Smart Meter MarketSize and Trends

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.

Favourable government policies along with fiscal incentives are key factors driving growth of the smart meter market. According to Smart Energy GB, the government has set the target that by the end of 2020, around 53 million smart meters will be fitted in over 30 million premises across wales, Scotland, and England. Installation of smart meter is already underway. More than 11 million smart meters have now been installed. This is the biggest national infrastructure project that will enable a more energy efficient system for Great Britain. By 2020, every household in Great Britain will be able to use smart meter technology to see how much energy is consumed.

Global Smart Meter Market: Key Players

Global Smart Meter Market: Taxonomy

The global smart meter market is segmented on the basis of technology, type, application, and region