Design of a smart meter depends on the requirements of the utility company as well as the customer. In fact, deployment of smart meters needs proper selection and implementation of a communication network satisfying the security standards of smart grid communication. Advantages of smart meters include control over consumption and cost, accurate billing, innovative pricing models and environmental benefits
The Dominance of China
Chinese dominance will be prominently visible in the smart meters market. Reports state that 56.2% of the total shipments of smart meters will be seen in China. China has long dominated the renewable specifically the solar market. With new intelligent energy, demand grows the ancillary and other associated technology will also rise. The country continued the replacement cycle on an eighth-yearly basis.
Agiging infrastructures are pivotal areas for the energy industry to quickly look into. Then follows the advancement of technologies which is set to influx the energy market. These are the major reasons help developing the distribution models, the smart grid (with the smart grid technology at the core) that allows generators, suppliers and consumers to be integrated by intelligent control, monitoring and communication of energy consumption. Italy and France have been the frontier in advancing their distribution and energy models. Italy and France hold 59% of the region’s shipments, followed by the UK, Germany, and the Netherlands. Europe is known to lead the second wave of the metering market, with Italy and Sweden to replace existing meters, and with Finland and Denmark expected to follow suit in 2022 states Reportlinker.com.
North American market is known to drive the new build market and replacement market. North American smart meter market growth is led by smaller utilities rolling out smart metering and higher replacement rates for the existing base with second-generation metering, all likely to drive growth in the future.
Impact of COVID-19 and APAC Market
Japan dominated the Asia-Pacific (APAC) market, while India, South Korea, Taiwan, Malaysia, Indonesia, the Philippines, and Hong Kong are expected to catalyse market growth. UAE and Saudi Arabia will continue to be the hotspots in the Middle East, while Uzbekistan and Russia will be other key markets as rollouts continue in the CIS region. Fuelled further by the COVID-19 outbreak, the laggards in smart metering such as Africa and South America are not expected to have any significant upsurge until the mid-term, though there is for the long-term potential for recovery. The slowdown of smart meter installations and smart grid projects as a repercussion of COVID-19 has disrupted the growth of the market in the short term, because of lockdowns, supply chain bottlenecks, logistics, new tender, and proposal delays, and restrictions and safety measures related to social distancing in field works. Regulatory requirements in developing regions for the implementation of smart metering transition are also expected to be maintained in the medium-to-long term.