Q. How is government intervention in parts of the world favoring the adoption of smart meters?
A. Due to the large number of benefits of smart meters, these devices have received endorsement from government bodies for their increased installation. Across several parts of the world, governments and other legislative agencies are pursuing initiatives for the rollout of smart meters over the next few years. Not only do smart meters determine energy consumption accurately, but they also allow meter reading remotely and fraud detection by means of storing time of usage periodically.
Q. What are the major forces driving the growth of the smart meters market?
A. Depleting fossil fuels and the increasing dependence on renewable energy sources has necessitated the installation of smart meters. This is because smart meters can keep a check on energy used by electronic equipment and measure energy consumption in real-time. Smart meters are equipped for handling and for compensating for unforeseen electricity outages, which in turn, helps improve customer service and increased profitability for utility companies.
Q. What lies ahead for smart meters with their increasing deployment in developing regions?
A. The increasing impact of regulatory factors pertaining to smart meters in Asia Pacific holds promising for the deployment of these devices. Moreover, the surging electricity demand owing to rising economic prosperity and the high degree of efficiency of smart meters is favoring their installation in this region. In particular, in China, substantial efforts for the upgradation of meters, transmission systems, and distribution networks is aiding the growth of smart meters.
Latin America and the Middle East and Africa hold immense potential for the growth of the smart meters market. With increasing economic development, these regions are increasingly adopting advanced technology to ensure energy security in the long-run.
Q. What are the top trends providing impetus to the smart meters market?
A. The increasing installation of smart grids and rising demand for advanced metering infrastructure are some notable global market trends that are steering growth of the smart meters market to a high degree. This is because smart meters provide two-way communication between utility and meters, enhanced accuracy, real-time data feeds, automated outage detection, and monitor of power quality among other features. Utilities are seeking ways continuously to reduce operating costs and enhance efficiency through data monitoring. Smart meters are assisting this effort by utilities and as such utilities are themselves promoting the development of the smart meter infrastructure.