Around the world, the use of smart meters is continuing to rise. According to a report produced by the Indian firm Prescient & Strategic Intelligence Private Limited, the global smart meter market will reach $20 billion in revenue by 2030. The compound annual growth rate is projected at 4.9 percent, from $13.1 billion in 2019, according to the report.
The study explained, “The market is growing due to the rising focus on smart grids, rising awareness among people regarding energy conservation, and surging focus of governments on replacing conventional meters with smart meters.”
For the past six years, the Asia-Pacific region has been dominating the smart meters market. Experts project this to swell at the fastest pace over other regions, as these nations are widely investing in the implementation of smart meters. China has been leading the way, investing heavily in smart meter infrastructure and grid projects. The regional market is set to expand due to increasing government initiatives.
According to the report, smart meter software is projected to expand quicker than hardware; this is especially true for those that can identify anomalies in utility consumption patterns, making billing more accurate. Correct billing is a driving factor for the growing installation of smart meters.
Additionally, the two-way communication feature of smart meters that support a two-way flow of information is driving the market increase. End-users can collect electricity usage information about all appliances at regular intervals.
“Smart meters make use of the local area network for collecting this data, which is then transmitted to the utility center using wide area network. The utility can also send signals, command, and information to the device at user’s end if needed,” the study wrote.
The software will be used for data collection, meter data management platforms, and to manage and operate the smart meters.
The smart meter market share is currently dominated by electric smart meters, as more governments worldwide encourage their installation. Water smart meters are expected to have the highest compound annual growth rate, and gas smart meters will grow at a slower pace.
Check out Research and Markets to find out more information or read the full study.
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Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.