Depending on meter type, the market is divided into water meter, gas meter, and electric meter. Out of these, the water meter category is predicted to exhibit the fastest growth in the market in the forthcoming years. This will be because of the growing adoption of water meters in several countries for monitoring water consumption and tracking leakage, wastage, and pressure with the help of various inbuilt sensors and carrying out data analysis for optimizing the water usage.
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Globally, the smart meters industry is predicted to demonstrate the highest growth in the Asia-Pacific (APAC) region in the upcoming years. This will be a result of the implementation of favorable government initiatives and regulations in many regional countries regarding the deployment of these devices. For example, in China, utilities are rapidly installing smart meters as part of the five-year countrywide plan for upgrading the existing grid infrastructure in the country.
Therefore, it can be said with full surety that the market will exhibit huge expansion all over the world in the forthcoming years, primarily because of the growing usage of smart meters in various residential units and the utilities sector in many countries.
