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Global Smart Meters Boost the Growth of Industry 2027Infinium Global Research’s recent report on the “Smart Meters Market (Type- Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter; Technology- Automatic Meter Reading (AMR), and Advanced Metering Infrastructure (AMI); Application- Commercial, Residential, and Industrial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027” provides a comprehensive outline of the factors responsible for the growth of the market. The reported study estimated the market for smart meters will reach nearly 26.14 billion in 2027, with a Compound Annual Growth Rate of 6.72%, over the forecast period (2021-2027). "We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026." The Section on the Impact of COVID-19 on this Market is Included in the Report for Free. To Know More Request Sample of this Report: https://www.infiniumglobalresearch.com/reports/sample-request/727 The Growing Demand for Energy-Efficient Buildings is Expected to Drive the Growth of the Global Smart Meters Market Smart meters are installed in residential, commercial, and industrial buildings to accurately measure the consumption of utilities, and send this information to utility companies. Communication with utility companies enables to manage the usage. Smart meters also share and exchange data with the smart grid, by providing reminders and alerts to use utilities during off-peak periods. The growing demand for energy-efficient buildings is expected to drive the growth of the global smart meters market. The smart meters are designed to use energy more efficiently by connecting with smart grids, and automatically scheduling the work cycles using time-based electricity programs to ensure the consumption during off-peak hours, when energy prices are cheaper. Moreover, government initiatives to promote the installation of smart meters are anticipated to boost the market further. Several governments are encouraging utility companies, and well as consumers to install smart meters to improve the efficiency of cities and towns. The spread of the novel coronavirus had a huge impact on the smart meters market. The smart meter industry is heavily dependent on suppliers from China, Taiwan, and Vietnam. Lockdown in these countries caused severe demand-supply gaps in the industry. The gap in demand and supply hampered the functioning of the flourishing smart meter industry. Moreover, the impact of COVID-19 on small and middle-sized companies was more severe due to delays in production caused by transport restrictions and strict lockdown. Furthermore, several residential end-users have stopped working or have lost their jobs and businesses. While many commercial end-users have closed their businesses during the pandemic. This further reduced the demand for smart meters among the end-users. However, over the long term, growth is likely to remain stable, as many of the countries gave permission for reopening manufacturing plants and have cut down travel restrictions. Additionally, the government policies to improve the economic conditions by offering several monetary and non-monetary packages are further expected to augment the market growth over the forecast period. Higher Convenience and Cost Effectiveness of WiFi Technology is Augmenting its Adoption in Smart Meters In terms of application, the smart meter market is segmented into commercial, residential, and industrial. The residential segment accounted for the largest share in the smart meters market in 2019. Several residential consumers have installed smart meters, while many newly constructed residential buildings come with preinstalled smart meters. Moreover, the increasing spending power and the growing popularity of the smart home trends are majorly driving the growth of the smart meters market globally. Additionally, the growing government support for promoting smart homes and smart meters acts as a motivating factor for consumers to adopt domestic meters that are used with smart grids. This, in turn, augments the adoption of smart grids in residences and provides customers with an easy interface to monitor their electricity use. These meters are responsible for significantly controlling the residential electricity consumption, while on the other hand offer the best opportunities for demand shifting. Need Assistance? Send an Enquiry@ https://www.infiniumglobalresearch.com/reports/customization/727 The Smart Meters Market is Anticipated to Witness Several Product Launches Over the Forecast Period The smart meter market is highly competitive and fragmented in nature. The market is characterized by the presence of several multinational and local players competing for market share. Honeywell, Landis+GYR, Itron, Siemens, Schneider Electric, Sensus (Xylem), Holley Technology, Badger Meter, Circutor, and Wasion are the major players in the global smart meter market. The key market players are focusing on strategies such as new product development and mergers, and acquisitions to remain competitive in the market. For instance, in January 2020 Landis+Gyr launched a next-generation electric meter with grid sensing technology. The Revelo metering platform enables utilities to create custom applications to transform operations on the grid and provide unique services to consumers. Moreover, Pietro Fiorentini Group acquired 100% of the shares of an Austrian company, Fiorentini Gastechnik July 2020. The acquisition of Fiorentini Gastechnik is anticipated to expand the presence of the Company in the Austrian market and seize the business opportunities in bordering countries. However, the market players are facing challenges of international operations, including changes in foreign regulations, regulatory compliance, and disruptions arising from political, legal, and economic instability. Infinium Global Research’s recent report on the global smart meters market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market. Asia-Pacific Region to Generate the Largest Revenue in the Smart Meters Market In terms of region, Asia-Pacific accounted for the largest share in the global smart meters market. Asia-Pacific is expected to grow at the fastest rate over the forecast period. The Asia-Pacific market is largely driven by the growing adoption of advanced technologies and the rise in internet penetration in developing nations, such as China, India, and Taiwan. Furthermore, the adoption of the smart grid and rapid urbanization with a significant rise in household spending augment the revenues in the smart meters market in the Asia-Pacific region. On the other hand, Europe holds the second-largest market share for the smart meters market. The major smart meters manufacturers present in the European regionis are expected to boost the market growth for the smart meters market in Europe. Browse Complete Report@ https://www.infiniumglobalresearch.com/energy-mining-infra/global-smart-meter-market Reasons to Buy this Report: => Comprehensive analysis of global as well as regional markets of the smart meter. => Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2027. => Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of product portfolio, revenue, SWOT analysis, and the latest developments of the company. => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify. As a community-building service, TMCnet allows user submitted content which is not always proofed by TMCnet editors. 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