The global smart electric meter market is anticipated to grow at a considerable CAGR of 7.6% during the forecast period. The growth of the market is attributed to favorable government initiatives and funding such as smart city projects by the European and Asia- Pacific government. In India, the government planned to build 90 smart cities by 2022. Additionally, the British government had planned to install a smart meter in every home by 2020. According to the national renewable energy laboratory, in the US 60 million smart electric meters will be installed by 2019. The cohesive government policies and initiatives are driving the growth of the smart electric meter market. Concepts of smart homes and smart cities and energy conservation by use of smart electric meters are also factors that are stimulating the market growth. However, a lack of a skilled workforce and reluctance by key end-users to adopt new technology may hamper the growth of the smart electric meter market. Moreover, interoperability issues and radiofrequency emissions are also expected to restrain market growth to some extent. With favorable government mandates and legislations, North America and Europe are expected to witness significant growth in the smart electric meter market.
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Impact of COVID-19 Pandemic on Global Smart Electric Meter Market
The COVID-19 pandemic had a negative impact on the global smart electric meter market. During COVID-19, as of May 2020, 212 countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns which disrupted the supply chain operation of several industries. As a result, there was a considerable decline in transportation and related activities which in turn impacted or delayed the raw material used for the smart meter. Hence, the COVID-19 pandemic affected the growth of the global smart electric meter market. However, as the COVID-19 situation normalizes, the globalsmart electric meter market started recovering as industrial operations normalized after the recovery.
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Segmental Outlook
The global smart electric meter market is segmented based on application, technology, material, and shape type. Based on the communication technology, the market is sub-segmented power line communication, cellular, and radiofrequency. Based on phase, the market is segmented into a single phase, and three-phase. And, based on the end-user, the market is segmented into residential, commercial, and industrial.
Europe Region Holds a Prominent Share in the Global Smart Electric Meter Market.
The Europe region holds a prominent share in the smart electric meter market. The major factor driving the growth of the market due to smart grid projects in the region. For instance, in November 2021, Northern Powergrid, the electricity distribution network operator for the North East, Yorkshire, and northern Lincolnshire in the UK announced to launch of the first-of-its-kind smart-grid program, known as "Microresilience," that uses energy storage systems and innovative communications technology.
By Communication Technology (Power Line Communication, Cellular, and Radio Frequency),
By Phase (Single Phase, and Three Phase), By End-User (Residential, Commercial, and Industrial),
Market Players Outlook
The major companies serving the global smart electric meter market include Itron, Inc., Sensus, Sagemcom, and Wasion Group, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, partnerships, geographical expansion, and collaborations to stay competitive in the market. For instance, in September 2020, Sagemcom partnered with ELLEVIO and its local Partner, ONE Nordic to improve the Swedish electricity system by being one of the first Nordic DSO to start its 2nd generation smart meters large scale rollout. Additionally, Sagemcom developed and certified the new generation of smart meters which are installed in the field by ONE Nordic since June 2020 in the Stockholm area.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global smart electric meter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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