Which countries are within the European Union (EU)?
EU consists of 27 countries (Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden) which are collectively known as EU27+3, whereas the big 3 includes Germany, France and Italy.
Progress of Smart Meter Technology in EU
The world has come a long way since the inception of the first electricity meter. By the end of 2020, the EU27+3 region had nearly 150 million smart electricity meters, representing a 49 percent penetration rate across Europe. It has now passed more than half of all electricity meters in Europe. The number of installed smart metres is expected to exceed 227 million units by 2026, growing at a 7.2 percent CAGR.
Transition from 1st Generation to 2nd Generation
Second-generation smart metering deployments are one major growth area that will spread across Europe in the coming years. Smart meters are the future of the power sector. First-generation smart metering equipment replacements are expected to account for nearly a third of total device shipments until 2026.
How does a Smart Electricity Meter work?
Smart electricity meters track electricity consumption as well as voltage levels, current, and power factor. The main advantage of the smart electricity meters is that no one has to manually take readings form these meters. All of that data is automatically transmitted to the electricity supplier by a smart meter, providing them with accurate readings and eliminating the possibility of estimated bills. Apart from the automatic transmission, the data can be manually viewed via a display unit built into the smart meters
Adoption of Smart Meter Technology around the Globe
The smart meter market sold approximately 131 million smart meters globally in 2019 and is expected to reach more than 188 million units by 2025, at a CAGR (Compound Annual Growth Rate) of 6. 6% over the forecast period. The rest of the world must follow Europe’s lead and transition from the old electricity meter infrastructure to the new 2nd generation smart meter infrastructure.
What the future holds for Smart Meters in India?
The Government of India has launched the Smart Meter National Programme (SMNP) which aims to replace 250 million conventional meters. This scheme is aimed at increasing the efficiency of energy consumption and monitoring and increasing DISCOM’s (Distribution Companies) annual revenues.
