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For instance, in August 2021, Siemens Ltd and Tata Power Delhi Distribution Limited (TPDDL) announced a partnership regarding deploying Smart Metering technology for 200,000 smart meters in North Delhi. The need for managed sustainable energy sources coupled with retreating fossil fuel production is projected to drive the global demand for smart electricity meters over the forecast period. Due to technological advancements and the growing population, the global applicability of fuel has been increasing. The usage of smart electricity meters assists in compensating for losses by controlling the energy consumption of various electronic devices. Increasing awareness among consumers about the benefits of these devices is expected to positively influence the smart electricity meters market growth over the forecast period. Integrated presence across the value chain, especially for real-time information sharing regarding usage and tariff rates, is perceived to be a competitive advantage. The considerable growth predictions can be accredited to the substantial promotion of green energy and efficient transmission facilities.
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This remote information storage and transference capabilities of such metering systems are anticipated to eradicate future tampering and theft of electricity employing meters. Intelligent electric meters offer analysis and energy forecasting capabilities, which are absent in conventional metering systems. Therefore, the market is projected to witness high competition among suppliers as they are striving to differentiate themselves based on quality and cost according to the regulated parameters. For instance, in the U.K., administrations have regulated the adoption of smart meters where the Department of Energy and Climate Change (DECC) administers the work progress and systematic, timely installations. Additionally, attentiveness to environment protection, associated proceedings, and policies are estimated to control the surging levels of radiation emissions, thereby encouraging the use of smart electric metering systems. Intelligent metering systems are incorporated into automated data simulators that forecast future energy requisites based on the present energy consumption rates, thereby offering benefits to energy sources as well as consumers. Additionally, metering control centers offered by advanced infrastructure are capable of handling divergence in the data. Concentrator meters, which are used to poll the metering devices connected to the substation, aggregate data gathered from multiple metering systems to monitor electricity usage and detect the amount of intermittent energy theft. These metering systems serve as an appropriate solution for these fraudulent acts. Tampering comprises numerous deceits, such as sophisticated techniques involving saturating the in-built magnetic components and brute force methods, such as jamming the mechanism deployment. and U.K., are supporting the installation of these devices, which is expected to play a vital role in industry growth.Īdvanced metering infrastructure is a fool-proof system however energy theft is poised to occur either before demand measurement, while demand data is stored, or after the measurement logs have been transmitted to the utility. Several smart meters rollout schemes in different regions, such as favorable government initiatives being taken in countries including U.S. However, using the metering device helps in compensating for this loss by controlling the energy consumption of various electronic devices since that is capable of handling intermittent supply. Since energy production using renewable approaches varies with time, low power generation ultimately results in unstable energy productivity. Energy suppliers leverage these devices by aligning their benefits of reduction in reaction time to resolve hardware faults and power outages and providing improved customer service delivery due to remote reading conveniences. Smart electricity metering systems are used to lower the peak electricity demand and allow end-users to easily monitor power consumption and reduce it accordingly. The global smart electricity meters market size was valued at USD 10.0 billion in 2019 and is anticipated to register a CAGR of 7.8% from 2020 to 2027.