Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Smart Meters Market - Global Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Global Smart Meters Market is expected to grow at a rapid CAGR, owing to increased advancements in transmission and distribution infrastructure as well as increased investments in smart grid projects. Increasing government restrictions on the use of water, electricity, and gas along with increasing pressure to conserve natural resources are anticipated to have a positive impact on the global smart meters market over the course of the forecast period. 
An electronic device known as a smart meter records electric energy consumption at intervals of no more than an hour and transmits that data to the utility at least once per day for billing and monitoring purposes. Smart meters allow for bidirectional communication between the meter and the central system. Smart meters capture location-specific data, enable utilities to set different consumption rates depending on usage at different times of day and throughout the year. Smart Meters is designed to automatically charge customers when electricity generation is restricted for any reason and must be purchased from another generator company (genco).
Due to the rapid adoption of various technologies in environment, the need for power, or electricity, is currently growing exponentially. As a result, the need for quick power outages has been a concern for both developing and developed nations. The solution was inferred as buyers and individuals monitoring daily usage in respective locations.
Blackout and Utility failure driving the market of smart meters
Power systems are among the most complex systems and are crucial to modern life. The modernization, economic, political, and social aspects are all directly impacted. There are several control and protection techniques needed to operate such systems in a stable mode. Power systems still experience emergency and malfunctioning situations, even though modern systems are outfitted with several protection schemes designed to prevent unforeseen events and power outages.
Even a small portion of the system is in danger during the most serious emergencies. If the emergency is not handled properly, the power system is likely to experience cascading failures, potentially leading to a blackout. Thus, to avoid the blackout and utility failure there is a need for smart meters. Smart meters reduce power outages and restore time, and they are useful for both single and multiple events. Smart meter data can be used in mapping and analytical applications to ensure that the electrical maps in the OMS are accurate for the most precise predictions and to help prevent future power outages.
Increase in smart city projects
The demand for smart devices has been driven by the acceleration of cloud computing and analytics research as well as a boom in electronics innovation. The market for smart meters has expanded because of the increasing smart city initiatives being undertaken by governments around the world. The smart grid market has been driven by the expansion of remote power grid monitoring and control, which in turn has increased demand for meters.
Some of the government initiatives for the smart city are, in India development of 'Smart City Mission' initiative in 2015. The initiative received USD 28.31 million total investments in 2020, out of which 5,331 projects worth USD 24.31 billion were put out to bid. As of 2020, 2,122 projects totalling USD 4.83 billion dollars were finished, out of 4,540 projects with work orders totaling 19.33 million dollars.
High installation and deployment cost
The cost of installation and deployment for the new smart meters is high. The deployment is hampered by managing network loss and theft as well as the need to replace the outdated conventional metering infrastructure, which is expensive. Such scenarios result in a quick profit from mass rollouts. Problems such as the need for extensive worker training for installations, the need for cyber security, and a lack of consumer awareness all have a negative impact on the market.
Report Scope:
In this report, the Global Smart Meters Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Global Smart Meters Market, By Technology:
- Automatic Meter Reading (AMR)
- Advanced Metering Infrastructure (AMI)
Global Smart Meters Market, By Type:
- Electric
- Gas
- Water
Global Smart Meters Market, By Application:
- Industrial
- Commercial
- Residential
Global Smart Meters Market, By Region:
- North America
- United States
- Mexico
- Canada
- Asia-Pacific
- India
- Japan
- South Korea
- China
- Australia
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Peru
- Chile
- Middle East
- Saudi Arabia
- South Africa
- UAE
Companies Mentioned
- Landis+Gyr
- Itron, Inc.
- Elster Group GmbH
- Sensus USA Inc.
- Hubbell Incorporated
- Diehl Stiftung & Co. KG
- Emerson Process Management LLP
- Badger Meter, Inc.
- Flonidan A/S
- Schneider Electric SE
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $27.62 Billion |
| Forecasted Market Value (USD) by 2028 | $47.63 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/fc1tir
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