The report was issued by global technology research firm Technavio and predicts the global smart electric meter market to grow by 9% between 2017 and 2021 due to increases in deployment of smart grids.
Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research, said smart electric meters, SCADA systems, IT and other smart grid communication technologies are integrated with smart grid systems to help utility firms analyse and understand energy consumption patterns for their consumers.
By analysing consumer energy consumption patterns, energy providers are able to improve load forecasting, peak demand management and customer services.
Increases in electricity demand are driving the growth of the global smart electric meter market as governments use the technology to reduce energy consumption and make use of available energy to improve access to electricity to people in areas not connected to grid power.
“Regulatory authorities from various countries, such as China, Italy, India, and the US, have exhibited interest in the installation of smart electric meters over the years. This is expected to boost the demand for smart meters during the forecast period,” says Thanikachalam.
According to Technavio, the residential sector holds a lion share of the global smart electric meter market with 82% of the global shares due to rising living standards and urbanisation.
With smart electric meters, utility firms are able to improve their revenue collection through accuracy in billing.
In a separate study analysing the global digital power market, Technavio forecasts revenue generation within the sector to reach $11.02 billion by 2021.
In a press statement, the research firm says the global market for digital power meters will grow by 4.91% between 2017 and 2021 due to an increase in the adoption of smart grids.
Global utility companies are installing digital power meters and related smart grid technologies to improve management of energy distribution system through data analytics. Read more...