Industries across the globe are trying to achieve energy efficiency. One big reason behind this move is that the companies want to free themselves of the dependency on fossil fuels. Energy generated through these fossil fuels is exhaustible and also hazardous for the environment. Also, growing urbanization across the globe has helped in increasing the number of smart cities that use smart electricity meters. These smart electricity meters can calculate the overall energy consumption and offer meaningful insights on extending machine life and harnessing energy-efficient nodes.
Smart electric meters are usually deployed for the construction and residential building sector. Installation of such devices improves the peak time savings of energy and thus helps in curbing greenhouse gas emissions. One notable development in the global smart electricity meters market is the introduction of the 20-20-20 policy by the European Union. This policy refers to a 20% increase in energy efficiency, 20% curtailing of carbon dioxide emissions, and 20% increased dependency or use of renewable energy sources by 2020. This is expected to create huge business opportunities for the growth of the global smart electricity meters market in the coming years.
Some of the important driving factors for the growth of the global smart electricity meters market are as follows:
- A growing emphasis on renewable sources of energy: The use of renewable energy sources to cut down greenhouse gas emissions and other polluting factors is expected to play a key role in fueling the demand for the global smart electricity meters market.
- Increasing awareness among masses: There have been significant promotional events to spread awareness about the benefits of green energy and its adoption. This is expected to create substantial growth opportunities for the growth of the global smart electricity meters market shortly.
- Application of smart meters: Energy harnessed from the renewable source of energy depends upon several factors including time. It thus needs a function smart electricity meter to determine the intervals of alternating supply and regulate the loss by controlling the consumption of energy across different components. This is a significant reason for the growing popularity of smart electricity meters.
Some of the key players in the global smart electricity meters market include names such as Armatix GmbH, Yardarm Technologies Inc., iGUN Technology Corp, and TrackingPoint Inc. among others.