The Global Smart Energy Meter market is to grow at a CAGR of 24.25 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in the accuracy of billing after the installation of a smart energy meter. The Global Smart Energy Meter market has also been witnessing increasing interest by regulatory authorities. However, lack of industry standards could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global Smart Energy Meter market is the preference for wireless smart energy meters over wired meters. The utilities are shifting their preference from the wired meters to wireless meters. Advanced Meter Infrastructure (AMI) technology allows utilities to build a wireless two way communication system. For many years, a majority of the utilities have obtained data through monthly manual meter checks, which have proved to be inaccurate. Hence, the advanced wireless smart energy meters are gaining in popularity as they provide consumers with real-time pricing information.
One of the main factors driving the market is the introduction of usage based tariff plans. Smart energy meters have enabled utilities to introduce usage based tariffs, which work to the consumers' advantage. The consumers can use energy depending on the peak-hour and non-peak hour usage slab.
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