SMART METER MARKET ANALYSIS

Market Challenges And Opportunities

Factors Restraining Growth of the Global Smart Meter Market

Concerns over security and privacy of the data as smart meters are also being used as a surveillance device hampers their adoption. Operational cost of the industry is expected to be affected by the full metering programme. These meters require regular maintenance, and replacement, which is expected to lower their adoption among price-sensitive users.

Factors Driving Growth of the Global Smart Meter Market

Growing demand for accurate billing and increasing efforts towards energy conservation is expected to fuel growth of the global smart meter market. Smart meter digitally sends readings to the energy supplier for more accurate energy bills. It allows the consumer to take control on energy use, so that consumers can save energy for other purposes such as in industries and medical equipment. Smart meter helps the environment by reducing the need to build power plants or avoiding the use of older, less efficient power plants as consumers lower their electric demand. The benefits of having smart meter is when suppliers have a better understanding of usage patterns, more innovations can be made to the types of tariffs energy supplier offers.