According to the research report titled ‘Global Smart Meter Market (2020 Edition) a?? Analysis By Type, By End User, By Region, By Country: Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global smart meter market was valued at USD 22,652.5 million in 2019 and is expected to showcase significant growth during 2020-2025.
 

Increase in awareness regarding maintaining energy efficiency, reducing carbon emissions, and extensive R&D in the smart grid technologies is driving the market growth.
 

Besides this, rise in next generation meters, demand for devices that facilitate real time meter reading and two-way communication between the customer and utilities are further increasing the remuneration potential of this business space. Also, the rapidly growing industrialization in the developing countries are expected to drive the growth of global smart meter market during 2020-2025.
 

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Most importantly, the government’s initiatives to equip industrial units and households with smart meters is fueling product demand worldwide. Although, increasing prevalence of COVID-19 caused the market size to plunge in 2020 and is expected to hinder the growth till 2021, due to the uncertainty over the outbreak.
 

Based on type, the market is divided into electric, gas, and water. With respect to the regional overview, the market is segmented into Asia Pacific, Middle East & Africa, South America, North America, and Europe.
 

Based on the type, the smart gas meters market is anticipated to experience highest growth rate owing to formulation of new policies and plans by government and energy led industries for infrastructural development. Large gas pipelines are being developed in countries like India and China which is increasing the requirement for smart gas meters. Use of intelligent meters helps in monitoring the consumption which may maintain energy efficiency and reduce carbon emissions. Moreover, the feature that automatically detects any theft and outage of energy also contributes to the product demand. The market is projected to rise due to the continuous investment in smart grid technology, during the forecast period.
 

From regional perspective, Asia Pacific is expected to witness significant market share due to ongoing infrastructural development. The countries like South Korea, India, China are coming up with large scale policies for installations of smart meters in commercial and residential units which is projected to support industry growth in the coming years.   
 

Key players in the global smart meter market are Itron, Inc, Roper Technologies, Holley Technology Ltd., Schneider Electric, Xylem Inc., Circurator, Honeywell international Inc., Siemens AG, Badger Meter, Inc., and Landis+Gyr among others.