The overall cost for the installation and operation of smart meters is very high. One of the major restraints in the deployment of smart meters is the gap between the cost-bearing party and the potential beneficiary, vis-à-vis what would the overall cost be and who would bear it. Restraint: High initial investment acting as a restraint for growth in developing economis Such crucial benefits offered by smart electric meters over the conventional meters have attracted the attention of governments and end-users and thus driven the adoption of smart electric meters over the years. All these allow a reduction in consumption of electricity during peak time as customers can observe, calculate, and analyze their usage to reduce the energy consumption during peak hours, thereby effectively managing energy costs. Hence, a customer can access their energy consumption data anytime and take suitable measures to cut down energy costs. Smart meters can also assist in voltage & power quality monitoring and collection & storage of real-time data in the central system. Smart electric meters are intelligent devices, which measure the electrical consumption along with remote meter connection and disconnection, fault detection, reporting, and analysis of the consumed electricity in units on a day-to-day basis. Smart electric meters can assist the end-users to monitor its electricity consumption data, and thus customize their usage based on the electricity tariff rates. Market Dynamics Driver: Improved cost saving owing to the use of smart meters make a definitive case for adoption China accounts for the largest share owing to the large-scale rollout plans the country accounted for the highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for smart electric meters. The rise in investments in smart grid technologies and smart cities, the increase in the number of data centers, and a surge in IT hubs and commercial institutions drive the smart electric meter market in the region.
Asia Pacific is the most-populated region in the world and consequently witnesses a high demand for electricity. Asia Pacific is expected to be the largest smart electric meter market, by region, during the forecast period. In this report, the smart electric meter market has been analyzed with respect to 6 regions, namely, Asia Pacific, North America, Europe, Latin America, the Middle East, and Africa. The premium price for the three-phase meters over the single-phase meters and the growth in the number of industries and commercial facilities drive the installations of the three-phase smart electric meters.Īsia Pacific: Key market for the smart electric meter market during the forecast period Three-phase meters are mostly used in industrial applications and in large commercial applications. The three-phase segment is the fastest-growing market during the forecast period and is projected to dominate the market during the forecast period.
The three-phase segment is expected to grow at the fastest pace in the smart electric meter market, by phase, during the forecast period. The widespread use of sophisticated electrical, electronic, and data equipment is driven by the growing importance of power management solutions also driving the smart electric meter market. The installation of smart electric meters in residential places would help in reducing the dependence on fossil fuels, as the smart electric meters can assist the consumers to monitor, regularize, and reduce their consumptions from the grid, and generators, and further integrate their consumptions from renewable energy sources such as solar installations. The residential segment of the global smart electric meter market is expected to hold the largest market share and grow at the second-fastest pace during the forecast period. The residential segment is expected to hold the largest share of the smart electric meter market, by end-user, during the forecast period. The market is set to witness growth due to the increased need for efficient data monitoring systems coupled with favorable government policies for smart meter rollout, improved cost savings owing to the use of smart meters making it a definitive case for adoption, and increasing emphasis on renewable energy sources globally. MarketsandMarkets forecasts the Smart Electric Meter Market is projected to reach USD 11.33 billion by 2023, from an estimated USD 9.06 billion in 2017, at a CAGR of 4.11%.
0 kommentar(er)
