U.S. Smart Meter Market size is Expected to Grow $7.69 billion by 2027 | Registering a CAGR of 10.47%

WILMINGTON, DELAWARE , UNITED STATES, October 22, 2023 /EINPresswire.com/ -- Allied Market Research published a report on the U.S. Smart Meter Market by Component and End Use: Opportunity Analysis and Industry Forecast, 2020-2027. 

The U.S. smart meter market size was $3.73 billion in 2019 and is projected to reach $7.69 billion by 2027, to register a CAGR of 10.47% during 2020 to 2027.

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Smart meter is next generation of gas, water, and electricity meter that measures how much gas, water, and electricity is being used. A smart water meter measures the water flow and also uses wireless communication to connect to local or wide area networks that allowing remote location monitoring and infrastructure maintenance through leak detection.

Smart meter shows digital meter reading and uses secure smart data network to automatically and wirelessly send readings to energy suppliers at least once a month, so accurate bills are received. In addition, smart meters also come with in-home display screen, which shows exactly how much energy is used in near real time.

Smart gas meters are electronic devices that measure gas flows and consumption of gas and provides information of how much gas has been consumed and its relevant costing. Smart gas meters are equipped with shock and leakage detection system increasing safety to a great extent. Smart gas meter installations help gas companies some major operational advantages including elimination of noting monthly reading manually, availability of real-time data, and continuous monitoring of pipeline.

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Competitive Analysis: 
The competitive environment of the U.S. smart meter industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, U.S. smart meter market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Some of the major key players of the U.S. smart meter industry include:
⦁ Itron Inc.
⦁ Landis+Gyr
⦁ Schneider Electric SA
⦁ Siemens AG
⦁ Badger Meter
⦁ Mueller Systems LLC
⦁ Aclara Technologies LLC
⦁ Neptune Technology Group Inc.
⦁ Sensus
⦁ Honeywell International Inc

Electric companies are enhancing resilience and operations of energy grid and gaining more detailed visibility into system operations that helps them to restore power more quickly or avoid outages. U.S. electric companies have installed 98 million smart meters in 2019, and are covering more than 70% of overall U.S. households. They also installing 107 million smart meters by the end of 2020.

The major factor that drives the U.S. smart meter market size includes development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure. However, high cost of installations of smart meters hamper the market growth of U.S. smart meters. In addition, developing smart city projects in U.S. are expected to provide opportunities for the U.S. smart meter market growth during the forecast period.

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Key Benefits for Stakeholders:
⦁ This study comprises analytical depiction of the U.S. smart meter market size along with current trends and future estimations to depict the imminent investment pockets.
⦁ The overall U.S. smart meter market analysis is determined to understand the profitable trends to gain a stronger foothold.
⦁ The report presents information related to key drivers, restraints, and U.S. smart meter market trends with a detailed impact analysis.
⦁ The current U.S. smart meter market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
⦁ Porter’s five forces analysis illustrates the potency of the buyers and the U.S. smart meter market share of key vendors.
⦁ The report includes the market trends and the market share of key vendors.

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