The North American smart meters market is projected to grow at a CAGR of 5.6% during the forecast period. The market is mainly driven due to the significant adoption of the smart utility infrastructure in the US and Canada. Moreover, the government of Canada has enforced strict regulations and legislative mandates in order to preserve power and gas resources. Thus, the presence of these utilities in Canada is offering significant opportunities for market growth in Canada.
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Further, the smart gas meter industry is growing owing to the rising ‘Smart City’ projects and funding for smart gas supply solutions. For instance, in 2019, Infrastructure Canada provided $50 million in funds to Montreal for encouraging smart city plan. Additionally, IoT can support the installation of smart utilities with better safety and improved productivity.
The installation of the smart meters overcome the requirement for the physical presence of the personnel to check the reading on the meter, the data from a smart meter is transmitted to the utility department, which can take action based on the energy being consumed by a user and act accordingly. This reduced dependency on labor and time can save certain costs, indirectly affecting the utility revenue. Therefore, the growing demand for smart meters to overcome the replacement cost of the traditional meter will drive the growth of the smart meters market in the region.
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Market Coverage
- Study Period- 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segments Covered- By Product Type, by Technology, and by Application
- Regions Covered- US and Canada
- Key Companies Profiled- Aclara Technologies LLC, Eaton Corp., Honeywell International, Inc., Landis+Gyr AG, Schneider Electric SE, Itron Inc., and others
Key questions addressed by the report
- What is the market growth rate during the forecast period?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market during the forecast period?
- How COVID-19 will impact the market growth in 2020 and the coming years?
- Recovery Timeline
- Deviation from the pre-COVID-19 forecast
- Most affected region/segment
- Recommendations
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
North American Smart Meters Market – Segmentation
By Product Type
- Smart Gas Meters
- Smart Electric Meters
- Smart Water Maters
By Technology
- Advanced Metering Infrastructure (AMI)
- Automated Meter Reading (AMR)
By Application
- Residential
- Commercial
- Industrial
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