Canada Smart Meter Market Overview, 2027

"The Smart Meter Market in Canada is experiencing significant growth and transformation, driven by the country's commitment to modernize its energy infrastructure, promote energy efficiency, and enable consumer empowerment. Smart meters, advanced digital devices that accurately measure and record energy consumption in real-time, have become instrumental in achieving these goals. The Canadian government has been actively promoting the deployment of smart meters across the country. Various provinces have implemented regulatory frameworks and mandates that require utilities to install smart meters, enabling better energy management and grid optimization. These initiatives aim to reduce energy consumption, lower greenhouse gas emissions, and enhance the reliability of the electrical grid. Smart meters play a vital role in Canada's grid modernization efforts. They enable seamless integration of renewable energy sources, such as solar and wind, into the grid, supporting the country's transition towards a cleaner and more sustainable energy mix. Smart meters facilitate the monitoring and management of distributed energy resources, enabling utilities to balance the grid, optimize energy flow, and improve the overall reliability and resilience of the electrical infrastructure. As with any digital infrastructure, ensuring the cybersecurity and privacy of smart meter systems is crucial. Canadian utilities have implemented robust cybersecurity measures to protect smart meter networks from cyber threats and ensure the privacy and confidentiality of customer data. According to the report titled ""Canada Smart Meter Outlook, 2027"", published by Bonafide Research, the Smart Meter market is to grow rapidly over the forecast period in developing countries. Many Canadian utilities are implementing time-of-use (TOU) and dynamic pricing models with the help of smart meters. TOU pricing involves charging different rates for electricity based on the time of day, encouraging consumers to shift their energy usage to off-peak hours when electricity demand is lower. Dynamic pricing takes this concept further by adjusting prices in real-time based on supply and demand conditions, incentivizing efficient energy consumption. Smart meters facilitate the implementation of demand response programs in Canada. These programs encourage consumers to reduce their electricity usage during times of high demand or supply constraints. With real-time data from smart meters, utilities can send signals to consumers, notifying them of peak demand periods and offering incentives for reducing their electricity consumption during those times. The recent rise of renewable energy and distributed generation resources only increases demand for smart technology to mitigate grid volatility. Smart meters use the same technology as cell phones, such as 3G, 4G, and now 5G, which emit far less radiation than cell phones. Since the smart meters are placed exterior to the property, they are assumed to have low exposure to radiation from them. Power Line Communication (PLC) and Cellular Technology are the most commonly used communication technologies for smart meters. Single phase smart meters are installed as they are capable of integrating into a complete AMI solution for achieving Smart Grid benefits. Communication options including optical, RF, and GPRS are used. Tamper alerts are available and event logging with active energy, voltage, and current snaps is available along with power failure alerts. Power thefts can be identified and resolved quickly. Gas leaks and unwanted use of water can be monitored easily and that can result in lowering consumer bills.

Residential smart meters are being installed on a large scale around the world through government programmes and initiatives. Public-private partnerships are ideal for fast installation processes to be achieved in the country. Home automation is on the rise, and when coupled with a smart meter, it can prove to be a bill saver for the consumer. Smart meters are two-way communication devices with the power grid, creating potential efficiencies and cost savings for both consumers and energy providers. Power companies generally aggregate the information collected and then transmit it back to consumers and businesses, often with recommendations for cost and usage-saving measures. Due to their two-way communication property, sometimes consumers are concerned about their information leakage and safety. Additionally, in some cases, unregulated smart meter implementations have caused safety concerns. Consumers are increasingly adopting smart meters as they can easily track their energy usage, water usage, or gas usage in real time. These can save on water wastage, electricity overuse, or detect gas leaks quickly. Also, power outages are quickly reported to the utility providers, and a faster resolution time can be achieved. The smart meters regularly display energy billings to both suppliers and users. Varied communication technologies are used, such as LAN or WAN. The meters are also capable of monitoring their efficient performance by reporting any internal memory problems or if the terminal covers are removed to the supplier to take corresponding action to resolve it. The restraints on the smart meter vary from customer to customer as they face different problems. Some meters caught fire due to faulty meter panels being installed. However, out of millions of smart meters installed, only a few cases have been registered for a fire outbreak on the property. Consumers are also weary of the amount of radiation projected through these smart meters that may lead to memory loss, dizziness, headaches, or even cancer. Though these claims are not scientifically proven yet. Commercial installations of smart meters are increasing rapidly, with the construction industry booming with new complexes and buildings. Smart commercial spaces are also further creating demand for smart meters. Since commercial places are spread wide and on a number of floors, it is hard to monitor energy that is used unnecessarily and to effectively monitor this, a smart electric meter is required. These are a better way to monitor business energy usage in real time. Businesses can get lower bills as they get more accurate billings and no estimations. However, not every business is yet eligible for a smart meter due to a poor signal network or existing meters that do not allow for replacement with new technology meters.

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Manmayi Raval

Research Consultant

COVID-19's Impact on the Solid-State Drive Market: The COVID-19 pandemic slowed the implementation processes for smart meters due to the imposed lockdowns in almost all major countries. They are not covered under essential products. This adversely affected the smart meters owing to less focus on the development of the end users' industry. Apart from this, manufacturing and supply chain delays were also witnessed, which put a challenge to the smart meters. Governments had to shift focus on consumer health rather than non-essential services, and projects had to be halted or postponed to a later period. Also, infrastructure development came to a standstill as construction activities were stopped. Considered in this report Geography: Canada Historic Year: 2016 Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report Canada Smart Meter market with its value and forecast along with its segments Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation

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By Type of Smart Meter in the report: Electricity Meter Gas Meter Water Meter By End User of Solid-State Drive in the report: Residential Industrial Commercial By Technology in the report: Automotive Meter Reading Advanced Metering infrastructure By Component in the report: Hardware Software & Services By Phase in the report: Single Phase Three Phase By Communication Type in the report: Cellular Technology Radio Frequency Power Line communication Other Communication Types The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning. Post this we have started doing primary calls to industry people by equally segmenting in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry manufactures, consultants, Key vendors related to Smart meter & Utility providers etc. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. Please get in touch with our sales team to find out more. "