Smart water, gas, and electricity meters facilitate a bidirectional flow of information, owing to which they are being increasingly deployed on the premises of end users. These meters use a local area network (LAN) to gather data regarding the utility consumption of all appliances at frequent intervals. The information collected from individual smart meters is accumulated by local data aggregators, using neighborhood area networks (NANs).
The data collected during this phase is then transmitted to the utility center through a wide area network (WAN). On the other hand, the utilities can send commands, information, or other signals to the meter installed at the end user’s premises and even remotely connect or disconnect the resource supply. This feature will help the smart meters market grow at a CAGR of 4.9% during the forecast period (2020–2030).
Additionally, a surging number of government policies supporting their installation will help their sales value grow from $13.1 billion in 2019 to $20.0 billion in 2030. For example, in February 2020, the government of India completed the installation of 1 million of these under its Smart Meter National Programme.
In the recent past, electricity meters were installed in the highest numbers due to the soaring support of government and global bodies for their installation for energy conservation, fraud detection, and peak consumption knowledge. Apart from these, governments are encouraging the adoption of such measuring devices for accurate billing. All such smart meters are based on either the automatic meter reading (AMR) or the advanced metering infrastructure (AMI) technology.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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