Europe
Smart Meter Market is anticipated to register an impressive CAGR during
the forecast period. When
implementing smart meters in any nation, favorable regulations and legislation
are key considerations. The region's implementation of smart meters is
anticipated to be accelerated by the government's increased support and major
investments. European governments are developing a number of policies to
encourage the use of meters.
Due
to their two-way communication feature, smart meters are being adopted more
frequently in the area for various deployments, including electricity, gas, and
water. This feature allows for real-time tracking of utility usage by both
utility suppliers and consumers, as well as encourages remote supply starting,
reading, and cutting off by the supplier.
Deploying
smart meters makes it possible to put in place Home Energy Management Systems
(HEMS) or Building Energy Management Systems (BEMS), which let the owner see
how much electricity is used by specific residences or entire buildings.
As
smart grids are able to dynamically optimize supply and foster the supply of
large amounts of electricity from renewable energy sources like solar power,
digitization is accelerating and modernizing energy efficiency measures at an
even faster rate.
A
smart meter is a device that measures and records electrical еnеrgy consumption
in real time. It can collect data on
voltage, current, and power factors.
Smart meters transmit data to electricity suppliers for system monitoring and
customer billing as well as to consumers for better understanding of
consumption patterns. Smart meters often report periodically at brief intervals
throughout the day and record energy in close to real-time. Smart meters allow
for two-way communication between the central system and the meter. As opposed
to automatic meter reading (AMR), this advanced metering infrastructure (AMI)
provides two-way communication between the meter and the supplier. The meter
and the network may communicate wirelessly or by fixed cable connections like
power line carriers (PLC). Cellular
communications, wi-fi, wireless ad hoc networks over wi-fi, wireless mesh
networks, low power long-range wireless (LoRa), Wize (high radio penetration
rate, open, using the frequency 169 MHz), Zigbee (low power, low data rate
wireless), and Wi-SUN (Smart Utility Networks) are examples of wireless
communication technologies that are frequently used.
Modernization
and Upgradation of Grids to Surge Installations
Worldwide
demand for energy has risen recently due to population growth. Due to this, new
technologies and alternative energy sources, like district heating and CHP
(combined heat and power plants), have become available for the creation of
electricity. These have increased the need for brand-new grids and the
upgrading of existing ones. Utilities were compelled by their growing client
base to implement systems that guarantee efficient handling of energy usage
data. As smart meters fulfil many of the needs of utilities and customers, this
is one of the key trends that shall positively influence the market for
customers. For instance, data storage for specific consumers, automatic payment
on a monthly basis, leak detection, financial advantages, and preventing any
unneeded losses. Following this pattern, the market is anticipated to propel
during the forecast years.
Promoting
Sustainable Energy Management to Drive the Market
Government
in Europe is concentrating on sustainable energy management in light of the
rising energy demand and the depletion of conventional energy sources. These
actions include smart meters as well as other measures. This is due to the
meter support in preventing energy wasting, assistance in locating the fault,
and guaranteeing quick correction. These meters have the capability to alert
the consumer about high and low usage. The smart metering system can map the
energy use along the supply chain and the subsequent hassle-free billing
processes. As a result, more service providers are installing these systems,
which is fueling the market for smart meters.
Increasing
Mobile Device Management Activities to drive Market Growth
Mobile
device management operations have accelerated across numerous markets as a
result of the expanding adoption of advanced technology in a variety of
disciplines. This trend is anticipated to continue in this market because it
offers benefits to both service providers and users through the smart meter
app, which enables customer monitoring. Additionally, as Internet of Things
(IoT) integration grows, algorithms are making it possible to control supply
chains precisely without the need for human intervention. This lessens the
likelihood of mistakes and malfunctions thus propelling market growth during
the forecast period.
Fast-Paced
installation by European countries
According
to a report by FlexiDAO in 2021, a startup based in Amsterdam and Barcelona,
many countries have currently installed more than 50% smart meters. Countries
such as Estonia (98.9%), Finland (97.3%), Spain (99.6), Sweden (97.3%), Italy
(98.5%), Norway (97%), France (80%) and United Kingdom (50%) are in this
category. Many of these countries are on the verge of completing their
projects.