Smart meters market forecasted to reach $20.7 billion by 2020. Geographically, Asia-Pacific smart meters market is set to witness the highest growth rate, in terms of value, during the forecast period. However, Brazil is expected to be the fastest growing country for smart meters market.
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The administrations in a few nations are supporting the establishment of smart meters, which is driving the development of smart meters market. As a piece of more extensive clean vitality activities, the administrations of different nations have taken off legislations, which mandate the adoption of smart meters. In 2013, the U.K. government ordered the utilities for the deployment of roughly 50 million smart gas and electric meters in business focuses and residences by 2020. A smart meter task force was shaped in India by India Smart Grid Task Force (ISGTF) in March 2011, for advocating the deployment of cost-effective smart meters in India.
As the demand of electricity is increasing, the power reserve is expected to be phased out in the coming years. In the smart grid infrastructure, issues of congestion occur during the peak electricity demand periods. The distribution system operators follow demand side management (DSM) for adjusting the demand and supply of power. This is done through smart meters, which can diminish the risk of blackouts and deal with the demand side amid top load emergency. The advancements in smart meters are relied upon to enable the shoppers to settle on more precise choices for energy consumption, by changing the quantity and timing of the electricity utilized by them.
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The smart electric meter was the biggest revenue generator in smart meters market in 2014 and is likewise expected to keep an upper hand in this market during the analysis period, because of innovative progressions in the smart electric meters. The traditional electricity meters are being restored by smart electric meters, as these dispose of the manual interference in meter readings and offer an in-line correspondence of electricity providers with electricity meters of the buyers. Smart electric meters convey exact ongoing information of power utilization, while offering more noteworthy control over electricity utilization to the purchasers. These meters additionally bolster the purchasers to choose a tariff plan, as per their power utilization.
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The general intensity of rivalry is high in the smart meters market. Owing to large number of smart meter manufacturers in this industry, the intensity of rivalry is high. The components utilized as a part of the assembling of smart meters can be utilized by a few electronic items producers. This makes it simple for the makers to exit from this industry, by pitching the components to different businesses, therefore influencing the intensity of rivalry to low. Since, the smart meters market has great development openings in future, it is normal that producers will make new investments and dispatch propelled smart meters, in this way making high intensity of rivalry. A large portion of the smart meter organizations work globally, which additionally expands the level of rivalry in the market.