The Global Smart Meters market is valued at USD XX . XX billion in 2016 and is expected to reach a value of USD XX . XX billion by the end of 2022 , growing at a projected CAGR of XX . XX % during the forecast period of 2017 – 2022 . Smart meters represent a transformative technology for the utility industry and its customers . These technologically advanced meters enable greater insight into the usage of energy and , in the case of smart electric meters , provide enhanced control of the electrical grid . The other meters such as the smart gas meters and smart water meters provide the consumption patterns and further encourage the efficient management of resources .
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The smart meters market can be divided based on type into smart electricity meters , smart gas meters , and smart water meters . The household or business , equipped with a smart meter , can monitor its electricity , water or gas usage and make adjustments , which can reduce the overall usage and / or shift usage to non-peak hours when rates may be lower . . In the case of electricity utilities , this offers the added benefit that the amount of electricity that needs to be produced at peak hours can be lowered , thereby reducing overall production costs . This also limits the new capital investments that utilities would have to make , in order to handle higher peak-hour demand .
Smart grids are being implemented around the world with the aim of improving the efficiency of power networks . Smart electricity meters , which are an integral part of smart grids are thus being adopted around the world . Countries around the world are adopting emission control regulations in order to tackle the environmental effects caused by pollution . Policies that promote energy efficient practices are a part of these regulations . The implementation of such policies by governments around the world is helping in the growth of smart meters market .
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The major factor that is at present restraining the smart meters market is the high installation costs that consumers have to bear . This has led to an opposition from end-users against the implementation of smart meters . Consumers are also concerned about data privacy issues that could arise due to smart meter implementation . In spite of these restraints , various countries and utilities are rolling out smart meters on experimental and full-scale basis .
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