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upgrading and replacing outdated infrastructure of smart meter, enabling grid reliability, and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.
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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