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.
Furthermore, over the review period, emerging markets in the MEA region are predicted to be at the forefront of smart meters arrangement as a reliable source of energy supply & management. North America and Asia-Pacific (Specifically China) would be the topmost two market for smart metering solutions, due to proactive deployment of smart grid solutions around countries such as US, India and China.
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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