Due to the continuous digital transformation in the energy industry, the companies are facing a tremendous cost pressure. Not only that, the challenge is to stay ahead of the competition to acquire new customers and retain their current customer base for a long-time.
Smart Metering Systems paired with digital services will help overcome the digital switch-over. And, it will also encourage energy companies to use their infrastructure more efficiently to launch the new data-based business models.
The smart meter market value had already touched $10bn in 2018 and is expected to reach beyond the 8% CAGR growth rate by 2026.
What exactly is a Smart Metering System?
“A Smart Meter is an electronic device which records the data of consumption of water, electricity, or gas in real-time. Then, it sends the live data to the customer and the utility service centre. The periodic update can be customized as per the requirements such as hourly, weekly or monthly.”
Revolution in the utilities industry
Earlier with traditional metering systems, the authorities used to collect the data manually from the electrical box units or water meter units which has now become obsolete. Smart Metering has become very common nowadays in the energy and utility industry. With the implementation of advanced IoT Solutions, it gathers the data from across the length and breadth of the state in a blink of an eye. Many governments have expressed interest to introduce Smart Grid Systems and working closely with the private firms to initiate the use of Smart Metering in the public domain in the Smart Cities Project.
Key Functions of Smart Metering System
> Measuring Power Quality
It avoids low voltage and streamlines the energy system in an efficient way by analysing the quality of electric current.
> Power/Energy Consumption Data
It alerts the consumers to reduce energy usage and save on monthly utility bills by sending real-time communication regarding power/energy usage.
> Monitor Device Health and Troubleshooting
Smart Meters with built-in technology, can monitor the health of devices and troubleshoots automatically, if required.
> Usage Time
Smart Meters helps consumers in cutting-down on their costs while making better energy usage plans during the peak hours. The energy usage can be analysed by comparing the previous data by using analytics tools and software.
> Load Management and Distribution
Smart Meters distributes the power equally across networks with nearly no downtime. So, load management for each user can easily be monitored.
> Demand-based tariff
Smart Meters provides the consumer with power/energy billing segregated into detailed usage data.
Advantages of Smart Metering
Smart Metering Solutions help leverage the energy utility sector by optimising the load management. With transparent and accurate energy billing, it equally distributes the energy to the consumers.
The prominent advantage of using Smart Metering Solution is costing. It not only brings transparency to the consumers about the energy consumption but, it also informs about the peak usage hours. It also alerts the consumers about the abnormalities in the energy equipment, if it occurs.
> Reliable Network and Technology
Advanced Meter Reading Systems with Advanced Metering Infrastructure technology provides a win-win opportunity for both the consumer and the utility service provider by offering a greater transparency, reliability and reduced costing.
> Sensible Energy Usage
By using Smart Meter’s off-peak and on-peak usage parameters, utility bills can be reduced significantly, which recommends the usage timings through detailed data analysis.
Adptx Utilities Smart Metering Systems with flexible rating and charging helps you with account consumption, compute billing, troubleshoot and analysis in one box. It is one of the key challenges where Aarav Solution’s Smart Metering Systems has proven to be monumental in Smart Cities as well as in the field of agriculture for water consumption. To know more how utility solutions can assist you in developing better standards and improve customer service, contact us at +91-7948992728 or simply visit www.aaravsolutions.com