Los Angeles, December 13, 2019 – QY Research recently added a new report about the North and South America electric smart meter. The report discusses the future of this market comprehensively. According to the analysts, the North and South America electric smart meter market is expected to be worth US$2152.3 mn in 2025 from US$1490.95 mn in 2018. During the forecast years of 2019 to 2025, the market is projected to surge at a CAGR of 5.72% as the world tilts its attention toward energy savings.
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Efficient Energy Consumption to Boost Adoption of Electric Smart Meters
The demand for electric smart meters is expected to soar in the coming years as there is growing awareness about demand for efficient data monitoring. These meters are making a case for themselves as global population is looking at investing in renewable energy sources. Government policies and construction of new buildings, both residential and commercial, are expected to boost the demand for electric smart meters across North and South America. The transparency in bill generation is yet another factor that is expected to push the market in the upward direction. These meters also enable assessment of information pertaining to electricity consumption with real-time data feed, creating an opportunity for conscious consumption.
Three-phase Smart Meters to Gain Momentum as Commercial Buildings Grow in Number
The types of electric smart meter available in the North and South America market are single-phase smart meter and three-phase smart meter. The research report states that the three-phase smart meter segment is expected to dominate the market as these are commonly used in commercial buildings. Tackling overconsumption of electricity is expected to drive the segment’s growth over the forecast period.
Residential Buildings Remain Key End Users
The applications of electric smart meters are seen in residential, commercial, and industrial areas. Out of these, analysts predict that the residential segment will grow at a fast pace. Increasing number of construction projects focussing on building greener buildings for sustainable living. The effort to reduce dependency on fossil fuels by focussing on consumption has accelerated the adoption of electric smart meters across North and South America.
Some of the key players operating in the North and South America electric smart meter market are Landis+Gyr, Itron, Honeywell Elster, Aclara Technologies (GE Meter), ELO Sistemas Eletronicos, Sensus, IUSA, Siemens, Nansen, and S&T AG. Itron, a leading player in the market, expanded its product portfolio. In January 2017, the company added a new grid connectivity aimed at enabling utilities to improve grid performance. Such efforts are expected to help companies combat competition during the forecast years.
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