A smart meter is an electronic device that sends meter readings digitally to energy supplier. This smart meters can be used for reading electricity and how much gas has been used with more accuracy. For understanding the exact energy usage this smart meter offers a display for better understanding. They are the type of meters which are useful as a replacement for the standard meters in which the individual has to check their readings on monthly basis.
National communication networks are used in the smart meters for enabling the automatic meter readings and sending services to the service provider. Some smart meter offers an in-home display which is able to give real time energy usage information with cost and kilo watt per hour used. Some smart meters are also used as a radiofrequency electromagnetic radiation which is helpful in sending monitored energy usage to service provider. These smart meters offer various advantages such as removing waste data from billing, reducing meter reading cost, and avoiding disconnecting and re-connecting costs to users and corporations.
Support from government bodies coupled with financial incentives are the reasons for growing the global smart meter market. Increasing industrialization in urban areas, demand for accurate energy reading, and huge adoption of smart meters in various industries are boosting growth of production of smart meters. Moreover, various key players are continuously trying to fulfil the demand for power will generate huge opportunities for key vendors of global smart meter market.
However, high installation and maintenance cost of these smart meters are expected to reduce the sales of smart meters. Making people aware about usage of these smart meters and convince them to replace smart meter with traditional meter is a challenge for key players. Further, lack of skilled persons for proper installation of these smart meter is hampering the market growth.
The global smart meter market is divided into type, application and region. By type the market is separated into single-phase smart meter and three phase smart meter. Among single and three phase smart meter, three-phase smart meter is accounted for largest share in terms of revenue. Three-phase smart meter is mostly used in the various industries and single-phase smart meter is used in various residential areas and increasing industrialization in urban areas is the driving the market growth. By application the target market is divided into residential application, commercial application, and industrial application. Among application type, the industrial application type is expected to dominate the market. The reason behind this growing demand of smart meters in developed regions.
Further, by region the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is registered for highest sale and revenue for smart meter market. As North America region has preferred for replacing the existing outdated infrastructure with enhanced and advanced technology and networks for living a lavish life. Also some leading key players are continuously for enhancing the existing smart meters by applying new technologies is expected to drive growth of this market in North America region.