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Government Initiatives Augmenting Global Demand for Smart Meters

The increasing implementation of favorable government policies in several countries is fueling the installation of smart meters. As part of their clean energy initiatives, the governments of many countries have enacted legislations that make the installation of smart meters mandatory. For example, in February 2020, EESL, which is state-owned company based in India, announced that it has completed the installation of one million smart meters across the country, under the Indian Government’s Smart Meter National Programme. 


Furthermore, the company aims to install 250 million smart meters in the country over the next few years. Similarly, state-owned Saudi Electricity Company (SEC), in collaboration with the Alfanar Group, signed contracts worth $2.53 billion for a comprehensive project aimed at installing 10 million smart meters in Saudi Arabia before March 2021. Moreover, the companies aim to complete the project by March 2023. These programs and initiatives are positively impacting the sales of smart meters.

This trend is expected to continue in the coming years as well, due to the fact that the requirement for smart meters is the highest in residential applications. Moreover, residential units such as autonomous houses and suburban/urban apartments are the biggest end users of smart meters around the world. Globally, the Asia-Pacific (APAC) region will dominate the smart meters industry in the upcoming years, as per the estimates of the market research company, P&S Intelligence. 

Hence, it is clear that the demand for smart meters will surge all over the world in the coming years, primarily because of the increasing implementation of favorable government policies, rising focus on smart grids, and the growing public awareness about energy conservation.

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