Christy Publications Smart Meter Market | Page 2

plants or avoiding the use of older, less efficient power plants as consumers lower their electric demand. The benefits of having smart meter is when suppliers have a better understanding of usage patterns, more innovations can be made to the types of tariffs energy supplier offers. Favorable government policies along with fiscal incentives are key factors driving growth of the smart meter market. According to Smart Energy GB, the government has set the target that by the end of 2020, around 53 million smart meters will be fitted in over 30 million premises across wales, Scotland, and England. Installation of smart meter is already underway. More than 11 million smart meters have now been installed. This is the biggest national infrastructure project that will enable a more energy efficient system for Great Britain. By 2020, every household in Great Britain will be able to use smart meter technology to see how much energy is consumed. Factors Restraining Growth of the Global Smart Meter Market Concerns over security and privacy of the data as smart meters are also being used as a surveillance device hampers their adoption. Operational cost of the industry is expected to be affected by the full metering programme. These meters require regular maintenance, and replacement, which is expected to lower their adoption among price-sensitive users. Regional Analysis of Smart Meter Market On the basis of geography, the global smart meter market is segmented into North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa. North America contributed the largest share in the smart meter market due to huge market demand in the U.S. According to U.S. Energy Information Administration (EIA), in 2016, the U.S. electric utilities had around 70.8 million Advanced Metering Infrastructure (AMI) installations and around 80% of the AMI installations were residential. The country is majorly focused on upgrading and replacing outdated infrastructure of smart meter, enabling grid reliability, and installing smart power networks. Browse more about the research report @ https://www.coherentmarketinsights.com/ongoing-insight/smart-meter-market-2076 Asia Pacific is expected to witness significant growth in the smart meter market due to supportive government initiatives toward the implementation of smart meters. According to the Energy Information Administration (EIA), China exceeded the US in federal smart grid subsidies for the first time in 2010, with over US$ 7.3 billion invested compared to US$ 7.1 billion