The global smart meters market is expected to grow from $11,300.0 million in 2014, and reach $20,682.8 million in 2020, growing with a CAGR of 10.6% during 2015-2020. The global market is mainly driven by government policies supporting installation of smart meters. As a part of broader clean energy initiatives, the governments in various countries have rolled out legislations, which mandate the adoption of smart meters. The Asia-Pacific market is expected to witness the fastest growth with CAGR of 11.2% during 2015 – 2020. This is due to supportive government initiative towards the implementation of smart meters across several developing countries. Additionally, as part of a five year nationwide plan to upgrade grid infrastructure in China, the utilities in China continue to install large numbers of smart meters in the country.
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The increasing smart grid deployment is also supporting the growth of the global market. The development in smart grid deployment is being made in various fields, such as programmable communicating thermostats, advanced metering infrastructure, and integration of communications, sensing and control technologies with field devices in distribution systems. The deployment of high-speed communications networks and advanced sensors on transmission systems is improving the ability to control and monitor operations across the transmission grid at high-voltage substations.
The information and data in the publication “Global Smart Meters Market Size, Share, Development, Growth and Demand Forecast to 2020 – Industry Insights by Type (Smart Electric Meter, Smart Water Meter and Smart Gas Meter), by End Users (Residential, Commercial and Industrial)” represent the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the global smart meters market by type and by end users. P&S Market Research analysts and consultants interact with leading companies of the concerned domain to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is aided by informed and detailed online and offline research.
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The smart gas meter segment is expected to grow with the highest rate (11.7% CAGR) among all the types of smart meters, during the forecast period. This is due to reducing operational cost for utilities and increasing global energy conservation demand. The high capital expenditure of smart gas meters is still a restraint for the growth of the smart gas maters market. The technological advancements, such as enhanced customer service and distribution, meter-to-cash, asset management and leakage detection, are also driving the growth of the global smart gas meter segment.