smart meters market

1. 2022 Installation of Smart Meters Improving Billing Accuracy

2. Smart meters are being installed to improve billing accuracy in the service sector, in places such as data centers, government buildings, and private offices. These smart and efficient monitoring and control devices support a bi-directional flow of information. Smart meters are installed on the premises of end users to gather information on the amount of electricity used by all appliances, at regular intervals, through a local area network (LAN). Further, the data from individual meters is collected by local data aggregators using neighborhood area networks (NANs). Hereafter, the data is transmitted to the utility center via a wide area network (WAN). Additionally, the demand for smart meters will be propelled by the government initiatives aimed at improving the smart grid infrastructure. Several governments have laid down policies to mandate the adoption of smart meters under their clean energy initiatives. This factor will increase the revenue of the smart meters market from $13.1 billion in 2019 to $20.0 billion in 2030. The market is projected to showcase a CAGR of 4.9% during the forecast period (2020–2030). Governments and other jurisdictive organizations worldwide are encouraging the deployment of smart electricity meters, as they assist in fraud detection, energy saving, and peak consumption knowledge. Additionally, the demand for smart water meters will increase due to the rising awareness regarding the depleting water sources and importance of accuracy in meter readings. Smart water meters help consumers in optimizing their water usage, by tracking the consumption of water, monitoring pressure, wastage, and leakage with the help of inbuilt, sensors and carry out data analysis. The offering segment of the smart meters market is bifurcated into hardware and software. During the forecast period, the software bifurcation is expected to display the faster growth due to the increasing adoption of software to identify anomalies in utility consumption patterns and ensure accurate billing. Smart meters primarily use two types of software — meter data management (MDM) and head-end software (HES). MDM is a storage platform for smart meters, whereas HES is employed for data collection. Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/smart-meters-market/report-sample Smart meters are mostly installed in residential units, such as individual houses and suburban/urban apartments, as these devices enable fraud detection, energy saving, and prepayment. With the surging deployment of smart meters in residential units, the demand for extra energy from fossil fuel plants is declining. The installation of smart meters also reflects consumers’ focus on saving energy during periods of peak-time demand. Moreover, smart meters also find application at industrial plants, water utilities, and commercial facilities to conserve resources and improve accuracy in reading and billing.

3. During the forecast period, the Asia-Pacific (APAC) region is expected to display the fastest growth in the global smart meters market. This can be ascribed to the increasing government expenditure on the deployment of smart meters, rising number of regulations in this regard, and expanding smart grid infrastructure. Among APAC nations, China is expected to be the largest contributor to the revenue of the regional market. China, under its five-year nationwide plan to upgrade the grid infrastructure, plans to install a large number of smart meters at utilities. Thus, the increasing focus on improving the smart grid system and enhancing accuracy in monitoring and billing will lead to the large-scale installation of smart meters.

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