New York, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Meters Market" - https://www.reportlinker.com/p05996769/?utm_source=GNW
The market is growing due to the rising focus on smart grids, rising awareness among people regarding energy conservation, and surging focus of governments on replacing conventional meters with smart meters. Based on offering, the market is divided into software and hardware.
Between the two, the software division is expected to advance at a faster pace during the forecast period, owing to the high requirement for software that can identify anomalies in the utility consumption patterns and ensure accurate billing. Meter data management and head-end software are the two key smart meter software. The former is a storage platform for smart meters and the latter is utilized for data collection. Software also aids in managing the operations of smart meters in a better way.
When meter type is taken into consideration, the smart meters market is categorized into water meter, gas meter, and electric meter, out of which, the electric meter category accounted for the major share of the market in the past, as they are adopted more than other meter types. Governments of different countries are working towards encouraging the installation of these meters. The water meter category is predicted to register the highest CAGR during the forecast period.
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.
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.
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.
Read the full report: https://www.reportlinker.com/p05996769/?utm_source=GNW

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