The global market for smart meters is expected to reach USD 22,177 million by 2020, according to a new study by Grand View Research, Inc. Smart meters provide two-way communication and benefits including time-based rates, faster power outage detection and resolution, and dynamic pricing among others. Initiatives by regulatory authorities to establish smart grids and ensure energy efficiency are expected to be a considerable growth driver over the forecast period. Benefits of smart meter installations resonate across the value chain, which is also a key driving force for the industry. Customers can potentially cut down costs by lowering peak hour electricity demand; additionally, on-site visits and manual readings can be eliminated. Inconsistencies in deployment on a regional level coupled with lack of standardization in technology are expected to pose a barrier to market growth.
http://www.grandviewresearch.com/industry-analysis/smart-meters-market
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