Albany, NY -- (SBWIRE) -- 01/16/2018 -- A smart electric meter is an electronic device that records consumption of electric energy in intervals of an hour or less and conveys that information at least daily back to the utility. It is a new kind of electricity meter that can digitally send meter readings to the energy supplier. Smart electric meters use a secure national communication network called as DCC to automatically and wirelessly send actual energy usage to the supplier. This means end users will no longer rely on estimated energy bills or have to provide their own regular readings. Smart meters will also come with an in-home display. This display gives real-time usage information to each household, including kWh use and related cost. Some of the advantages of using smart electric meter instead of other are more accurate bills, better understanding of own usage and innovative energy tariffs.
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There are various factors which driving the growth of smart electric meter in lighting market. Some of the key factors are increasing investments in renewable power projects, growth in transmission & distribution expenditure and rise in smart grid infrastructural developments across the globe. One of the crucial factor which is driving the smart electric meter market for lighting is increase in the energy prices and growing instances of electricity theft which will further boost product demand of Smart electric meter Other factors accelerating the growth of the smart electric meter market for lighting are changing technology, growing demand, and changes in consumer preferences towards r the meters with high efficiency.
This growing demand for electric meter has ensured that all the major key players have updated with the trends of the market and innovate accordingly. Also rising patent filings as one of the trends behind the growth of smart electric meter in lighting market. Vendors are making huge investments in their R&D activities leading to product innovation and safety and attempting to make the upgrades and maintenance cost effective. However the resistance of end-users toward the installation of new technologies is a major concern for smart electric meter in lighting market also gaining customer's confidence is a major challenge. The key reason behind such reluctance is lack of awareness about the importance of the smart electric equipment among consumers, which is the biggest barrier hindering the growth of the smart electric meter market.
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The smart electric meter in lighting market is segmented on the basis of application, technology, phases and geographical region. On the basis of application in lighting, smart electric meter is segregated into residential, commercial and industrial. Furthermore, the market is divided based on technology into advent of automatic meter reading (AMR) and advanced metering infrastructure (AMI). On the basis of phase the market of smart electric meter is further bifurcated into single phase meter and three phase meter.
Geographically smart electric meter in lighting market is distributed over North America, Europe, South America, Asia Pacific, and Middle East & Africa. Europe is expected to dominate the smart electric meter market, owing to the increased installations of the smart electric meters which is in lines with its proposed 20:20:20 plan's targets. European policy makers introduced goals for the year 2020. In the energy sector the 2020 goals were based on the three pillars leading European energy policy: Security of supply, competitive markets and sustainability. The 2020 energy goals are to have a 20% (or even 30%) reduction in CO2 emissions compared to 1990 levels, 20% of the energy, on the basis of consumption, coming from renewables and a 20% increase in energy efficiency.
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Key players in the lighting market for smart electric meter are Schneider Electric, Iskraemeco, EKM Metering, Advanced Electronics Company, Holley Metering, Jiaxing Eastron Electronic Instruments, Elster Group (owned by Honeywell), Kamstrup, LINYANG Energy, Simpson Electric, Murata Power Solutions, Landis Gyr and so on.