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Smart Meters Market Size,trends, Demand and Growth

Smart meters market forecasted to reach $20.7 billion by 2020. Geographically, Asia-Pacific smart meters market is set to witness the highest growth rate, in terms of value, during the forecast period. However, Brazil is expected to be the fastest growing country for smart meters market.

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As the demand of electricity is increasing, the power reserve is expected to be phased out in the coming years. In the smart grid infrastructure, issues of congestion occur during the peak electricity demand periods. The distribution system operators follow demand side management (DSM) for adjusting the demand and supply of power. This is done through smart meters, which can diminish the risk of blackouts and deal with the demand side amid top load emergency.
The advancements in smart meters are relied upon to enable the shoppers to settle on more precise choices for energy consumption, by changing the quantity and timing of the electricity utilized by them.

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The smart electric meter was the biggest revenue generator in smart meters market in 2014 and is likewise expected to keep an upper hand in this market during the analysis period, because of innovative progressions in the smart electric meters. The traditional electricity meters are being restored by smart electric meters, as these dispose of the manual interference in meter readings and offer an in-line correspondence of electricity providers with electricity meters of the buyers.
Smart electric meters convey exact ongoing information of power utilization, while offering more noteworthy control over electricity utilization to the purchasers. These meters additionally bolster the purchasers to choose a tariff plan, as per their power utilization.

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Some of the key players operating in the smart meters market are Itron Inc, Iskraemeco d.d, Landis+Gyr Ag, Osaka Electric Co. Ltd, Elster Group GmbH, Siemens AG, General Electric Company, ICSA(India) Limited, Schneider Electric Sa, and Holley Metering Ltd.

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