Market Overview

Smart meter is a device used for recording use of electrical, gas, and water energy. Smart meter interfaces with supplier to communicate the information for monitoring and billing. Smart meters commonly record energy hourly or more often, and report at least daily. It features display screen, which displays consumption of energy in real-time and provide estimated bills. Smart meter is an advanced version of conventional metering system and uses mobile technology to send readings automatically. It is one of the many components of the smart grid that manages energy distribution and consumption through Internet to bring an existence of bi-directional communication, coordination, and control. Smart meter may use one of the two types of network, which include standard mobile phone network and mesh network. Smart meters are used in building automation system to control over heating, ventilation, and air conditioning as per the energy consumption requirements.

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Market Dynamics

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.

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

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