The smart metering system is creating a buzz in the global market by introducing novel solutions for various renewable energy utilities.
FREMONT, CA: With the introduction of smart meters, the utility industry is experiencing rapid growth in the demand for smarter practices in both domestic and industrial sectors. The potential benefits of the smart meter encourage consumers and affect the economic growth of various organizations. Promising energy efficiency, smart meters answer the quests revolving around the rising demand, and conservational needs. Utility companies invest in innovative technologies to excel in the production and support various smart meter ideas, to raise consumer interest and meet their demands with individual needs. Today, intelligent tools are trending in the global market, and consumers realize the capabilities of such solutions and employ them to smartly manage energy uses, reduce cost, and highly contributes to conservations. The technological advantages to develop effective meter technologies boost the ideas of smart water meters, smart gas meters, and others.
• Smart Water Meters
The utility companies manufacture smart water meters to support the global initiatives towards water conservation and address the issues of water scarcity. The rising concerns for reducing water wastage facilitate product adoption at the necessary levels with the expectations of the market expansion over 6% by 2024. The advanced meter technology for water management allows the user to detect leaks and reduces the chances of relevant losses. It automatically limits outdoor watering by tracking the necessity and scheduling time, days, and event measure the amount. Smart water meter offers creative water traffics as an alternative to traditional volumetric water rates. It provides detailed information on consumption with accurate time and volume. The technology identifies the water use patterns and manages the waste accordingly in the proceeding days. A feature like timely notification helps the customers to track their real-time water usage and make possible efforts to improve their participation in the conservation programs. A smart water meter also helps to save a lot of money and prevents chances of water meter reading scams, making it both economical and reliable.
• Smart Gas Meter
With the rapid urbanization and growing demands for conserving energy, the utility providers and manufacturers provide customized smart gas meters. The advanced product automatically measures the parameters of gas flow, such as pressure, quality, and temperature. It primarily keeps track of used gas and ensures precise bills and many distinctive advantages based on its volumetric flow rate. The next-generation metering technology displays real-time usage info. The smart gas metering system market witnesses growth over the recent years, while reducing the energy cost and increasing the focus towards its adoption in day-to-day life. Currently, the smart gas metering technology is offered in the low installation cost and affordable maintenance charges, which raises the remote availability of the system. The global market of the system is expected to reach up to $ 8152.63 million by 2026, including the rising demand of smart gas meters mostly from industrial sectors and adding the natural gas demand from residential consumers.
• Smart Solar Metering Systems
The utility industry develops solar panels to address power consumption needs in both domestic and industrial domains. The smart metering technology for the solar panels equally plays considerable roles in utility programs. Among many of the renewable resources, solar energy due to the energy’s unlimited availability, the implementation of the solar panel experiences massive adaptation over the past few years. The smart metering system of the same helps the consumers to use clean energy efficiently and pass on the unused generated solar energy elsewhere in the system, such as neighbor’s home. It offers full control over the energy utilization, which automatically controls the over cost and potentially grows the chances of selling extra energy to the power board or other. To encourage the demands for the smart solar system, utility companies and providers give away financial credits for additional solar power production and conservation. As the smart meter keeps an accurate track of the usage and production rates, the initiative gains credits for enabling more and more consumer participation. Some of the basic benefits for the consumers are the elimination of expensive and fuel-consuming generator and requires no extra maintenance.
Currently, the global market for smart metering system is remarkably growing with increasing popularity. Smart metering systems enable high accuracy and real-time meter results with secure wireless communication feature. The daily increase in the energy needs and demand for cost-efficient energy leads to the raise the need and deployment of smart meters. The present market of smart technology is expected to reach $29583.1 million by the end of 2023. Supporting the conservation initiatives and marking the advantages, the government too takes mandate measures for necessarily implementing the smart metering technology. Today, the US is one of the major markets for smart meters, as the deployment rates are significantly growing in every industrial sector, residential areas, and at public infrastructure.