A new report forecasts that global revenue from smart meters will increase over the next decade from $5.1 billion in 2014 to $6.6 billion in 2023. The data from Navigant Research examined the worldwide market opportunities for smart electric meters.
With roll outs in North American slowing, the smart electric meter market is now focusing on projects in Europe and the Asia Pacific region. Specifically, deployments are increasing in Western Europe, where initiatives in Spain, France, and the United Kingdom will account for approximately 93 million new meters by the end of 2020. In the Asia Pacific region both China and Japan have numerous significant deployments ongoing or planned.
Navigant principal research analyst Neil Strother says, “The benefits of smart meters have come more sharply into focus as the market has matured. Utilities are gaining improved operations and reliability, along with reduced labor costs, while customers are becoming more engaged and in control of their energy use.”
While growth is leveling out in North America, partly due to the winding down of United States federal stimulus funds, steady growth in smart meter deployments is still expected. According to Navigant, “Utilities that have yet to make the shift to smart meters, particularly midsize and smaller ones, are likely to do so amid an improving economy, according to the report. Larger investor-owned utilities are also on track to help fuel deployments over the next few years, as will utilities that are completing partial rollouts.”
The Smart Meters report examines the global market opportunity for smart electric meters, with a focus on four neighborhood area network (NAN) communications technologies: radio frequency (RF) mesh, RF point-to-point, RF public, and power line communications (PLC).
An Executive Summary of the report is available for free download on the Navigant Research Website.