Tokyo, June 08, 2022 (GLOBE NEWSWIRE) — The global smart meters market was valued at US$ 28.03 billion in 2021. The global smart meters market is expected to develop due to increasing government spending in infrastructure projects over the forecast period. Growing government initiatives are another element driving the growth of the global smart meter market.
For commercial, residential, and industrial purposes, smart meters are widely used in both developing and developed countries. In the following years, it is predicted that 148 million smart meters would be placed globally. However, concerns such as rising maintenance and installation costs are posing a significant obstacle to the worldwide smart meter market’s expansion. The rising need for energy and power, on the other hand, is creating profitable chances for the worldwide smart meter market to develop.
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Report Highlights
- By product, smart electricity meters segment holds the largest market share in the global smart meters market. The rise of the smart electricity meter industry is being aided by rising urbanization. The segment’s rise is also being fueled by the expanding number of smarty city initiatives. As a result, the smart meters market is rapidly expanding.
- By end user, residential segment holds the largest market share in the global smart meters market. Due to rising energy usage, the demand for smart meters is…
