On a global scale, many countries are facing challenges to meet the growing demand for energy. Thus utilities are looking for innovative and efficient ways to manage generation, transmission and worldwide distribution of energy. Global smart meter market consists of digital electronic devices for measuring and two-way information sharing to manage and control power consumption by customers. Customers also have the advantage of tracking their energy consumption and billing through internet. Global smart meter market demand is more in residential areas as compared to commercial areas and electric smart meter is prominently used among the types of smart meters. Environmental concerns for reducing carbon and energy wastage and for regulating supply of energy, are major factors driving global smart meter market. Global smart meter market is anticipated to grow with a single digit compound annual growth rate during the forecast period.
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Smart Meter Market: Drivers & Restraints
The major driving factor for the growth of global smart meter market is government support and incentives, as utilities are initially reluctant to make huge investment in new technology without their support. Technological advancements such as smart grid development, infrastructure development, growing population and rise in economic developments are some of the other factors boosting the growth of global smart meter market. The successful deployment of global smart meter market is dependent on logistics which influences the delivery, installation and performance of smart meter. The health effects concerning wireless signals in smart meter, security concerns, regulatory constraints and stiff competition are some of the challenges faced by global smart meter market.
Smart Meter Market: Segmentation
On the basis of product type, global smart meter market can be segmented into following segments: