A new report published by Research and Markets states that the global smart meters market will expand by 9% between 2021 and 2026 and highlights factors driving the market.
The report states that revenue generation will increase from $19.6 billion to $30.2 billion owing to factors including:
Government mandates and incentives for smart meter installations :
Governments across the globe are increasing funding for grid modernisation and developing and enacting policies that support smart technologies including smart metering, according to the study. Asia Pacific is anticipated to be the largest and fastest-growing market as governments scale up grid digitalisation investments to enable energy firms to implement real-time analysis of grid and consumer usage. Deployments in China, Japan, Australia and India are expected to help the Asia Pacific region expand its smart meters portfolio as governments seek to address energy sector challenges such as increases in energy demand, as well as to improve power quality. Up to $9.8 billion in smart grid investments is expected to be made in the Asia Pacific between 2018 and 2027.
Net-zero goals and renewable energy plans:
With utilities struggling to leverage renewable energy to provide baseload power and retire fossil fuels, technologies such as smart meters that offer real-time analysis of consumer usage are expected to play a huge role in helping energy firms stabilise […]
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