Published Date : Jul 19, 2016
The installation of smart meters is the common first step employed by several utilities in the bid to develop smart grid solutions. The deployment of smart meters is valuable across the entire value chain. Nevertheless, utilities are focused on obtaining different advantages from the deployment of smart meters.
Smart meters offer a host of benefits, thus are receiving endorsement from government bodies for their increased deployment. In many parts of the world, governments are undertaking initiatives for the rollout of smart meters in the forthcoming years. This is because smart meters determine energy consumption accurately and they also allow meter reading remotely and fraud detection.
There are several reasons that are driving the growth of the smart meters market. First and foremost, depleting fossil fuels and rising dependence on renewable energy sources is necessitating the deployment of smart meters. This is because smart meters are equipped to keep a check on energy consumption and measure it in real-time. Moreover, smart meters are equipped to handle and to compensate for unforeseen electricity outages, which in turn, aids to improve customer satisfaction translating into increased profitability for utility companies.
In Asia Pacific, the rising impact of regulatory factors pertaining to smart meters holds promising for the installation of these devices. In addition, the rising electricity demand due to increasing economic growth and the high degree of efficiency of smart meters is aiding their installation in this region. Particularly, in China, substantial efforts for upgrading meters, distribution networks, and transmission systems is driving the growth of the smart meters market. The Middle East and Africa and Latin America display tremendous potential for the deployment of smart meters. The increasing economic development in these regions is leading to an increased adoption of advanced technology to ensure energy security in the future.
The rising installation of smart grids and increasing demand for hi-tech metering mechanism are some significant global trends that are providing impetus to the growth of the smart meters market. This is because smart meters provide two-way communication between the utility company and the meter, real-time data feeds, enhanced accuracy, monitoring of power quality, and automated outage detection.