Smart Meter Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2028

 

A smart meter is a device that records the use of electrical, gas, and water energy. The smart meter communicates with the supplier to transmit information for monitoring and billing. Smart meters typically record energy hourly or more frequently and report at least daily. It has a display screen that shows real-time energy consumption and estimates bills. A smart meter is an advanced version of a traditional metering system that uses mobile technology to send readings automatically. It is one of the many components of the smart grid that manages energy distribution and consumption via the Internet to enable bi-directional communication, coordination, and control. Smart meters can connect to either a standard mobile phone network or a mesh network.

A Smart Meter Market is an electronic device that records information such as electric energy consumption, voltage levels, current, and power factor. Smart meters communicate information to the consumer for a better understanding of consumption behavior, as well as to electricity suppliers for system monitoring and customer billing. A smart meter, like a traditional meter, measures your gas or electricity usage. A smart meter, on the other hand, sends its readings to your supplier automatically, unlike a traditional meter. Once your smart meters are installed, you will no longer need to read your gas and electricity meters.

Smart Meter markets are electronic devices that accurately monitor the consumption of electricity, gas, and water. These smart meters can transmit usage data via power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, allowing the utility company to better manage energy consumption. Smart meters provide numerous benefits to corporations and consumers, including lower meter reading costs, prevention of disconnection, elimination of billing inefficiencies, and lower reconnection costs.

The development of communication network infrastructure, government initiatives, and high investments in digital electricity infrastructure are the major factors driving the Smart Meter Market growth. Furthermore, large-scale smart meter installations by utility companies are focusing on strengthening smart meter distribution.

Key Players

Schneider Electric, Siemens AG, Honeywell International, Inc., Itron Inc., Sensus, Elster Group GmbH, Landis+Gyr, Badger Meter, Inc., EDMI Limited, and Sentec are some of the key players in the global smart metre market.