The latest report published by IMARC Group, titled “Smart Electric Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global smart electric meter market size reached US$ 23.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 38.1 Billion by 2028, exhibiting a growth rate (CAGR) of 7.8% during 2023-2028.
Industry Definition and Application:
A smart electric meter sends the readings to the electricity supplier wirelessly and automatically through a secure smart data network. It measures the flow of electricity from the input to the output terminal and consists of a liquid crystal display (LCD) to show the readings of the parameters.
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Market Outlook:
One of the primary factors driving the market is the extensive growth in the communication network infrastructure, as it allows the companies to communicate efficiently. Additionally, numerous benefits provided by smart electric meters, including preventing disconnections, reducing meter reading costs, and removing inefficiencies in billing and reconnection costs is catalyzing the market growth.
Besides this, the augmenting demand for electricity in the commercial and residential sectors has increased the need for smart electric meters. Furthermore, the escalating digitalized electrical systems and the widespread installations of smart meters by utility companies are propelling the market growth. Some of the other growth-inducing factors include various initiatives undertaken by the governments of different nations to develop smart cities, growing demand for remote monitoring, controlling power grids and the rising development in cloud computing and analytics.
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Smart Electric Meter Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the smart electric meter market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
Key Market Segmentation:
The report has segmented the smart electric meter market on the basis of type, phase, end user and region.
Breakup by Type:
Breakup by Phase:
Breakup by End User:
Breakup by Region:
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Key highlights of the report:
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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