smart meters market

1
2022
Installation of Smart Meters Improving Billing
Accuracy
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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 (20202030).   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/s
mart-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.  
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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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