Published on : Oct 14, 2020
Depleting fossil fuels and increasing demand for energy by the increasing population are entailing government bodies to introduce highly efficient power management systems. Smart energy meter is a latest invention to regulate energy in various verticals, as per the requirement. This will result in rational distribution of power. At the same time, energy can be channelized into the right direction.
Smart energy meters are widely implemented in the residential sectors. It enables two-way real time communication between consumers and distribution companies (DISCOMs) using GPRS technology. The smart meters can efficiently manage water, gas, and electricity. Registering the range of application smart meters offer, the global smart energy meters market is likely to expand in coming years.
The newly added report “Global Smart Energy Meters Market Research Report 2020” in the repository of RMoz provides insights about various factors contributing to the growth of smart energy meters market in the coming years.
The market research report has specified the role of several drivers and trends in the expansion of smart energy meters market. Further, it talks of changes in the demand dynamics which might restrain growth of the market in upcoming years.
In addition, the market report also focuses on upcoming opportunities and competitive landscape of the global smart energy meters market.
Composed of 120 pages, the global smart energy meters market report is presented in a chapter-wise format. Each chapter discusses different aspects of the market. The report includes an exhaustive array of graphs and pictorial representations to depict growth trends.
The preparation of the report involved an extensive research phase. Analysts reached out to experts and researchers involved in clean energy production using wind to analyze different dimensions that would shape the global smart energy meters market in the course of forecast period.
Smart Energy Meters Facilitate Two Way Energy Management
Rising energy prices, increasing water stress, aging water systems, and growing demand for energy are necessitating the implementation of smart meters. Smart energy meters are assisting the end-users to monitor energy consumption. Use of smart energy meter facilitates regulation of energy usage on the basis of tariff rates. Apart from measuring energy consumption, smart meters enable the user to detect fault, report the issue, and analyze consumption of energy in standard unit on daily basis. As a result, consumer can check energy consumed at any point in time and undertake measures to reduce the consumption. Such benefits have gained traction of both energy providers and end-users.
Owing to aforementioned factors, adoption rate of smart energy meters has increased significantly. This, in turn, is anticipated to fuel the expansion of smart energy meters market.
Further, trend of smart homes is propelling growth of global smart energy meters market. With change in lifestyle, people are preferring smart energy meters over the conventional ones. The meters aid in regulation of energy as per the requirement, and help users prevent the wastage.
Lack of Subsidy for Smart Meter Installation May Restrain Growth of Market
Installation of smart energy meters is quite an expensive affair, for both end users and energy providers. Also, there is no funding or subsidies available from governments. Hence, utilities are reluctant to switch to smart meters. As a result, instead of deploying smart meters, both consumers and providers are using analogue, electro-mechanical, or electronic meter. High deployment cost is likely to affect the growth of smart meter market in coming years.
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However, smart meters are penetrating in industrial sector. It helps substantially in optimization of energy. The segment is projected to enhance market growth in the coming years.
The smart energy meters market is highly fragmented one due to presence of various small and regional players. Some of the prominent players present in the global smart energy meters market are Jiangsu Linyang, Honeywell, Itron, GE Energy, S&T, Elster Group, Aclara Technologies, Landis + Gyr, Wasion, ABB, Echelon, Siemens, Kamstrup, Schneider, and Sensus USA.