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Global Smart Meters Market to Reach $27.8 Billion by 2026SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Meters - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry ABSTRACT- Global Smart Meters Market to Reach $27.8 Billion by 2026 Amid the COVID-19 crisis, the global market for Smart Meters estimated at $19.26 Billion in the year 2020, is projected to reach a revised sizeof $27.8 Billion by 2026, growing at a CAGR of 6.5% over the analysis period. Water Meters, one of the segments analyzed in the report, is projected to record a 7.7% CAGR and reach $4.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Gas Meters segment is readjusted to a revised 5.7% CAGR for the next 7-year period. The U.S. Market is Estimated at $3.3 Billion in 2021, While China is Forecast to Reach $10.1 Billion by 2026 The market is witnessing growth driven by increasing focus on energy efficiency, favorable government policies and critical role of smart meters in enabling reliable power grids. The global smart meters market is bolstered by government mandates and initiatives to promote installation of these devices in commercial and residential settings. These initiatives are also intended to raise user awareness about efficient and smart usage of electricity through these meters. Environment and energy policies and legislations across countries like the US, Japan and South Korea focus on 100% penetration of these meters. Smart meters also facilitate continuous migration towards renewable energy that often results in supply issues. These devices allow forecast of energy usage during peak hours for supply-related adjustments. The market growth is augmented by increasing focus on smart cities and smart grids, requiring utilities to push distribution efficiency. Global deployment of smart meters is favored by increasing digitalization to transform the power sector. Companies are leveraging information & communication technology and Internet of Things (IoT) to connect variable sources of energy like wind and solar PV to power grid. These approaches result in sustainable and robust grids, and facilitate retrofitting of the existing infrastructure with new equipment for improving performance, reducing redundancies and pushing bottom lines. Energy utilities exploiting these emerging technologies are deploying smart meters to ensure efficient supply and tap monetization opportunities. These companies use data and analytical platforms along with AI (artificial intelligence) and machine learning to enhance energy efficiency, timely remediate issues, push reliability and improve consumer experience. Smart meters are also finding adoption to manage generation, distribution and transmission of electricity. In addition, mounting pressure conserve natural resources along with government regulations pertaining to the use of electricity, water and gas are anticipated to present a perfect ground for overall expansion of the global market. Smart meters are expected to gain from environment concerns and ongoing efforts to curb carbon emission and reduce energy waste. By Communication Type, Cellular Segment to Reach $13.1 Billion by 2026 MarketGlass™ Platform Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android About Global Industry Analysts, Inc. & StrategyR™ CONTACTS: LINKS Connect With Us on LinkedIn Follow Us on Twitter Journalists & Media
SOURCE Global Industry Analysts, Inc. 
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