Report Description

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.