Globally, many countries face the challenge of meeting growing energy demands.As a result, utilities are looking for innovative and efficient ways to manage the generation, transmission and global distribution of energy.The global smart meter market consists of digital electronic devices used for measurement and bi-directional information sharing to manage and control customers’ electricity consumption.Customers can also track their energy consumption and billing via the internet.
Compared with commercial areas, the global smart meter market demand is more in residential areas, and the application of electric smart meters in smart meter types is particularly prominent.Environmental concerns of reducing carbon and energy waste and regulating energy supply are major factors driving the global smart meter market.The global smart meter market is expected to grow at a single-digit CAGR over the forecast period.
The main driving factor for the growth of the global smart meter market is the government support and incentives as utility companies are initially reluctant to make huge investments in new technologies without their support.Technological advancements such as smart grid development, infrastructure development, population growth, and accelerating economic development are some of the other factors driving the growth of the global smart meter market.
Successful deployment in the global smart meter market depends on logistics that affect smart meter delivery, installation, and performance.Health effects of wireless signals in smart meters, safety concerns, regulatory restrictions, and intense competition are some of the challenges facing the global smart meters market.
The global smart meter market is expected to witness healthy growth in the Asia Pacific and Western Europe regions, either due to increasing installations of new smart meters as well as upgrades to existing smart meters.China is expected to make substantial progress in the global smart meter market and incorporate it into its five-year national plan to upgrade its grid infrastructure.In Japan, Tokyo Electric Power Company (TEPCO) started large-scale installations in 2014 and is expected to continue over the forecast period, leading to increased demand in the global smart meter market.
In North America, the growth of the global smart meter market is expected to slow due to improved energy infrastructure and limited funding for new projects.In Latin America, the global smart meter market will show steady growth compared to the Middle East and Africa.
Holley Technology Ltd. is one of the key players in the global smart meter market
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Post time: Mar-10-2022