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    South Korea Smart Meters Market

    ID: MRFR/E&P/53028-HCR
    200 Pages
    Garvit Vyas
    September 2025

    South Korea Smart Meters Market Research Report: By Type (Electric Meters, Gas Meters, Water Meters), By Technology (Automatic Meter Reading (AMR), Advanced Metering Infrastructure (AMI)), By Component (Hardware, Software), By Communication (Radiofrequency, Power Line Communication, Cellular) andBy Application (Residential, Commercial, Industrial)- Forecast to 2035

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    South Korea Smart Meters Market Research Report — Global Forecast till 2035 Infographic
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    Table of Contents

    South Korea Smart Meters Market Summary

    The South Korea Smart Meters market is projected to grow significantly from 621.6 USD Million in 2024 to 1885.4 USD Million by 2035.

    Key Market Trends & Highlights

    South Korea Smart Meters Key Trends and Highlights

    • The market is expected to achieve a compound annual growth rate (CAGR) of 10.61 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 1885.4 USD Million, indicating robust growth potential.
    • In 2024, the market is valued at 621.6 USD Million, reflecting a strong foundation for future expansion.
    • Growing adoption of smart metering technology due to increasing energy efficiency regulations is a major market driver.

    Market Size & Forecast

    2024 Market Size 621.6 (USD Million)
    2035 Market Size 1885.4 (USD Million)
    CAGR (2025-2035) 10.61%

    Major Players

    Samsung Electronics, Korea Electric Power Corporation, Elster Group, GE Digital, LG Electronics, Hyundai Electronics, Hexing Electrical, Doosan Heavy Industries, Sensus, Schneider Electric, Honeywell, Itron, Landis+Gyr, Omron, Siemens

    South Korea Smart Meters Market Trends

    The South Korea Smart Meters Market is increasingly driven by the government's commitment to enhancing energy efficiency and promoting renewable energy sources. The South Korean government has implemented policies aimed at achieving a smart grid system, encouraging utility companies to adopt advanced metering infrastructure. This initiative is part of the broader Green New Deal, which aims to boost renewable energy usage. As a result, utilities are investing heavily in smart metering technology to provide better energy management and consumption insights.

    Public awareness regarding energy conservation is also increasing, pushing consumers to demand smart meters for real-time monitoring and control over their energy usage.Opportunities to be explored in South Korea include the integration of smart meters with Internet of Things (IoT) technology. 

    As more households and businesses adopt smart home devices, linking smart meters with these systems can enhance user experience by providing comprehensive energy consumption data. Additionally, the government’s push for electric vehicles creates potential for smart meters to integrate electric vehicle charging systems, promoting efficient energy distribution. There is also a growing interest from the commercial sector in leveraging smart meters for operational efficiency, facilitating investments from various industries.Recent trends indicate a significant rise in pilot projects exploring the practical applications of smart metering.

    Utilities are testing advanced data analytics to forecast demand and optimize energy distribution, which highlights a shift towards more sustainable energy practices in South Korea. Furthermore, partnerships between technology providers and utility companies are emerging, aiming to enhance the reliability and performance of smart metering infrastructure. These developments reflect a proactive approach to smart grid implementation, solidifying South Korea's position as a leader in adopting smart energy solutions.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    South Korea Smart Meters Market Drivers

    Market Segment Insights

    Smart Meters Market Type Insights

    Smart Meters Market Type Insights

    The South Korea Smart Meters Market has seen considerable growth due to increasing demand for advanced metering infrastructure and energy efficiency. Among the various types of smart meters, Electric Meters account for a substantial portion of the market as they enable utilities to monitor electricity consumption in real-time, reducing operational costs and enhancing grid reliability.

    The government of South Korea has set ambitious goals for energy efficiency and greenhouse gas emissions reduction, which has stimulated the adoption of electric meters across industries and residential areas alike.Gas Meters play an essential role in this ecosystem by providing precise measurement of natural gas consumption, supporting the transition to cleaner energy sources in line with the nation's commitment to environmental sustainability. 

