NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The smart meters refer to the electronic device, which is used for recording the consumption level of electricity, water and gas at intervals of an hour or less and provides the information to the utility service provider for billing and monitoring purposes. The smart meters market is driven by the government policies towards installation of smart meters in residential, commercial and industrial areas.
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One of the major factors driving the growth of the smart meters market is the energy conservation facilitated by smart meters. Smart meters consist of digital displays for displaying detailed energy usage and the cost related to the energy usage. With the detailed energy usage and cost displayed on digital display, the consumers can understand and act to conserve energy. For instance, the consumers adjust their consumption patterns when they discover the amount of power used and cost of operation of several appliances. The Department for Energy and Climate Change (DECC) in the U.K. claimed that smart meters can reduce energy bills by an average of $29 per household by 2020. Also, with the two-way communications facilitated by smart meters between intelligent household appliances and meters, the consumers can become conscious about power consumption. By two-way communications, energy service provider or utilities are also able to control elements of the consumer’s usage for lowering their bill.
One of the major factors restraining the growth of the smart meters market is lack of awareness among consumers about the smart meters and benefits offered by them. Although the awareness of smart meters is growing slowly among the consumers, however understanding the benefits offered by smart meters is still limited among them. This lack of understanding varies according to socio-economic status and age of the consumers. Among all the age groups of the consumers, the awareness about the smart meters is lowest amongst the younger adults of age group 18-24 years. Among the bill payers of the age group 18-24 years, only one fourth of the consumers know about the smart meters; whereas among the bill payers of the age group 55-64 years, more than half of the consumers are aware about the technology.
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Some of the key players operating in the smart meters market are Electric Co. Ltd, Itron Inc, Siemens AG, Elster Group GmbH, ICSA(India) Limited, General Electric Company, Holley Metering Ltd. and Schneider Electric Sa.
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