The adoption of efficient and smart control and monitoring devices to increase the accuracy of billing in the service sector has become a key trend in the smart meters market. For instance, the Energy Efficiency Services Limited (EESL), an energy service company under the government of India, propounded that states having smart meters witnessed an average rise of around 25% in billing, as compared to the states working with traditional meters.

This is expected to drive the demand for smart meters. Categories under the smart meters market include water meter, gas meter, and electric meter. Among these, the electric meter category dominated the market during the historical period (2014–2019), due to the constant encouragement from various governments and jurisdictive bodies to install smart electric meters. These meters offer benefits such as fraud detection, peak consumption knowledge, and energy saving.

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Whereas, the water meter category is expected to register the fastest growth in the forecast years, due to the surging awareness regarding depleting water sources and importance of precise meter readings. Geographically, Asia-Pacific (APAC) generates the highest revenue in the industry and it is also expected to demonstrate the fastest growth throughout the forecast period.

This is attributed to the supportive government initiatives in APAC countries for the adoption of such meters. These nations have realized the need to upgrade their grid network by matching the international standards to improve the utility revenue collection process and address energy challenges. For example, China continues to install a considerable number of smart meters as a part of its five-year nationwide plan to improve the grid infrastructure.

Thus, the growing awareness regarding energy conservation and improved billing accuracy will boost the market growth in the foreseeable future.