The global smart meter market size was valued at USD 10.0 billion in 2019 and is anticipated to register a CAGR of 7.8% from 2020 to 2027. Smart electricity metering systems are used to lower the peak electricity demand and allow end-users to easily monitor power consumption and reduce it accordingly. Energy suppliers leverage these devices by aligning their benefits of reduction in reaction time to resolve hardware faults and power outages and providing improved customer service delivery due to remote reading conveniences. Since energy production using renewable approaches varies with time, low power generation ultimately results in unstable energy productivity.