The market growth can be attributed to the growing transition to smart grids owing to the introduction of various favourable government initiatives. This, in turn, is increasing the deployment of smart meters to prevent unexpected outages, boost the control of power systems, and enhance distributed power generation. Smart meters are also increasingly used by consumers to gain insights regarding energy consumption, costs, and peak demands to shift peak load, boost energy and cost savings, and establish wide-area control, monitoring, and protection. Moreover, the growing focus on energy management solutions in the commercial and residential sectors is surging the installations of smart meters. With the growing exploitation of renewable energy owing to the rising environmental concerns, the use of smart meters is expected to significantly surge in the forecast period.
Itron Inc. (NASDAQ: ITRI), one of the leading companies in the market, announced the launch of eHZ Smart Meters, its residential smart meters for cities and utilities in Germany, in March 2021. Meeting the regulations and specifications for the German market, the smart meter can easily integrate with multi-vendor environments while communicating with the Smart Meter Gateway (SMGw) via Transport Layer Security (TLS) encryption. It is built with advanced functionality and is an addition to its 3. HZ FNN-compliant portfolio to enable cities in the country to efficiently use connected distribution networks. The product also aids the energy transition to sustainable, low carbon, affordable, and reliable energy supplies in Germany. The development of such innovative products by the leading companies is surging the demand for smart meters and augmenting the growth of the market.
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The major players in the global smart meter market are Honeywell International Inc., Schneider Electric SE, Itron Inc., SIEMENS AG, Badger Meter, Inc., Sensus (Xylem), and Landis+Gyr AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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