Smart Electricity Meters Market- The Growing Emphasis On Renewable Sources Of Energy

Global Smart Electricity Meters Market: Snapshot

Efficient usage of energy is currently a trend that all industries are indulged into, as it is paramount to evolve over the dependency on pollution-creating fossil fuel. At the same time, rapid urbanization in a number of countries has propelled the percentage of the development of smart cities, which are equipped with smart electricity meters that can efficiently calculate the consumption of energy and provides details on nodes which can be harnessed to lower the energy costs as well as extend machine’s life.

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Smart electric meters are primarily built for the residential building and construction sector, as the installation of these devices help in reducing greenhouse gas emissions by improving peak time savings of energy. European Union has already introduced 20-20-20 policy, which relates to 20 percent increase in energy efficiency, 20 percent reduction in the emission of carbon dioxide, and 20 incremented dependency on renewables by 2020. In addition to that, the growing emphasis on renewable sources of energy is also expected augment the demand in the global smart electricity meters market. Energy extracted from renewables invariably depend on time and other factors and hence require smart meters to identify intervals of intermittent supply and compensate this loss by controlling energy consumption of different components.

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On the back of substantial promotional activities to spread the adoption of green energy and integration of value chain, the smart electricity meters market is poised to experience extended demand at a notable CAGR during the forecast period of 2016 to 2024. On the other hand, considerable cost of installation, lack of compatibility with various traditional equipment, and lack of awareness among a large consumer base in Asia Pacific is obstructing the market from attaining its true potential.