The ability of smart meters to help utility companies optimise revenue collection and meet mandates set by government regulations will boost the implementation of advanced meter infrastructure.
Regulations set by governments include targets to limit non-revenue energy, enhance energy efficiency and demand response for grid reliability and security.
Government policies to lower carbon emissions will also play a key role in adoption of technologies to boost energy management.
Grid modernisation impacts on smart meters market
Furthermore, the global smart meters market will grow as a result of countries upgrading their distribution, metering, generating and transmission systems with modern infrastructure including smart meters.
Smart meter use will be accelerated by the emergence of machine-to-machine technologies in homes and industries.
[quote] California-based research firm Hexa Research predicts the low operational cost of smart meters will also positively impact the market.
Smart gas, water and electric meters are primarily used by residential customers but will witness a significant growth in usage by industrial consumers.
The North America region is predicted to continue to dominate the market with the Asia Pacific region expected to record an increase in adoption of residential smart electric meters.
Smart meters and power demand
Countries in Asia-Pacific will use the smart electric meters to meet the growing demand of power as a result of rapid increase in population.
In Latin America, Africa and the Middle East, increases in economic activity, is expected to increase power demand resulting in utilities applying smart metering systems to address the challenge. [No smart meters opt out, votes New Mexico board].
On the other hand, lack of consumer awareness on smart meters and consumer resistance in adopting to the new metering system is expected to delay the growth of the market.
Lack of interoperability and the huge amount of investments required to adopt to the new system will pose a challenge.