    These gas meters not only help in accurately billing consumers but also enhance safety and leak detection, which are paramount in maintaining public safety. Water Meters, meanwhile, are instrumental in promoting water conservation efforts, especially in urban areas where water resource management is becoming increasingly critical.The integration of smart technology into water metering has allowed utilities to collect data efficiently while optimizing water usage through real-time monitoring. The South Korea Smart Meters Market segmentation highlights the necessity for utility providers to balance efficiency, accuracy, and consumer satisfaction, all while adhering to government regulations and sustainability goals.

    Overall, the diversification within the smart meter types illustrates a comprehensive approach toward modernizing energy and resource management in South Korea, paving the way for a more sustainable future.This ongoing evolution within the South Korea Smart Meters Market is expected to create numerous opportunities for growth, driven by technological advancements and a greater emphasis on smart city initiatives.

    Smart Meters Market Technology Insights

    Smart Meters Market Technology Insights

    The South Korea Smart Meters Market is significantly influenced by the Technology segment, particularly through Automatic Meter Reading (AMR) and Advanced Metering Infrastructure (AMI). AMR technology plays a crucial role in enabling utilities to collect data on energy consumption remotely, resulting in improved operational efficiency and reduced manual labor costs.

    This automated system has gained traction due to its ability to enhance accuracy in billing and provide real-time data to consumers, aligning with the country's push for energy efficiency and sustainability.Meanwhile, AMI technology extends the capabilities of AMR by integrating two-way communication between utilities and customers, allowing not only for data collection but also for demand response and advanced grid management. This interaction fosters consumer engagement in energy conservation efforts and supports the development of smart grids, which are pivotal to South Korea's energy strategy.

    The increased adoption of these technologies reflects a growing trend toward digital transformation in the electricity sector, highlighting the importance of these systems in achieving the nation's energy goals and managing the increasing demand for electricity.Overall, the evolution of the Technology segment within the South Korea Smart Meters Market is steering the industry towards a more connected and efficient future.

    Smart Meters Market Component Insights

    Smart Meters Market Component Insights

    The Component segment of the South Korea Smart Meters Market encompasses essential elements such as Hardware and Software, both of which play a crucial role in the overall performance and efficiency of smart metering solutions. Hardware, including advanced metering devices and communication modules, is vital for accurate data collection and transmission, facilitating real-time monitoring of energy consumption.

    This is particularly significant in a country like South Korea, where smart energy infrastructure is rapidly evolving, driven by government initiatives aimed at promoting energy efficiency and renewable energy use.On the other hand, Software is integral for data management and analytics, enabling utilities to optimize operations and enhance customer engagement through user-friendly interfaces. The growing emphasis on digitalization and smart grid technologies further establishes Software as a key driver of innovation within the market. Both components are essential for improving reliability and resilience in energy systems, aligning with South Korea's goals to create a sustainable energy environment.

    Collectively, these components not only support the transition towards smart meters but also contribute to the increasing demand for sophisticated energy management solutions.

    Smart Meters Market Communication Insights

    Smart Meters Market Communication Insights

    The Communication segment of the South Korea Smart Meters Market plays a crucial role in the overall infrastructure development aimed at enhancing energy efficiency and operational effectiveness. With technological advancements driving the demand for smart metering solutions, services like Radiofrequency, Power Line Communication, and Cellular have gained significant traction. Radiofrequency technology is valued for its ability to enable real-time data transmission and monitoring, which is critical for utility companies seeking to optimize energy distribution.Meanwhile, Power Line Communication, utilizing existing power lines for data transfer, offers a cost-effective and reliable alternative in environments where establishing new communications infrastructure may be challenging.

    Cellular communication provides the added benefit of widespread coverage and mobility, aligning with South Korea's push toward smart city initiatives. The convergence of these communication technologies is expected to enhance data accuracy and reporting capabilities, addressing consumer needs while supporting government policies focused on energy conservation and sustainability.Given South Korea's commitment to smart energy solutions, the Communication segment is poised for robust growth, contributing significantly to the overall modernization of the energy sector.

    Smart Meters Market Application Insights

    Smart Meters Market Application Insights

    The Application segment of the South Korea Smart Meters Market showcases significant potential across various domains, primarily focusing on Residential, Commercial, and Industrial usages. In Residential applications, smart meters enable homeowners to monitor energy consumption in real-time, enhancing energy efficiency and fostering cost savings, which is crucial as South Korea pushes toward sustainable energy solutions.

