The global smart meter market was valued at USD 8.23 billion in 2018 and is expected to reach USD 28.24 billion in 2026, growing at a CAGR of 16.6% during the forecast period. The favourable government policies and demand for energy conservation, and increase in investment in efficient distribution networks are expected to drive the growth of the smart meter market.
Smart Meter helps in more effective management and supply of gas, electricity, and water. The smart meters are various types which include smart electric meters, smart water meters, and smart gas meters. The technologies used in smart meters are automatic meter reading and advanced metering infrastructure to provide effective utilization of energy. Smart meters also supports the expansion of distributed, often renewable, electricity production, lowers costs, promotes energy efficiency, and improves both the reliability and security of the entire production, transmission, and distribution system. Smart meters also offer various advantages which include preventing reconnection and disconnection costs to consumers and organizations, reducing inefficiencies in billing, and reducing meter reading costs.
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Rising demand for smart meter in water, electricity, and gas management in emerging countries is the key factors attributed to the market growth. Moreover, supportive government policies along with subsidies and incentives and growing projects in electricity and increasing up-gradation of transmission & distribution infrastructure further grows the demand for smart meters. On the other hand, initial investment by the end users is acting as a restraint to this market. However, continuous development in smart grid, infrastructure development, growing population and rise in economic developments is expected to create major growth opportunities during the forecast period. Design and maintenance of smart meters, lack of compatibility with other devices, and improper installation of smart meters act as a major challenge in the global smart meter market.