Smart metering solutions encompass of meters or modules either with one-way or two-way communication capabilities that are embedded within the meter. Smart electricity meters are used for collecting and storage of data that is obtained from the meters and this data is transmitted to power line carriers, handheld computers, telephone, mobile units and cellular. Smart electricity meters simplify the in-line communication of electricity suppliers while eliminating the manual intervention in meter readings. These smart electricity meters provides accurate real time data of energy consumption to the consumers and also consumers for selecting tariff plans tailored to fit their energy consumption. Installation of smart electricity meters in the residential building and construction sector will help to reduce the greenhouse gas emission by saving energy. The smart electricity meters helps in digital transformation, is also ensures energy optimization and utilizes renewable recourse across various energy sectors.
Smart Electricity Meters Market: Key Players
The research study includes profiles of leading companies operating in the global mart electricity meters market. Key players profiled in the report include: Itron, GE Energy Company, Landis+Gyr (Toshiba Corporation), Schneider, Siemens, Honeywell, Jiangsu Linyang, Wasion, Aclara Technologies and Iskraemeco.
Drivers for the Global Smart Electricity Meters Market:
Rise in the adoption of Smart meters as an intelligent devices, which has remote meter connection and disconnection as well as measures the electrical consumption, it is used for fault detection, analysis and reporting of the consumed electricity are some of the major that are driving the growth of the global smart electricity meters market. Along with this, smart electric meters helps in energy consumption whereas increase the importance of renewable energy sources which enhance the growth of the global smart electricity meters market. In addition to this, additional benefits of smart meters are like greater security against electricity theft and efficient energy management are some of the factors that drives the growth of the global smart electricity meters market.
Opportunities for the Global Smart Electricity Meters Market:
Increase in need for efficient data monitoring systems is one of the major factor that will drive the growth of the global smart electricity meters market in the forecast period. Along with this, favorable government policies for improved cost savings and smart meter rollout which force to the use of smart meters that will helps to rise in the adoption renewable energy sources is another factor that will boost the growth of the global smart electricity meters market in the forecast period. In addition to this, the implementation of a smart grid in its initial stages to develop the requisite advanced infrastructure will also drive the growth of the global smart electricity meters market in the forecast period.
Restrains for the Global Smart Electricity Meters Market:
Due to high installation and operation cost of the smart meters and deployment of smart meters is also high capital-intensive for various consumers and utilities are some of the major factor that is restraining the growth of the global smart electricity meters market. Along with this, most of the countries does not provides support and funding for deployment of new technology and hence are still using traditional analogue meters, is also another factor that is hampering the growth of the global smart electricity meters market.
Region Wise, Global Smart Electricity Meters Market Analysis:
On the basis of region, the AIOps market is segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific held the largest share in the market because of the rise in investments in smart cities and smart grid technologies, surge in IT hubs and commercial institutions and increase in the number of data centers. North America is also having maximum share in the global smart electricity meters market followed by the European countries.
Global Smart Electricity Meters Market: Product analysis
- Radio Frequency
- Power Line Communication
Global Smart Electricity Meters Market: Application analysis
Global Smart Electricity Meters Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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