.S.), Xylem Inc. (U.S.), Zenner (Germany), Kamstrup A/S (Denmark), and Apator Group (Poland).
Final words
Among all the types of the electric meters, smart meter segment is anticipated to ensure the leading position across the global market for smart meters over the assessment period. The main aspect boosting the segment’s growth is the expanding population and urbanization causing the rise in demand for electricity worldwide.
Among all the technologies, the Advanced Metering Infrastructure (AMI) category is anticipated to ensure the leading position across the global market for smart meters over the assessment period. The main aspect boosting the segment’s growth is the utilities favouring their installation. Their two-way communication capabilities categorize advanced metering infrastructure and automatic meter reading.
Among all the application areas, the residential category is anticipated to ensure the leading position across the global market for smart meters over the assessment period. The main aspect is boosting the segment’s growth as they utilize the most water and electricity. Furthermore, factors such as growing urbanization, the growing number of government initiatives, and expansion in the commercial & industrial sectors are also likely to boost the market segment’s performance over the coming years.
For further information: https://www.marketresearchfuture.com/sample_request/4569