    The Commercial segment plays a vital role as businesses leverage smart meter technology to optimize energy management and reduce operational costs, aligning with government initiatives for energy conservation.Meanwhile, in the Industrial sector, smart meters facilitate precise energy monitoring, allowing industries to streamline operations and improve productivity, which is essential for South Korea's highly competitive manufacturing landscape. Overall, these applications not only support South Korea's commitment to smart energy infrastructure but also aim to address challenges like energy waste, thus fostering a more sustainable economy.

    The integration of Internet of Things (IoT) within these applications is a notable trend, providing advanced analytics and enhancing user engagement in energy management.

    Get more detailed insights about South Korea Smart Meters Market Research Report — Global Forecast till 2035

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    Regional Insights

    Key Players and Competitive Insights

    The South Korea Smart Meters Market has evolved significantly in recent years, driven by advancements in technology and an increasing focus on energy efficiency. As the demand for smarter and more sustainable energy solutions grows, various players contribute to a competitive environment where innovation and strategic partnerships play crucial roles. The market is characterized by intense competition among established players, startups, and international entrants, all striving to enhance their technological capabilities and broaden their market reach. Rising investments in smart grid technologies, coupled with supportive government initiatives, further intensify competition and create opportunities for growth.

    Overall, the interplay of regulatory frameworks, consumer behavior, and technological developments shapes the competitive landscape of the South Korean smart meters market.Samsung Electronics stands out in the South Korea Smart Meters Market due to its strong brand presence and technological expertise. Renowned for its cutting-edge electronics and smart technologies, Samsung leverages its innovations to enhance the efficiency and functionality of smart meters. 

    The company has focused on integrating the Internet of Things (IoT) into its meter solutions, allowing for real-time energy monitoring and management. This commitment to innovation positions Samsung as a formidable player in the market, especially given its substantial resources and investment capabilities. The company’s strong research and development infrastructure enables it to deliver high-quality products that meet the evolving demands of energy consumers in South Korea. Furthermore, Samsung's established distribution channels enhance its market presence, making it easier for the company to reach a wide customer base.

    Korea Electric Power Corporation holds a significant position in the South Korea Smart Meters Market, primarily due to its foundational role in electricity generation and distribution across the nation.

     The corporation has been actively involved in deploying smart metering solutions to improve grid management and energy efficiency for both residential and commercial users. Their key products encompass advanced metering infrastructure, which incorporates real-time data analytics capabilities to facilitate better energy consumption insights and customer service. The company also focuses on enhancing its operational capabilities through strategic partnerships and collaborative initiatives. Mergers and acquisitions in the past have further bolstered its operational capacity and expanded its technological base, allowing Korea Electric Power Corporation to maintain dominance in the market.

    The corporation's ongoing commitment to sustainable energy initiatives and smart grid developments ensures that it remains competitive and capable of addressing the dynamic needs of South Korea’s energy sector.

    Key Companies in the South Korea Smart Meters Market market include

    Industry Developments

    The South Korea Smart Meters Market has seen significant developments recently, particularly with notable advancements in the adoption of smart metering technologies. In October 2023, Korea Electric Power Corporation announced an initiative to upgrade infrastructure, aiming for enhanced energy management and consumer engagement. Companies such as Samsung Electronics and LG Electronics are actively involved in developing sophisticated metering solutions, contributing to the market's growth through technological innovation. In terms of mergers and acquisitions, Elster Group, part of Honeywell, has been expanding its presence in South Korea through strategic partnerships to improve its service offerings.

    Similarly, in March 2023, Itron completed a strategic acquisition aimed at bolstering its market position in smart grid solutions within the region. Market valuations have been positively impacted as these companies invest considerably in Research and Development, fostering a competitive atmosphere and pushing for regulatory support from the South Korean government to achieve sustainable energy goals. The market is expected to continue evolving, driven by advancements in IoT and data analytics, enhancing smart metering capabilities across multiple sectors.

