Smart meters are the electronic devices that truthfully monitor gas, electricity and water utilization. Such smart meters can send utilization information through the power line communication, radiofrequency electromagnetic radiation (RF), and the cellular communication, assisting the utility entity to proficiently maintain the energy utilization. Smart meters can proficiently transfer the information to the consumer for higher clarity of consumption behaviour, and electricity suppliers for system observing and customer billing.
According to the report analysis, ‘Smart Meter Market: Current Analysis and Forecast
(2021-2027)’ states that power and utility industry is witnessing
a technological shift, as the entire demand for traditional metering systems is
disappearing away and a enormous shift toward the digital technologies such as
smart meters is taking the center stage. Smart metering solutions have determined
to be a boon to customers who get a freedom of monitoring and adaptable their
power usage. Smart meter rollouts, is principally driven by governmental assistance
and subsidies, are is further propelled by the growing requirement for advanced
billing accuracy and curb non-technical losses. Europe has emerged as a foremost
hub for smart meter, delivering the ample growth opportunities for the
manufacturers, as smart metering is mandatory around the UK and around Europe.
Based on technology the global smart meter market is classified
into Automated Meter Reading (AMR) and Advanced Metering Infrastructure (AMI).
Currently, Automated Meter Reading (AMR) segment register the market and is predicted
to maintain its dominance throughout the forecast period. Based on type the
global smart meter market is classified into Smart Electric Meter, Smart Gas
Meter, Smart Water Mater. During 2020, Smart Electric Meter segment registered
the market.
Based on communication technology the market is classified into
Power line communication, Radiofrequency electromagnetic radiation (RF),
Cellular communication. Based on component, the market is categorized into
Hardware and software component. Hardware segment registered the market during
2020. Furthermore, Smart Meter manufactures are aiming more on decreasing the
hardware component with high level of system integration and streamlining
design, this would further quicken the market growth.
Based on end-user the market is categorized into residential,
commercial and industrial end-users. Currently residential sector dominates the
market and is projected to manage its dominance during the reviewed period.
Developing regions in the North America and European region are deploying Smart
Meter on large scale in the households, this would further propel the market
for residential Smart Meter. Countless grid operators and several other
gas utility and water utility providers are proficiently managing the requirement
for smart meters. However, countless benefits proposed by the smart meter
market such as automatic meter reading and bill generation are further projected
to underwrite toward the growth of the smart meter industry. Therefore, in the
near years, it is predicted that the market of smart meter will increase around
the globe more actively over the coming future.
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