Market Size of North America Smart Meters Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 11.20 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Smart Meters Market Analysis
The North American smart meters market is expected to register a CAGR of 11.2% during the forecast period (2022-2027). Due to the COVID-19 pandemic, the smart metering market witnessed growth. It enables real-time energy consumption and bi-directional communication with energy suppliers for accurate billing and analysis without physically accessing the meter. North America's smart meter market is expected to grow significantly due to government incentives and support, growth of smart grids, energy transition, and demand for higher energy quality. However, the high installation cost involved compared to a conventional meter is likely to hinder the market's growth during the forecast period.
- The smart electricity meter segment is expected to be the fastest-growing in North America due to the increasing adoption of renewable energy and government support to convert grids into smart grids.
- As the adoption of electric vehicles increases in North America in the future, the adoption of smart meters will increase as they facilitate customers to charge their EV in off-peak times and save them a significant amount of money, thus creating an opportunity for the smart meters market.
- The United States is expected to be the fastest-growing geographical segment due to the high population density, electricity, water, and consumption among industries, residents, and commercial buildings.