    Market Segmentation

    Outlook

    • Residential
    • Commercial
    • Industrial
    •  
    • Beta

    Report Scope

     
    Report Attribute/Metric Source: Details
    MARKET SIZE 2023 621.6(USD Million)
    MARKET SIZE 2024 672.28(USD Million)
    MARKET SIZE 2035 1885.4(USD Million)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 9.828% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Million
    KEY COMPANIES PROFILED Samsung Electronics, Korea Electric Power Corporation, Elster Group, GE Digital, LG Electronics, Hyundai Electronics, Hexing Electrical, Doosan Heavy Industries, Sensus, Schneider Electric, Honeywell, Itron, Landis+Gyr, Omron, Siemens
    SEGMENTS COVERED Type, Technology, Component, Communication, Application
    KEY MARKET OPPORTUNITIES Increased energy efficiency adoption, Government smart grid initiatives, Integration with renewable energy sources, Rising demand for real-time data, Advanced IoT technology integration
    KEY MARKET DYNAMICS Advanced grid modernization initiatives, Increasing demand for energy efficiency, Government regulations and incentives, Rising adoption of IoT technology, Growing focus on renewable energy integration
    COUNTRIES COVERED South Korea

    Market Highlights

    Author
    Garvit Vyas
    Analyst

    Explore the profile of Garvit Vyas, one of our esteemed authors at Market Research Future, and access their expert research contributions in the field of market research and industry analysis

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    FAQs

    What is the expected market size of the South Korea Smart Meters Market in 2024?

    In 2024, the South Korea Smart Meters Market is expected to be valued at 672.28 million USD.

    What will be the projected market value of the South Korea Smart Meters Market by 2035?

    By 2035, the South Korea Smart Meters Market is anticipated to reach 1885.4 million USD.

    What is the expected compound annual growth rate (CAGR) for the South Korea Smart Meters Market from 2025 to 2035?

    The South Korea Smart Meters Market is expected to grow at a CAGR of 9.828% from 2025 to 2035.

    Which segment of the South Korea Smart Meters Market is projected to have the highest value in 2035?

    The Electric Meters segment is projected to have the highest value, estimated at 1000 million USD in 2035.

    What is the expected market size for Gas Meters in South Korea by 2035?

    The Gas Meters segment is expected to be valued at 600 million USD by 2035.

    What is the estimated market size for Water Meters in South Korea in 2024?

    The Water Meters segment is expected to reach approximately 92.28 million USD in 2024.

    Who are the major players in the South Korea Smart Meters Market?

    Major players in the market include Samsung Electronics, Korea Electric Power Corporation, and LG Electronics amongst others.

    What opportunities exist in the South Korea Smart Meters Market?

    The market presents opportunities for innovation in smart technologies and increasing demand for energy efficiency.

    How will the current global scenario influence the South Korea Smart Meters Market?

    The current global scenario could impact supply chain dynamics, affecting market pricing and product availability.

    What growth drivers are influencing the South Korea Smart Meters Market?

    Factors such as government initiatives for smart city development and demand for improved energy management are driving market growth.

