Yahoo Finance U.S. Smart Meter Market to Garner $7.69 Billion by 2027: Allied Market Research
Development of communication network infrastructure, high investment in digital electricity infrastructure, and several government initiatives have boosted the growth of the U.S. smart meter market. However, the industrial segment is projected to manifest the highest CAGR of 12.18% during the forecast period. The Covid-19 pandemic and followed lockdown resulted in supply chain disruption and a hike in raw material prices.
Portland.OR, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the U.S. smart meter market was accounted for $3.73 billion in 2019, and is estimated to reach $7.69 billion by 2027, growing at a CAGR of 10.47% from 2020 to 2027.
Development of communication network infrastructure, high investment in digital electricity infrastructure, and several government initiatives have boosted the growth of the U.S. smart meter market. However, high cost of installation of smart meters hinders the market growth. On the contrary, developing smart city projects is expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
The Covid-19 pandemic and the followed lockdown resulted in supply chain disruptions and a steep hike in raw material prices.
Moreover, several companies halted the production of smart meters to curb the spread of infection. The Covid-19 pandemic led to postponement of several smart meter projects across the world.
The U.S. smart meter market is segmented on the basis of component and end use.
Based on components, the product/solution segment held the largest share in 2019, accounting for nearly two-thirds of the market. However, the connectivity segment is estimated to portray the highest CAGR of 11.01% during the forecast period.
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Based on end use, the residential segment dominated the market in 2019, contributing to more than three-fifths of the market. However, the industrial segment is projected to manifest the highest CAGR of 12.18% during the forecast period.
The U.S. smart meter market report includes an in-depth analysis of the major market players such as Landis+Gyr, Itron Inc., Siemens AG, Schneider Electric SA, Mueller Systems LLC, Badger Meter, Neptune Technology Group Inc., Aclara Technologies LLC, Sensus, and Honeywell International Inc.
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