Globalization has made the supply chains all over the world extremely interconnected. As a result, the lockdowns initiated in several countries for controlling the spread of the COVID-19 infection have massively disrupted the global supply chains. Moreover, the lack of availability of raw materials is severely hampering the progress of the appliance manufacturing and electric component sectors across the world.

Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/smart-meters-market/report-sample

These disruptions in the supply chain are affecting the manufacturing of the components used in smart meters such as sensors, displays, processors, and switches. China is one of the biggest suppliers of hardware components and raw materials, required for smart meters, but because of the pandemic and the supply chain disruptions, the country is not able to ship the necessary raw materials.

This is causing a massive decline in the sales of smart meters throughout the world. Under the meter type segment of the smart meters market, the water meter category is predicted to exhibit the highest growth rate in the coming years. This is ascribed to the rising usage of water meters by consumers for keeping track of their water consumption and monitoring pressure, wastage, and leakage with the help of the integrated sensors and carrying out data analysis for optimizing the water usage.

Furthermore, the growing public awareness about the reducing water sources and the necessity of accurate meter readings is massively pushing up the utilization of smart meters across the globe. Globally, the smart meters market would demonstrate the highest growth in the Asia-Pacific (APAC) region in the upcoming years, primarily because of the increasing enactment of favorable government regulations regarding the usage of smart meters in various regional countries.

For example, in China, as part of the five-year countrywide plan to upgrade and modernize the grid infrastructure, the utilities organizations are installing numerous smart meters. Other countries in the APAC region have also realized the need to upgrade their grid infrastructure and make it in line with the international standards, which would, in turn, help them improve the revenue collection procedure of utilities and address the various energy challenges.