    1. EXECUTIVE
    2. SUMMARY
    3. Market Overview
    4. Key Findings
    5. Market Segmentation
    6. Competitive Landscape
    7. Challenges and Opportunities
    8. Future Outlook
    9. MARKET INTRODUCTION
    10. Definition
    11. Scope of the study
    12. Research Objective
    13. Assumption
    14. Limitations
    15. RESEARCH
    16. METHODOLOGY
    17. Overview
    18. Data
    19. Mining
    20. Secondary Research
    21. Primary
    22. Research
    23. Primary Interviews and Information Gathering
    24. Process
    25. Breakdown of Primary Respondents
    26. Forecasting
    27. Model
    28. Market Size Estimation
    29. Bottom-Up
    30. Approach
    31. Top-Down Approach
    32. Data
    33. Triangulation
    34. Validation
    35. MARKET
    36. DYNAMICS
    37. Overview
    38. Drivers
    39. Restraints
    40. Opportunities
    41. MARKET FACTOR ANALYSIS
    42. Value chain Analysis
    43. Porter's
    44. Five Forces Analysis
    45. Bargaining Power of Suppliers
    46. Bargaining
    47. Power of Buyers
    48. Threat of New Entrants
    49. Threat
    50. of Substitutes
    51. Intensity of Rivalry
    52. COVID-19
    53. Impact Analysis
    54. Market Impact Analysis
    55. Regional
    56. Impact
    57. Opportunity and Threat Analysis
    58. South
    59. Korea Smart Meters Market, BY Type (USD Million)
    60. Electric
    61. Meters
    62. Gas Meters
    63. Water Meters
    64. South
    65. Korea Smart Meters Market, BY Technology (USD Million)
    66. Automatic
    67. Meter Reading (AMR)
    68. Advanced Metering Infrastructure
    69. (AMI)
    70. South Korea Smart Meters
    71. Market, BY Component (USD Million)
    72. Hardware
    73. Software
    74. South
    75. Korea Smart Meters Market, BY Communication (USD Million)
    76. Radiofrequency
    77. Power
    78. Line Communication
    79. Cellular
    80. South
    81. Korea Smart Meters Market, BY Application (USD Million)
    82. Residential
    83. Commercial
    84. Industrial
    85. Competitive Landscape
    86. Overview
    87. Competitive
    88. Analysis
    89. Market share Analysis
    90. Major
    91. Growth Strategy in the Smart Meters Market
    92. Competitive
    93. Benchmarking
    94. Leading Players in Terms of Number of Developments
    95. in the Smart Meters Market
    96. Key developments and growth
    97. strategies
    98. New Product Launch/Service Deployment
    99. Merger
    100. & Acquisitions
    101. Joint Ventures
    102. Major
    103. Players Financial Matrix
    104. Sales and Operating Income
    105. Major
    106. Players R&D Expenditure. 2023
    107. Company
    108. Profiles
    109. Samsung Electronics
    110. Financial
    111. Overview
    112. Products Offered
    113. Key
    114. Developments
    115. SWOT Analysis
    116. Key
    117. Strategies
    118. Korea Electric Power Corporation
    119. Financial
    120. Overview
    121. Products Offered
    122. Key
    123. Developments
    124. SWOT Analysis
    125. Key
    126. Strategies
    127. Elster Group
    128. Financial
    129. Overview
    130. Products Offered
    131. Key
    132. Developments
    133. SWOT Analysis
    134. Key
    135. Strategies
    136. GE Digital
    137. Financial
    138. Overview
    139. Products Offered
    140. Key
    141. Developments
    142. SWOT Analysis
    143. Key
    144. Strategies
    145. LG Electronics
    146. Financial
    147. Overview
    148. Products Offered
    149. Key
    150. Developments
    151. SWOT Analysis
    152. Key
    153. Strategies
    154. Hyundai Electronics
    155. Financial
    156. Overview
    157. Products Offered
    158. Key
    159. Developments
    160. SWOT Analysis
    161. Key
    162. Strategies
    163. Hexing Electrical
    164. Financial
    165. Overview
    166. Products Offered
    167. Key
    168. Developments
    169. SWOT Analysis
    170. Key
    171. Strategies
    172. Doosan Heavy Industries
    173. Financial
    174. Overview
    175. Products Offered
    176. Key
    177. Developments
    178. SWOT Analysis
    179. Key
    180. Strategies
    181. Sensus
    182. Financial
    183. Overview
    184. Products Offered
    185. Key
    186. Developments
    187. SWOT Analysis
