Along with feature such as improved power quality and detailed information about electricity consumption in electricity meters, manufacturers functioning in the electricity meter market are contributing towards a circular economy. As such, they are adopting sustainable strategies that leverage the internal processes of their companies, supporting the supply chain, and developing partnerships with stakeholders in the value chain.
With increasing concerns about the degrading environmental situation, players of the electricity meter market are developing operational procedures that include a significant reduction in energy and water resources required to produce electricity meters, along with reduction in emissions by incorporating efficient production processes and technologies and improved waste management techniques. These measures help in cost reductions for companies that manufacture smart electricity meters.
Recycling various materials for the production of end-use electricity meters further adds to the cost-efficiency of companies. For example, Iskraemeco – a producer of energy solutions, introduced the ‘Fair Meter’ project that focused on improving labor standards, material scarcity, and e-waste.
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Satellite-based Smart Meters Create Profitable Opportunities for Stakeholders
Players operating in the electricity meter market are scaling up satellite-based metered projects in the rural areas of India. Due to the growing demand for energy-efficient electricity meters in India, companies are investing in smart meters with satellite communication technology. These projects are serving as a win-win situation for various stakeholders, including consumers as well as distribution companies.
Smart electricity meters provide improved power quality, reduced outage durations, and flexible payment options. They also provide real-time information about electricity usage via a mobile app, so that consumers can keep a tab on any wastage, and streamline their electricity consumption to save money. These value-added features are gaining the attention of consumers across rural India and driving revenue to the electricity meter market.
Power distribution companies are also increasing their business of smart electricity meters, as these meters ensure accurate billing due to the absence of human intervention. Companies can also remotely discontinue power supply to consumers who do not pay their bills on time. Such innovative business models are generating profitable opportunities in the electricity meter market. For instance, Asian Development Bank – an international development finance institution, announced the launch of the satellite-based smart electricity meters project for households in Varanasi, Uttar Pradesh, with satellite communication technology installed by Energy Efficiency Services Limited (EESL) — the world’s largest energy services company run by the Government of India.
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Blockchain and IoT Overcome Limitations of Advanced Metering Infrastructure
The smart electricity meter market is looking at high growth during the forecast period. However, certain limitations are influencing the large-scale deployment of smart metering systems in developing economies. Since some developing economies such as India have a vast geographical spread, manufacturers need to have meter variants as per each unique utility requirement. As smart electricity meters are driven by IT (Information Technology) systems, advanced metering infrastructure (AMI) is prone to malicious attacks. Also, communication technology has a flip side with the applicability and adaptability with AMI, such as.
As such, players functioning in the electricity meter market are investing in novel technologies are that more efficient, cost-effective, and support stability in communication networks. Also, manufacturers are adopting blockchain technology enabled with IoT-based (Internet of Things) deployments to tackle the issue of cyber-attacks on IT infrastructure and AMI.
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