The growing deployment of smart meters for accurate billing is a key driving factor of the smart meters market. The utilization of smart and effective monitoring and control devices is leading to enhanced billing accuracy in the service sector, including in data centers, private offices, and government buildings. For example, the Energy Efficiency Services Limited in India observed that states equipped with smart meters showed an average increase of about 25% in billing.
The Asia-Pacific (APAC) region has been dominating the smart meters market during the historical period (2014–2019) and is further projected to grow at the fastest CAGR during the forecast period. The major nations in APAC are widely investing in the deployment of smart meters. Within the region, China has been leading the regional domain, owing to the fact that the country is investing heavily in smart meter infrastructure and smart grid projects. The increasing government initiatives are projected to drive the regional market.
The two-way communication feature of smart meters is also driving the smart meters market. These devices support a bi-directional flow of information. They are deployed at the end of user’s premises for collecting information regarding electricity usage by all appliances and at regular intervals. Smart meters make use of local area network for collecting this data, which is then transmitted to the utility center using wide area network. The utility can also send signals, command, and information to the device at user’s end if needed.
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In conclusion, the market is growing due to the two-way communication feature of smart meters and rising deployment of these meters for accurate billing. This market research report provides a comprehensive overview of the smart meters market
- Historical and the present size of the smart meters market
- 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
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