    188. Key
    189. Strategies
    190. Schneider Electric
    191. Financial
    192. Overview
    193. Products Offered
    194. Key
    195. Developments
    196. SWOT Analysis
    197. Key
    198. Strategies
    199. Honeywell
    200. Financial
    201. Overview
    202. Products Offered
    203. Key
    204. Developments
    205. SWOT Analysis
    206. Key
    207. Strategies
    208. Itron
    209. Financial
    210. Overview
    211. Products Offered
    212. Key
    213. Developments
    214. SWOT Analysis
    215. Key
    216. Strategies
    217. Landis+Gyr
    218. Financial
    219. Overview
    220. Products Offered
    221. Key
    222. Developments
    223. SWOT Analysis
    224. Key
    225. Strategies
    226. Omron
    227. Financial
    228. Overview
    229. Products Offered
    230. Key
    231. Developments
    232. SWOT Analysis
    233. Key
    234. Strategies
    235. Siemens
    236. Financial
    237. Overview
    238. Products Offered
    239. Key
    240. Developments
    241. SWOT Analysis
    242. Key
    243. Strategies
    244. References
    245. Related
    246. Reports
    247. LIST
    248. OF ASSUMPTIONS
    249. South Korea Smart Meters Market SIZE ESTIMATES
    250. & FORECAST, BY TYPE, 2019-2035 (USD Billions)
    251. South
    252. Korea Smart Meters Market SIZE ESTIMATES & FORECAST, BY TECHNOLOGY, 2019-2035
    253. (USD Billions)
    254. South Korea Smart Meters Market SIZE ESTIMATES
    255. & FORECAST, BY COMPONENT, 2019-2035 (USD Billions)
    256. South
    257. Korea Smart Meters Market SIZE ESTIMATES & FORECAST, BY COMMUNICATION, 2019-2035
    258. (USD Billions)
    259. South Korea Smart Meters Market SIZE ESTIMATES
    260. & FORECAST, BY APPLICATION, 2019-2035 (USD Billions)
    261. PRODUCT
    262. LAUNCH/PRODUCT DEVELOPMENT/APPROVAL
    263. ACQUISITION/PARTNERSHIP
    264. LIST
    265. Of figures
    266. MARKET SYNOPSIS
    267. SOUTH
    268. KOREA SMART METERS MARKET ANALYSIS BY TYPE
    269. SOUTH KOREA
    270. SMART METERS MARKET ANALYSIS BY TECHNOLOGY
    271. SOUTH KOREA
    272. SMART METERS MARKET ANALYSIS BY COMPONENT
    273. SOUTH KOREA
    274. SMART METERS MARKET ANALYSIS BY COMMUNICATION
    275. SOUTH KOREA
    276. SMART METERS MARKET ANALYSIS BY APPLICATION
    277. KEY BUYING
    278. CRITERIA OF SMART METERS MARKET
    279. RESEARCH PROCESS OF MRFR
    280. DRO
    281. ANALYSIS OF SMART METERS MARKET
    282. DRIVERS IMPACT ANALYSIS:
    283. SMART METERS MARKET
    284. RESTRAINTS IMPACT ANALYSIS: SMART
    285. METERS MARKET
    286. SUPPLY / VALUE CHAIN: SMART METERS MARKET
    287. SMART
    288. METERS MARKET, BY TYPE, 2025 (% SHARE)
    289. SMART METERS MARKET,
    290. BY TYPE, 2019 TO 2035 (USD Billions)
    291. SMART METERS MARKET,
    292. BY TECHNOLOGY, 2025 (% SHARE)
    293. SMART METERS MARKET, BY
    294. TECHNOLOGY, 2019 TO 2035 (USD Billions)
    295. SMART METERS
    296. MARKET, BY COMPONENT, 2025 (% SHARE)
    297. SMART METERS MARKET,
    298. BY COMPONENT, 2019 TO 2035 (USD Billions)
    299. SMART METERS
    300. MARKET, BY COMMUNICATION, 2025 (% SHARE)
    301. SMART METERS
    302. MARKET, BY COMMUNICATION, 2019 TO 2035 (USD Billions)
    303. SMART
    304. METERS MARKET, BY APPLICATION, 2025 (% SHARE)
    305. SMART METERS
    306. MARKET, BY APPLICATION, 2019 TO 2035 (USD Billions)
    307. BENCHMARKING
    308. OF MAJOR COMPETITORS

    South Korea Smart Meters Market Segmentation

     

     

     

    • Smart Meters Market By Type (USD Million, 2019-2035)

      • Electric Meters
      • Gas Meters
      • Water Meters

     

    • Smart Meters Market By Technology (USD Million, 2019-2035)

      • Automatic Meter Reading (AMR)
      • Advanced Metering Infrastructure (AMI)

     

    • Smart Meters Market By Component (USD Million, 2019-2035)

      • Hardware
      • Software

     

    • Smart Meters Market By Communication (USD Million, 2019-2035)

      • Radiofrequency
      • Power Line Communication
      • Cellular

     

    • Smart Meters Market By Application (USD Million, 2019-2035)

      • Residential
      • Commercial
      • Industrial

     

     

     

     

     

     

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