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The global smart meter market size was $21.13 billion in 2019 and is projected to reach $39. 20 billion by 2027, to register a CAGR of 8. 80% during the forecast period.
A smart meter is a digital meter that replaces old analog meters, which are used in homes to record electrical usage. These digital meters can transmit energy consumption information to the utility in frequent intervals, and can monitor consumption more precisely. Smart meter uses wireless networks similar to mobile phone networks, to send data directly to particular energy supplier to know about how much gas and electricity is being used.